BALTIMORE — Capital Funding Group (CFG) has provided a $207.1 million bridge-to-HUD loan to 980Investments to support the partnership buyout of a portfolio of skilled nursing facilities in Florida. Together, the facilities total 1,423 beds across 13 properties. Additionally, Capital Finance LLC, a subsidiary of CFG Bank, provided $15 million in accounts receivable financing to support the working capital needs of the facilities. Andrew Jones and Ava Julio of Baltimore-headquartered CFG originated the bridge-to-HUD loan, and Jeffrey Stein of Capital Finance originated the accounts receivable working capital line of credit.
ANNAPOLIS, Md. — Berkadia Seniors Housing & Healthcare has brokered the sale of Gardens of Annapolis, an active adult community located in the upscale coastal city of Annapolis. The brokerage firm also secured $17.4 million in acquisition financing through Fannie Mae on behalf of the buyer, a joint venture between Corten Real Estate and Real Asset Industries. The seller was Crow Holdings, a Texas-based real estate investment and development firm. The seven-year, fixed-rate acquisition loan provided to the joint venture features both an attractive interest rate and interest-only period, according to …
MALVERN, Pa., and KENSINGTON, Md. — Mesa West Capital has provided AEW Capital Management LP with $114.6 million in first-mortgage debt across two loans to refinance the seniors housing communities of Echo Lake in Malvern and Modena Reserve at Kensington in Kensington. Terms of the loans were not disclosed. AEW delivered the 250-unit Echo Lake to the market in 2020 alongside joint venture partner Sage Senior Living Inc., which operates the community. Located about 27 miles northwest of Philadelphia in Malvern, Echo Lake offers a mix of independent and assisted …
BALTIMORE AND ANNAPOLIS, MD. — Enterprise Community Development Inc. has secured $116.4 million in financing for three affordable housing communities in Maryland. The three communities are The Greens at Irvington Mews II and Park Heights Place, both located in Baltimore, and College Parkway Place in Annapolis. The Greens at Irvington Mews II is a 59-unit community for independent seniors. The project is currently underway and is slated to complete in October 2025. Of the property’s total unit count, 47 residences will be set aside for residents earning up to 50 percent …
GAITHERSBURG, Md. — Kisco Senior Living has opened The Carnegie at Washingtonian Center, a seniors housing community in Gaithersburg, approximately 20 miles northwest of Washington, D.C. Located adjacent to the city’s bustling Washingtonian Center area, the property offers 302 one- and two-bedroom units of independent living, assisted living and memory care. The building rises seven stories on 8.5 acres.
KENSINGTON, Md. — Berkadia has arranged a $47.4 million loan for Modena Reserve at Kensington, a 135-unit seniors housing community in Kensington, a suburb north of Washington, D.C. The borrowers are Solera Senior Living, McCaffery and an institutional investor. A debt fund provided the capital. Steve Muth and Austin Sacco of Berkadia Seniors Housing & Healthcare led the transaction. The three-year, nonrecourse loan features interest-only payments throughout the term. The loan refinances a maturing construction loan. The community opened in late 2021 and reached stabilized occupancy within 24 months.
ELLICOTT CITY, Md. — Lutheran Social Ministries of Maryland has broken ground on Phase II of its expansion at Lutheran Village at Miller’s Grant. The seniors housing property is located in Ellicott City, a suburb west of Baltimore. The project will add a new performing arts center, chapel and independent living apartment building while expanding the healthcare center and assisted living to include a new memory care support neighborhood. The performing arts center and chapel will serve as a multifunctional, 17,000-square-foot space, a hub for residents and team members to …
SYKESVILLE, Md. — Acts Retirement-Life Communities completed an $11.5 million expansion project at Fairhaven, a seniors housing community in Sykesville, approximately 25 miles west of Baltimore. The renovation included a new club room, featuring space for cards and games, table tennis and billiards; the Copper Lantern pub; upgrades to the Beasman Restaurant; expanded seating in the bistro; a new welcome house; and outdoor recreational spaces, including a three-hole golf course. Renovations also included $400,000 in donor funds from the Acts Legacy Foundation. Acts also plans to open a new pickleball …
SILVER SPRING, Md. — MCB Real Estate has unveiled plans to develop VIVA White Oak, a 280-acre mixed-use project anchored by healthcare space in Silver Spring, approximately six miles north of downtown Washington, D.C. Plans call for 3 million square feet of lab, office, research and medical space; 525,000 square feet of retail; 3,000 square feet of hotel space; 75,000 square feet of senior living; 4,500 private residences; and 85 acres of open space. MCB is currently working with stakeholders and public officials to refine the specifics, but the healthcare …
MARYLAND — First Citizens Bank has served as lead arranger for a $260 million loan to refinance a portfolio of 12 skilled nursing facilities in Maryland. The borrower is a Midwest-based healthcare real estate investment and management company that invests in a variety of post-acute facilities with investments in over 24 states. The licensed facilities represent more than 1,500 skilled nursing beds.
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