COLUMBUS, Ohio — Ziegler has arranged $27.9 million in bond financing Ohio Living Communities. The funds will be used for an expansion project at the company’s Westminster-Thurber campus in Columbus. Named Heritage Pointe, the 11-story building will add 56 independent living units to the community. The total project cost is approximately $39.2 million. A development timeline was not released. The bonds consist of tax-exempt, fixed-interest-rate serial term bonds with a final maturity in 2045. In addition to Heritage Pointe construction, the financing will fund $2.5 million of other capital projects …
Finance
Lancaster Pollard Provides $11.5M Fannie Mae Financing for Providence Place Community in Chambersburg, Pennsylvania
by Jeff Shaw
CHAMBERSBURG, Pa. — Lancaster Pollard, a division of ORIX Real Estate Capital, has provided $11.5 million in financing for the Providence Place Senior Living campus in Chambersburg. Located in the southern portion of the state near the Maryland border, the funds will refinance existing debt. The loan features long-term, fixed-rate financing. Miles Kingston, Doug Harper and Casey Moore led the transaction for Lancaster Pollard.
CHICAGO — Draper and Kramer, a national full-service real estate firm based in Chicago, has hired Jeffrey Ross as senior vice president and chief underwriter for Federal Housing Administration/Housing and Urban Development financing in Draper and Kramer’s Commercial Finance Group. A 30-year veteran of the commercial real estate industry, Ross will be responsible for FHA/HUD loans for third-party clients acquiring multifamily, seniors housing and healthcare properties, as well as Draper and Kramer’s own multifamily acquisitions and developments. Before joining Draper and Kramer, Ross was senior vice president and chief FHA …
BOULDER, Colo. — Truist has provided a $50 million refinancing for Frasier, a continuing care retirement community (CCRC) in Boulder. The 20-acre campus is home to more than 350 residents, and is currently planning an expansion project, according to the community website. The refinancing “will provide significant cash flow savings to allow Frasier to create additional liquidity and flexibility,” according to Truist. Approximately $11 million of the transaction is a “Cinderella refunding,” where a prior issuance can be refunded and automatically convert its taxable debt to non-taxable debt in the …
GRAND RAPIDS, CHELSEA and DEXTER, Mich. — Ziegler has closed $47.1 million in bond financing for United Methodist Retirement Communities (UMRC) and Porter Hills Presbyterian Village. UMRC is a nonprofit operators of a continuing care retirement community (CCRC) in Chelsea and independent living cottages in Dexter, with a combined total of 471 units. Porter Hills Presbyterian Village operates three CCRCs throughout the Grand Rapids metropolitan area with a combined total of 569 units at the three facilities. UMRC and Porter Hills entered into an affiliation agreement in early 2019, but …
Rockport Mortgage Provides $32.8M Refinancing for Mountain View Terrace Apartments in Stoneham, Massachusetts
by Jeff Shaw
STONEHAM, Mass. — Rockport Mortgage Corp. has provided a $32.9 million HUD refinancing for Mountain View Terrace Apartments in Stoneham, approximately 10 miles north of Boston. The 194-unit property consists of one- and two-bedroom apartments for elderly residents and smaller families, as well as three- to four-bedroom, townhouse-style apartments to accommodate larger families. Originally constructed in 1981 with a substantial rehabilitation in 2011, Mountain View Terrace comprises three five-story buildings, four two-story townhouse buildings, and one single-story community building situated on 8.2 acres. Two of the buildings are designated for …
Dwight Capital Funds $49.5M HUD Funding for Skilled Nursing Facilities in Memphis, New York City
by Jeff Shaw
MEMPHIS, Tenn., and NEW YORK CITY — Dwight Capital has provided a total of $49.5 million in HUD financing for two skilled nursing facilities. In the first transaction, Dwight provided $25.7 million in HUD funding for Graceland Rehabilitation and Nursing Center in Memphis. The property features 221 beds. In the second transaction, Dwight funded a $23.8 million HUD 232/223(a)(7) loan for Eastchester Rehabilitation and Health Care Center, a 200-bed skilled nursing facility in the Bronx. Further details were not disclosed.
Nixon Peabody Arranges $48.8M in Financing to Upgrade Two Wollaston Affordable Communities Near Boston
by Jeff Shaw
QUINCY, Mass. —Nixon Peabody has arranged two financing transactions for Wollaston Lutheran Housing Corp. to upgrade two of its affordable seniors housing properties in the Boston suburb of Qunicy. Wollaston Lutheran Housing received a $28.9 million refinancing for the 151-unit Town Brook House. MassHousing provided the 40-year loan. Proceeds of the loan will allow Wollaston to maintain the property and expand services. As part of the transaction, Wollaston leased two parking areas to an adjacent business. In the second transaction, Wollaston Lutheran Housing received a $19.9 million FHA-insured loan on …
BOCA RATON, Fla. — The Jewish Federation of South Palm Beach County has received bond financing for a planned $160 million expansion at The Toby and Leon Cooperman Sinai Residences of Boca Raton, a 100-acre seniors housing campus in Boca Raton. Construction has already started on the project, which will add 111 independent living units and new communal areas. HJ Sims arranged the $135 million bond financing. Life Care Services, An LCS Company, manages the property. Its affiliated company, LCS Development, is in charge of planning and executing the expansion. …
PHILADELPHIA — HJ Sims has arranged $6.5 million in financing for capital improvements at Philadelphia Protestant Home (PPH). PPH operates a continuing care retirement community in northeast Philadelphia, featuring 266 independent living units, 175 personal-care units and a 126-bed skilled nursing facility. PPH has been funding capital improvements from general fund revenues. Prior to engaging PPH’s existing banking partner, Citizens Bank, Sims worked with the PPH Fiscal Oversight Committee to develop structuring options. Citizens provided the 10-year, fully amortizing loan with five years of interest-only payments.