PENNSYLVANIA — Monticello has provided a $1.3 million working capital loan to the operator of a 181-bed skilled nursing facility in Pennsylvania. Monticello’s asset-based lending group, Monticello Commercial Capital, provided the financing. Further details on the name and location of the property were not disclosed. The borrower is an experienced owner and operator with a current portfolio of 3,566 licensed beds. Prior to this deal, Monticello financed the acquisition of several facilities between 2017 and 2019 for the company.
Finance
Berkadia Provides $9.8M HUD Loan for Willow Creek Retirement Center in Byram, Mississippi
by Jeff Shaw
BYRAM, Miss. — Berkadia has provided $9.8 million in HUD financing for Willow Creek Retirement Center, a skilled nursing facility in Byram, a suburb of Jackson. Built in 2000, the property features 88 skilled nursing beds, including a 20-bed memory care unit. The facility also features a new 4,000-square-foot therapy gym and spa and 10,000-square-foot wing for private rooms. The borrower is WCR LLC, which Robert Rotolo leads. The 35-year loan represents a 79 percent loan-to-value ratio. Laura Saull Smith of Berkadia’s D.C. Metro office secured the loan, which refinanced …
LEXINGTON, Ky., and CINCINNATI — CBRE has arranged an undisclosed amount of financing for three seniors housing communities in the Lexington and Cincinnati metro areas. The borrower is a joint venture between LCS Real Estate and Nuveen Real Estate. All three properties fall under the Magnolia Springs brand. Of the 328 units in the portfolio, 232 are for assisted living and 96 are for memory care. Aron Will, Austin Sacco and Matthew Kurornen of CBRE National Senior Housing arranged three separate, non-crossed, five-year, floating-rate loans with 36 months of interest-only …
HJ Sims Arranges $38.2M Financing for Presbyterian Villages of Michigan Independent Living Expansion
by Jeff Shaw
CHESTERFIELD, Mich. — HJ Sims has arranged $38.2 million in bond financing for Presbyterian Villages of Michigan (PVM), a nonprofit network of seniors housing communities. In 2002, PVM acquired land immediately adjacent to its Village of East Harbor campus in Chesterfield, a suburb of Detroit, for an expansion project. In 2018, a new health and wellness center was completed. The current project being financed comprises the final phase of the expansion with a new independent living area known as Harbor Inn. The Harbor Inn campus will include 12 rental single-level …
LAGUNA NIGUEL, Calif. — CBRE National Senior Housing has arranged an $80 million loan to refinance debt on Crestavilla, a recently built, “ultra-luxury” community in Laguna Niguel, located in Orange County. The property features 201 units of independent living, assisted living and memory care on an 11.6-acre site. Atria Senior Living is the operator. Construction began in 2016 and was completed in 2018. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged the refinance on behalf of a joint venture between Fremont Realty Capital and Steadfast …
Boston Capital Finance Arranges $21.5M Bond Financing to Rehabilitate Affordable High-Rise in Orlando
by Jeff Shaw
ORLANDO — Boston Capital Finance (BCF) has arranged $21.5 million in bond financing for the rehabilitation of Baptist Terrace, a 14-story affordable seniors housing community in downtown Orlando. The 197-unit community was built in 1969 and is fully leased. The rehabilitation will help preserve the property as affordable housing well into the future, according to BCF. The developer is the Orlando Neighborhood Improvement Corp., a nonprofit developer/manager.
DILLSBURG, Pa. — Presbyterian Senior Living (PSL), a nonprofit operator based in Dillsburg, has promoted Dyan McAlister to chief financial officer. McAlister will fill the position previously held by Jeff Davis, who is retiring at the end of October. McAlister has been with PSL for 22 years and has more than 26 years of nonprofit finance and senior living leadership experience. Prior to her appointment, McAlister served PSL as vice president of finance, working her way up through the organization, beginning her career as an accountant in 1998. McAlister graduated …
BOSTON — Rockport Mortgage Corp. has arranged an $81.8 million loan for the refinancing of South Cove Plaza, a 231-unit seniors housing community in Boston. South Cove Plaza consists of a 142-unit building on Stuart Street and an 89-unit building on Tremont Street in the city’s Back Bay area. The buildings feature 193 one-bedroom units and 38 two-bedroom units, as well as a combined 10,200 square feet of ground-floor commercial space. The borrower, Weston Associates, will use some of the proceeds to renovate unit interiors, mechanical systems and amenity spaces.
KALAMAZOO, Mich. — Ziegler has arranged $47.9 million in bond financing for an expansion project at Heritage Community of Kalamazoo. The nonprofit continuing care retirement community currently features 86 independent living units, 49 assisted living and memory care units, and 90 skilled nursing beds just south of downtown Kalamazoo. The four-story expansion, named Revel Creek, will add 60 independent living units. The building will also feature a new dining venue with commercial kitchen, a bar area, den, living room, library, outdoor terraces with seating spaces and a fitness room. There …
MURFREESBORO, Tenn. — CBRE has provided a $12.3 million Freddie Mac Optigo loan for The Rutherford Assisted Living & The Rutherford Memory Care in the Nashville suburb of Murfreesboro. The property features 68 units of assisted living and 26 units of memory care across two buildings. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the refinancing on behalf of a joint venture between Venue Capital LLC and Inspirit Senior Living, which acquired the asset in January 2018. Post-acquisition, the owners deployed more than $600,000 to …