NEW YORK CITY — Harborview Capital Partners and Meridian Capital Group’s Senior Housing and Healthcare team have arranged $93.7 million in financing to a West Coast-based operator. The financing funded the acquisition of the real estate and operations of six nursing facilities and the leasehold rights of 13 additional facilities in California, Washington and Nevada. The $93.7 million loan consists of $65.7 million of senior financing and an additional $28 million revolver provided by a commercial bank. The portfolio consists of 14 nursing facilities in California, four in Washington, and …
Finance
Cushman & Wakefield Arranges Construction Financing for HarborChase of South Portland in Maine
by Jeff Shaw
SOUTH PORTLAND, Maine — Cushman & Wakefield Senior Housing Capital Markets has arranged the equity and financing for construction of HarborChase of South Portland. Confluent Senior Living, a subsidiary of Denver-based real estate investment firm Confluent Development, will develop and own the property. Harbor Retirement Associates is the co-developer for the project and will operate the community upon completion. The property will feature 123 units of assisted living and memory care. Construction is slated for completion in summer 2021. M&T Bank provided an undisclosed amount of construction financing. A private …
COVID-19 outbreak slows transactions, forces companies to take defensive posture. By Matt Valley The stabilization of the U.S. economy and its pace of recovery is inextricably linked to the speed at which the spread of the COVID-19 pandemic can be contained, say seniors housing experts. Until the health crisis is under control, they expect transaction activity to slow considerably or possibly even grind to a halt. As of April 8, the respiratory illness had claimed the lives of 13,000 Americans, a clear majority of whom were senior citizens. Sadly, that running …
Even in the face of low occupancy, overbuilding, labor issues and a global pandemic, lenders have faith in seniors housing as an asset class. By Jeff Shaw There’s no doubt that seniors housing faces challenges that other sectors do not. An operations-intensive business, seniors housing managers must recruit and retain good staff while fighting off a glut of new competition. Meanwhile the global COVID-19 pandemic has a much higher mortality rate among seniors versus younger sufferers, adding a new layer of difficulty and fear. A recent survey by SeniorList shows …
PHOENIX — Berkadia’s Seniors Housing & Healthcare group has provided $50.3 million in financing for four separate deals encompassing ten seniors housing properties. In the first transaction, Ed Williams secured a $5.5 million refinancing for a 51-unit assisted living and memory care community in Georgia for a repeat Southeast-based client. The property was constructed in two phases, with the last phase completed in 2008. The community’s historical occupancy has averaged over 90 percent. The Fannie Mae loan, which refinances existing HUD debt, has a 10-year term and two years of …
MARYLAND — Monticello has provided $66.6 million in first lien debt financing for the acquisition of three skilled nursing properties totaling 460 beds in Maryland. The transaction also includes a $5 million working capital loan to the facility operators, which Monticello’s asset-based lending group, Monticello Commercial Capital, provided. The borrower is an owner and operator with a current portfolio of 2,459 licensed beds. The names and locations of the facilities were not disclosed.
ENUMCLAW, Wash. — M&T Realty Capital Corp. has provided a $16.8 million Freddie Mac loan for High Point Village, a seniors housing community in Enumclaw, approximately 35 miles southeast of Seattle. The community features 108 units of independent living, assisted living and memory care. The loan, which will refinance existing debt, features a 60 percent loan-to-value ratio, 10-year term and fixed rate. It also includes five years of interest-only payments followed by a 30-year amortization. The borrower is a multi-generational, family-run business. The property is listed on the website of …
Monticello Provides $50M Acquisition Financing for 868-Bed Skilled Nursing Portfolio in Arkansas
by Jeff Shaw
ARKANSAS — Monticello has provided $50 million in first lien debt financing for the acquisition of six skilled nursing facilities totaling 868 beds in Arkansas. The transaction also includes a $2 million working capital loan to the operating companies of the properties provided by Monticello’s asset-based lending group, Monticello Commercial Capital LLC. The borrower is an owner-operator with previous experience in Arkansas. The names and locations of the properties were not disclosed.
COLUMBUS, Ohio — VIUM Capital has hired Ashley Wilkens as chief underwriter. Wilkens brings over 10 years of experience in the capital markets, senior living and healthcare industries. She previously worked at B.C. Ziegler & Co. where she specialized in strategic advisory, capital formation and financing engagements for senior living and long-term care providers. In addition, she served as the chief operating officer of Ziegler Financing Corp. Industry veterans Kass Matt and Steve Kennedy, both of whom worked most recently at Lancaster Pollard, recently launched VIUM Capital. The Columbus-based company …
WICHITA, Kan. — KeyBank Community Development Lending and Investment (CDLI) has secured $10 million of construction and permanent financing for an affordable seniors housing property in Wichita. The borrower is Denver-based Steele Properties, which will use the funds to acquire and renovate Shadyway Plaza. The community was built in 1979 and features 100 one-bedroom apartments in a seven-story building. All units are reserved for seniors and disabled resident earning up to 60 percent of area median income. Monroe Group Ltd., Steele Properties’ sister company, will manage the property, which is …