MIAMI BEACH, Fla. — Greystone has provided a $30 million HUD loan for the renovations at Council Towers Senior Apartment Homes, an age-restricted affordable housing community in Miami Beach. Council Towers comprises two 12-story buildings with a total of 250 one-bedroom units. HUD provides rental subsidies under a Project-Based Section 8 contract. The substantial rehabilitation of the property, which was originally constructed under HUD’s Section 202 program 40 years ago, will upgrade, preserve and continue to provide affordable housing. Apartments are restricted to seniors over age 62 making up to …
Finance
Live Oak Bank Provides $22M Construction Loan for Medical Office, Seniors Housing Complex in Miami
by Jeff Shaw
MIAMI — Live Oak Bank has provided a $22 million loan for the construction of medical office building MedSquare Place and independent living community The Contemporary, both located in the Westchester submarket of Miami. The development team consists of Miami-based commercial real estate owners AJP Ventures and Mas Group along with equity partner OCTA. Bruce Gibson, principal with Senior Capital Advisors, arranged the financing. MedSquare Place will expand the MedSquare brand’s footprint of healthcare real estate and complement the existing MedSquare Health building near Baptist Hospital of Miami. MedSquare Place’s …
Paragon Mortgage Provides $16.3M Refinancing for Skilled Nursing Facility in Los Angeles
by Jeff Shaw
LOS ANGELES — Paragon Mortgage has funded $16.3 million in financing for All Saints Healthcare, a 128-bed skilled nursing facility located in the North Hollywood neighborhood of Los Angeles. The permanent financing utilized the HUD LEAN 232/223(a)(7) refinance program, which resulted in a 35-year, fully amortized mortgage and a reduction in monthly debt service. “The refinancing of All Saints Healthcare is at an ideal time for a vital community health provider to recapitalize their debt at a much lower interest rate, while providing capital repair funding and improvements,” says Kim …
QUITMAN, Ga. — Grandbridge’s Seniors Housing and Healthcare Finance Group has closed a $6.5 million loan for Presbyterian Home & Retirement Community, a 204-bed skilled nursing and assisted living facility. The property is located in Quitman, a small city near the Florida border in South Georgia. Grandbridge arranged the financing through FHA’s 232/223(f) Interest Rate Reduction loan product.
Lancaster Pollard Arranges $25M Refinancing for Chaska Heights Senior Living in Minnesota
by Jeff Shaw
CHASKA, Minn. — Lancaster Pollard Mortgage Co. has arranged a $25 million refinancing for Chaska Heights Senior Living, a 138-unit assisted living and memory care community in Chaska, approximately 22 miles southwest of Minneapolis. Chaska Heights was originally developed in 2015 with a funding structure that included Tax Increment Financing (TIF) from the Chaska Economic Development Authority. The facility consists of two buildings, with 66 assisted living light units in one section and 58 assisted living units and 14 memory care units in the other. Tealwood Senior Living operates the …
M&T Realty Capital Corp. Provides $13.8M in Financing for Assisted Living Facility in Spokane, Washington
by Jeff Shaw
SPOKANE, Wash. —M&T Realty Capital Corp. has funded a $13.8 million FHA-insured loan to refinance of a 212-unit assisted living property located in Spokane. The asset was originally built in 1940, with additions in the late 1940s and early 1980s, along with renovations in the 2000s. The borrower, a regional owner-operator, acquired the property in 2018. M&T also provided the original bridge loan that is being refinanced, which took into account planned improvements in operations and $500,000 of capital expenditures at the property. .
Monticello Provides $2M in Working Capital Financing for 305-Bed Skilled Nursing Portfolio in Wisconsin
by Jeff Shaw
WISCONSIN — Monticello has provided a $2 million working capital loan to the operating companies of three skilled nursing and assisted living facilities totaling 305 beds in Wisconsin. Monticello’s asset-based lending group, Monticello Commercial Capital, provided the financing. The borrower an experienced owner and operator with a current portfolio of 4,969 licensed beds/units.
NEW YORK CITY — Greystone has hired Christopher Clare as a managing director overseeing healthcare financing transactions. Prior to joining Greystone, Clare was a senior relationship manager at M&T Bank, focusing on national healthcare and seniors housing finance for institutional equity funds, operators and developers. Earlier in his career he worked in municipal fixed income at Bank of America Merrill Lynch. Clare earned an M.B.A. from Georgetown University and an undergraduate degree from Susquehanna University. “With the immense demand we have seen across the healthcare and seniors housing sectors for …
Hunt Capital Partners, Chinese Consolidated Benevolent Association Receive $4.4M Acquisition Financing for Affordable Community in San Diego
by Jeff Shaw
SAN DIEGO — Hunt Capital Partners and the Chinese Consolidated Benevolent Association (CCBA) have received $4.4 million in federal Low-Income Housing Tax Credit (LIHTC) and federal solar tax credit equity financing. The funds will be used for the acquisition and rehabilitation of CCBA Senior Gardens. Located in the Gaslamp district of San Diego, CCBA Senior Gardens is a four-story affordable apartment complex that will feature 45 newly renovated units for seniors age 55 and older. CCBA is the managing general partner, developer and guarantor for the project. Built in 1999 …
MassHousing Provides $32.7M Refinancing to Preserve Affordability at Mountain View Terrace Near Boston
by Jeff Shaw
STONEHAM, Mass. — MassHousing has provided a $32.7 million refinancing for Mountain View Terrace, a 194-unit affordable seniors housing community in Stoneham, approximately 10 miles north of downtown Boston. The borrower is an affiliate of Atlantic Tambone Management, which will use the funds to preserve the community and expand the affordability for at least 31 more years. Atlantic Tambone Management refinanced Mountain ViewTerrace through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corp. MassHousing offers the MAP/Ginnie Mae loan program to the owners of rental housing …