RED BANK, N.J. — Locust Point Capital Inc., a Red Bank-based asset management firm specializing in direct lending to the lower middle market in the seniors housing and care industry, has hired F. Donald “Don” Kelly III as managing director. Kelly has more than 25 years of experience in the seniors housing and long-term care industry, including banking and lending experience at Pacific Western Bank (CapitalSource Healthcare Finance), Merrill Lynch Capital Healthcare Finance, KeyBank Healthcare Finance and MonticelloAM. He has originated, structured and underwritten approximately $5 billion in transactions. Kelly …
Finance
Last week Seniors Housing Business hosted a webinar entitled Seniors Housing Development Pushes Forward Hear From Operators with Projects and Pipelines in Place where experts panelists discussed how industry leaders are forging ahead with new ground-up construction projects as well as the challenges associated with leasing up properties in times of strained occupancy. Topics including managing pipelines, the availability of capital, the impact of COVID-19 on pro-forms and investment, plus changes to building design/refurbishing and repurposing projects.” Click to hear how industry leaders are focusing on seniors housing products and new operating realities. …
COLUMBUS, Ohio — Lancaster Pollard Mortgage Co., a Columbus-based division of ORIX Real Estate Capital (OREC), has promoted several employees to expand its seniors housing and healthcare production team. As announced this past spring, Aaron Becker is the chief production officer and East team leader for the firm. Fellow Lancaster Pollard veterans Casey Moore, Doug Harper and Quintin Harris also expanded their leadership roles, with Moore and Harper leading the West, and Harris leading the Midwest. In the East, Michael Blackwell has joined Becker’s team and will be responsible for …
Hunt Capital Partners Arranges $7.3M LIHTC Financing for Eastern Woods Senior Apartments in Findlay, Ohio
by Jeff Shaw
FINDLAY, Ohio — Hunt Capital Partners, in collaboration with Pennrose and Blanchard Valley Health System (BVHS), has arranged $7.3 million in federal low-income housing tax credit (LIHTC) equity financing for construction of Eastern Woods Senior Apartments. Located on 3.7 acres in Findlay, approximately 45 miles south of Toledo, the community will offer 50 affordable housing units. Residents must be 55 or older and earn up to 30, 50 and 60 percent of the area median income. Eastern Woods Senior will be the newest addition to BVHS’ existing Eastern Woods campus, …
Cushman & Wakefield Arranges $37.1M Financing for Wellmore of Daniel Island in Charleston, South Carolina
by Jeff Shaw
CHARLESTON, S.C. — Cushman & Wakefield Senior Housing Capital Markets has arranged $37.1 million in financing of Wellmore of Daniel Island, an assisted living, memory care and skilled nursing community in Charleston. Wellmore of Daniel Island is a 186-unit, 198-bed community that opened in 2018. It is located within the Daniel Island area, near downtown Charleston and overlooking the Daniel Island Club Beresford Creek golf course. The borrower is an affiliate of Maxwell Group. The lender is Truist Financial. The Cushman & Wakefield team involved in the transaction included Richard …
DCHFA Provides $78M in Financing for Development of The Residences at Kenilworth Park in Washington, D.C.
by Jeff Shaw
WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) is funding the construction of The Residences at Kenilworth Park, an affordable assisted living community in Washington, D.C’s Ward 7. DCHFA issued $58 million in bond financing and underwrote $20 million in four percent Low Income Housing Tax Credit (LIHTC) financing for the 157-unit development. Apartments at The Residences at Kenilworth Park will be reserved for seniors age 60 and above who require assistance with two or more activities of daily living. Residents must earn 60 percent or less …
NASHVILLE, Tenn. — Brookdale Senior Living Inc. (NYSE: BKD) has secured $267 million of non-recourse mortgage debt and terminated its $250 million revolving credit facility. The company obtained 10-year mortgage financing from Capital One, National Association pursuant to Freddie Mac’s Capital Markets Execution Program. The financing includes $191 million of 2.89 percent fixed-rate notes and $76 million of adjustable rate notes with an initial rate of 2.64 percent. Brookdale is securing the loans with 16 senior living communities, most of which had previously secured Brookdale’s revolving credit facility. At the …
Carnegie Capital Arranges $11.5M Refinancing for Three-Property Skilled Nursing Portfolio in Oklahoma
by Jeff Shaw
OKLAHOMA — Carnegie Capital has arranged $11.5 million in refinancing for three skilled nursing facilities totaling 330 licensed beds in Southern-Central Oklahoma. The borrower is a local owner-operator, and the lender is an Arkansas-based regional bank. JD Stettin of Carnegie Capital arranged the financing, which features a 3.99 percent fixed rate for five years.
Lancaster Pollard Provides $33M Fannie Mae Refinancing for Plaza at Punchbowl in Honolulu
by Jeff Shaw
HONOLULU — Lancaster Pollard Mortgage Co. has provided a $33 million refinancing for The Plaza at Punchbowl, a seniors housing community in Honolulu. Built in 2003 and renovated in 2017, The Plaza at Punchbowl is a Class A facility that features 68 independent living units, 20 assisted living units and 20 memory care units. It is one of six seniors housing communities that The Plaza Assisted Living operates in Hawaii. The borrower is MW Group. The Fannie Mae loan features a 10-year term and five years of interest-only payments. The …
NEW YORK CITY and WASHINGTON, D.C. — Dwight Capital, a private commercial real estate lender based in New York City, has acquired Love Funding, the Washington, D.C.-based HUD lending subsidiary of Midland States Bank. Both companies lend within the seniors housing sector. As a result of this acquisition, Dwight Capital claims it is now the largest dedicated HUD multifamily and healthcare financing firm in the nation. The Love Funding platform will be integrated within Dwight Capital. Midland States Bank will retain the existing Love Funding servicing portfolio. Terms of the …