WASHINGTON — VIUM Capital has provided a $7.7 million bridge-to-HUD loan for a seniors housing community in Washington state. The asset features 83 units of independent living, assisted living and memory care. The financing will fund the acquisition, as well as rehabilitation of the asset. Further details were not disclosed.
BURLINGTON, N.C. — Ziegler has arranged three separate loans to fund the acquisition of The Village at Brookwood (TVAB), a continuing care retirement community (CCRC) in Burlington. Opened in 2003, TVAB features 155 independent living units, 12 assisted living units, 12 memory care units and 24 skilled nursing units on a 47-acre plot. The buyer, Well-Spring, is the current operator and also owns/operates a second CCRC in nearby Greensboro. Alamance Regional Medical Center originally developed TVAB, but the health system was acquired by Cone Health in 2011, after which Well-Spring …
WASHINGTON and OREGON — Berkadia Seniors Housing & Healthcare has provided $48 million in combined financing for three seniors housing communities in Washington and Oregon. Steve Muth secured the transactions. The first deal was a $27 million, sub-60 percent loan-to-value-ratio loan with a 10-year, interest-only term through Freddie Mac. Built in 2015 in Washington, the seniors housing community features 105 beds and was 92 percent occupied at the time of the refinancing. The second transaction was a $16.2 million acquisition bridge loan for an assisted living and memory care community …
LADY LAKE, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of an assisted living community in Lady Lake, immediately adjacent to retirement mecca The Villages. The seller is a Northeast-based real estate private equity fund that purchased this asset as part of an extensive portfolio in December 2021. This asset was an operational outlier from the rest of the portfolio. The buyer was a regional owner-operator looking to add to its existing operations throughout Florida. Brad Clousing, Daniel Geraghty and Ryan Saul led the transaction for SLIB. …
SOUTH TEXAS — VIUM Capital has provided a $17.1 million bridge-to-HUD loan for a skilled nursing facility in South Texas. The transaction refinances existing debt, provides equity-out proceeds and covers transaction costs. The loan features a 60 percent loan-to-value ratio, partial recourse that disappears upon submission to HUD. The borrower leased the property in 2017, exercised its purchase option in 2018, and continued to improve operating performance during COVID. Further details were not disclosed.
NEW YORK CITY — Catholic Charities of Brooklyn & Queens has opened the doors on Pope Francis Apartments of Loreto, an affordable seniors housing community in the Brownsville neighborhood of Brooklyn. Designed by RKTB Architects, the development replaces a former Catholic church that closed in 2009. It features 135 apartments in an 83,000-square-foot building. The new residence meets Enterprise Green Communities Criteria, a comprehensive green building framework specifically for affordable housing. The design and development team previously completed the adjacent Monsignor Anthony J. Baretta Apartments, which is considered Phase I …
NASHVILLE, Tenn. — Ryan Cos. US Inc., on behalf of LCS and Harrison Street, has started construction of Clarendale West End in Nashville. The upscale community will feature 172 units of independent living, assisted living and memory care in a 261,000-square-foot, five-story building. According to Moore Diversified Services Inc., Nashville’s 75-plus population is expected to grow 4.4 percent annually, outpacing the city’s annual total population growth of 1.2 percent. “This community will offer premier senior living conveniently located close to some of the best entertainment, shopping and hospitals in the …
SIMI VALLEY, Calif. — Capital Funding Group (CFG) has provided a $40 million refinancing for Varenita of Simi Valley, an 81-bed seniors housing community in Simi Valley. The funds refinance the construction loan. The borrower is Griffin Living, which opened the community in February. This financing serves as the second transaction CFG has executed for Griffin Living’s California facility portfolio. In June 2022, CFG closed a $32.9 million construction loan for Griffin; the financing supported the ground-up development of Varenita of Temecula, a 108-bed assisted living and memory care facility …
TENNESSEE — VIUM Capital has provided a $14.2 million bridge-to-HUD loan for a 79-unit assisted living community in Tennessee. The financing provided $12.8 million for the acquisition of the property, as well as $1.3 million for an expansion that will add eight memory care units. The borrower has operated the facility since its recent construction. Further details were not disclosed.
NEW YORK CITY — Sunrise Senior Living, with partners Hines and Welltower (NYSE: WELL), has announced plans for its second luxury senior lifestyle community in New York City: The Apsley. Located on the Upper West Side on Broadway between 84th and 85th streets, the community will feature 76 assisted living and 80 memory care units. “We have always known there is a strong demand for high-quality, elevated senior living in Manhattan,” says Denise Falco, senior vice president of operations at Sunrise Senior Living. “With the success of our sister property, …