AURORA AND KANKAKEE, Ill., and NOVI, Mich. — Walker & Dunlop Inc. has provided $37 million in financing for two senior living facilities in Illinois and one in Michigan. Walker & Dunlop provided $14.9 million for The Grove Fox Valley, a 156-bed skilled nursing facility in Aurora, Ill.; $14.9 million for WellBridge of Novi, a 100-bed skilled nursing facility in Novi, Mich.; and $7.4 million for Asbury of Kankakee, a 98-bed supportive living facility in Kankakee, Ill. Joshua Rosen of Walker & Dunlop led the origination team, which utilized HUD’s …
Finance
CLARENCE CENTER, N.Y. — Greystone has provided an $8.6 million construction loan for the expansion of Bristol Village, an 84-unit, 110-bed assisted living and memory care community in Clarence Center, approximately 20 miles northeast of Buffalo. The fixed-rate loan will fund the construction of 23,000 square feet of residential and community spaces, which will include 32 additional beds. The facility was originally constructed in 2003. The loan will convert to permanent financing when the expansion project is completed and will run concurrent with the property’s existing HUD-insured loan, which Greystone …
Monticello Provides $30M Financing for 312-Bed Skilled Nursing Portfolio in Kentucky, North Carolina
by Jeff Shaw
KENTUCKY and NORTH CAROLINA — Monticello has provided $30 million in first lien debt financing for the acquisition of one skilled nursing facility and refinancing of two others. The portfolio totals 312 beds in Kentucky and North Carolina. The borrower is an experienced owner and operator with a current portfolio of 8,752 licensed beds. Prior to this deal, Monticello financed the acquisition of a number of facilities in 2018 and 2019 for the sponsor.
Walker & Dunlop Arranges $10.1M in Financing for Affordable Redevelopment Project in Washington, D.C.
by Jeff Shaw
WASHINGTON, D.C. — Walker & Dunlop has structured $10.1 million in construction and permanent financing for Spring Flats. The project calls for the redevelopment of a historic property known as The Hebrew Home, located in the Petworth neighborhood of Northwest Washington, D.C. The development caters primarily to seniors and low-income residents. Development costs are estimated at $59 million. Originally constructed in 1925, The Hebrew Home served as a nursing home until 1968, when the city purchased the property and converted it into a community health center. The asset has been vacant …
PHOENIX — Grandbridge’s Seniors Housing and Healthcare Finance Group has provided $11.3 million in financing for Avista North Mountain, a 132-unit assisted living and memory care community in Phoenix. The borrower is Avista Senior Living. The funds, arranged through the FHA 232/223(f) program, will refinance existing debt on the property. Richard Thomas, Meredith Davis and Kim Huffstutler of Grandbridge arranged the financing.
FLORIDA — Berkadia’s Seniors Housing & Healthcare Group has provided $5.1 million in financing for a 165-bed skilled nursing facility in Florida. The facility was constructed in 2010 and offers a mix of skilled nursing and assisted living. “HUD financing enabled our client to take advantage of this value-add opportunity and expand the property,” said Ed Williams, senior director with Berkadia. Williams arranged the HUD 241(a) supplemental loan for an Indiana-based borrower. The loan proceeds, representing 90 percent of project cost, will be used for construction of a new skilled …
ARNOLD, Mo. — Love Funding has provided a $12.9 million FHA loan for The Woodlands of Arnold, an assisted living, memory care and skilled nursing complex in Arnold. The loan will replace bridge financing on the property. The Woodlands of Arnold is part of a larger healthcare campus, offering a full continuum of care including independent living, assisted living, memory care and skilled nursing. The subject credit facility included financing for a 178-bed skilled nursing facility and a 24-unit assisted living facility that is being converted into a memory care …
HARLEYSVILLE, Pa. — CBRE has arranged an undisclosed amount of supplemental financing for Arbour Square of Harleysville, a 276-unit independent living community. Located approximately 35 miles north of downtown Philadelphia, the community was opened in two phases between 2006 and 2014. The borrower is Green Courte Partners, and the company’s wholly owned subsidiary True Connection Communities operates the property. Aron Will, Austin Sacco and Tim Root arranged the Freddie Mac loan. Further details of the transaction were not disclosed.
PLEASANT HILL and DAVIS, Calif. — CBRE has provided refinancing loans for three Carlton Senior Living properties totaling $58 million. The portfolio includes Carlton Senior Living Poet’s Corner and Carlton Senior Living Pleasant Hill – Martinez, both located northeast of the Bay Area in Pleasant Hill, as well as Carlton Senior Living Davis in the Sacramento suburb of Davis. The properties feature a combined 251 assisted living units and 64 memory care units and average 93 percent occupancy. Andrew Behrens, Aron Will, Austin Sacco, and Adam Mincberg arranged the Freddie …
Lancaster Pollard Funds $25M HUD Construction Loan for Transitional Care & Skilled Nursing of Oceanside
by Jeff Shaw
OCEANSIDE, Calif. — Lancaster Pollard Mortgage Co., a division of ORIX Real Estate Capital, has provided a $25 million FHA construction loan for Transitional Care & Skilled Nursing of Oceanside. The 120-bed skilled nursing facility will be located in Oceanside, approximately 40 miles north of San Diego. RangeComm Development, in partnership with Providence Group, is developing the property, which will focus on short-stay rehabilitation. The non-recourse loan features a fixed interest rate and 40-year term. Brett Murphy led the transaction for Lancaster Pollard.