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 …
Finance
AURORA and LAKEWOOD, Colo. — CBRE has arranged $14.4 million in financing for the acquisition of a seniors housing portfolio in Colorado. The borrower is a joint venture between Cadence Living and a private equity firm. The two communities, located in the Denver suburbs of Aurora and Lakewood, total 152 assisted living units and 35 memory care units. The joint venture plans to deploy $4 million for improvements to the two communities, the names of which were not disclosed. Aron Will, Austin Sacco and Matthew Kuronen of CBRE National Senior …
WISCONSIN — Monticello has provided $14 million in first lien debt financing for the acquisition of one skilled nursing and assisted living facility and the refinancing of two skilled nursing facilities totaling 305 beds in Wisconsin. The borrower is an experienced owner and operator with a current portfolio of 4,969 licensed beds/units. Further information on the names and locations of the community was not disclosed.
ROCKY FORD, PAONIA and GLENWOOD SPRINGS, Colo. — Walker & Dunlop Inc. has arranged $16.4 million in financing for three skilled nursing facilities in Colorado. The borrower is Madison Creek Partners. The portfolio comprises Pioneer Health Care Center, a 29-unit facility in Rocky Ford; Paonia Care & Rehabilitation, a 28-unit facility in Paonia; and Glenwood Springs Health Care, a 29-unit facility in Glenwood Springs. Kevin Giusti led the origination team. The HUD loans will refinance existing debt. Renovated in 1964, Pioneer Health Care Center is the only Veterans Affairs-contracted facility …
WASHINGTON, D.C. — Love Funding has provided more than $97.3 million in HUD financings in second-quarter 2020. All the loans feature long-term, non-recourse, fixed-rate debt solutions. D.C.-based Love Funding’s parent company, Midland States Bank, was able to complete short-term bridge loans to secure funding. In the first transaction, Love Funding arranged financing for the $3.1 million acquisition of Egida Hogar San Antonio, a property located in Guayama, Puerto Rico. The borrower was able to acquire the Section 8 project and extend the affordability component by entering into a new 20-year …
NORTH STRABANE TOWNSHIP, Pa. — HJ Sims has arranged $29.3 million in financing for the development of Encore on the Lake, an 80-unit independent living community in North Strabane Township, approximately 20 miles southwest of Pittsburgh. Presbyterian Senior Care (PSC) is developing the four-story community, which will target middle-income residents. Companies involved in the project include Senior Housing Partners, a subsidiary of Presbyterian Homes & Services. For this financing, Sims identified commercial bank financing as the preferred option for the majority or the financing. The main lender is First National Bank …
Berkadia Provides $50M in HUD Financing for Skilled Nursing Facilities in Florida, California, Maryland
by Jeff Shaw
WASHINGTON, D.C. — Berkadia’s Seniors Housing & Healthcare Group has secured $50 million in loan closings for skilled nursing facilities in Florida, California and Maryland. Jay Healy and Senior Director Bianca Andujo secured a $22.2 million HUD refinancing for a 157-bed skilled nursing facility in Worchester County, Maryland. The loan represents an 80 percent loan-to-value ratio and carries a term of 35 years. Loan proceeds were used to pay off the existing debt. Healy and Andujo also secured an $11.8 million HUD loan for a California-based borrower. The loan, which …
FLORIDA — Monticello has provided $20.2 million in first lien debt financing for the refinancing of two assisted living and memory care facilities totaling 171 beds in Florida. The borrower is an experienced owner and operator with a current portfolio of 1,325 licensed beds. Further details on the transaction were not disclosed.
WICHITA, Kan. — KeyBank Community Development Lending and Investment (CDLI) has provided an $11.3 million tax-exempt construction and permanent bond loan for the acquisition of Somerset Tower Plaza in Wichita. Steele Properties plans to renovate the 100-unit affordable seniors housing community. The city of Wichita issued the bonds, and the National Development Council provided $4.2 million of Low-Income Housing Tax Credit equity. Originally constructed in 1979, the seven-story Somerset Tower Plaza is located two miles from the Wichita Central Business District. The renovation will include exterior upgrades and life-safety improvements. …
CARY, N.C. — HJ Sims has arranged $6.6 million in financing for Samaritan Housing’s continued expansion plans at SearStone, a continuing care retirement community in Cary. Following the original Phase I development, SearStone consists of 131 independent living apartments, 38 independent living estate homes, 14 assisted living units and 25 skilled nursing beds. Sims financed the first phase of SearStone with a $117.5 million non-rated, fixed-rate bond issue in June 2012 and an expansion of the healthcare center in 2016 with an $8 million issue. Sims provided the original seed …