DOVER, Pa. — Lancaster Pollard has provided $11 million in Fannie Mae financing for Providence Place Senior Living of Dover. The community offers independent living, assisted living and memory care services in the Central Pennsylvania borough of Dover. The number of units was not disclosed. The borrower and owner is Providence Place Senior Living, headquartered in nearby Hershey. Miles Kingston, Doug Harper and Casey Moore of Lancaster Pollard arranged the long-term, fixed-rate financing.
News
GREELEY, Colo. — Live Oak Bank has provided an $8.1 million loan for Greeley Village, a 71-unit assisted living and memory care community in Greeley, approximately 50 miles north of Denver. The borrower is KSL Seniors, a developer/owner with communities in Colorado, Utah, Idaho and Oregon. The 51,000-square-foot community opened during in fourth-quarter 2019. Cadence Senior Living operates the property. The three- to five-year, floating-rate loan refinanced a construction line of credit, providing a bridge-to-permanent financing solution. It also allowed the borrower to recapture a line of credit capacity to …
BALTIMORE — Capital Funding Group (CFG), a Baltimore-based lender, is expanding its off-balance-sheet, bridge-to-HUD lending program. The company focuses on healthcare and multifamily real estate loans. The program will expand CFG’ss capacity on a per-client and per-deal basis. In 2019, CFG provided more than $1 billion in bridge-to-HUD loans, HUD loans and accounts receivable lines of credit for healthcare clients.
TOLEDO, Ohio — KeyBank Real Estate Capital has provided a $145 credit facility through Fannie Mae for ReNew REIT, a Toledo-based, non-traded seniors housing investor. The credit facility is secured by eight seniors housing communities spread across eight separate states. The specific locations were not disclosed except for Sunshine Villa in Santa Cruz, California. The initial draw on the credit facility includes a 10-year term and provides expansion and borrowing features that allow ReNew to access additional financing proceeds through the existing collateral pool or by adding new properties to …
FERN PARK, Fla. — Maitland-Based Strive Senior Living has opened its first community, Strive at Fern Park, approximately eight miles north of downtown Orlando. The property features 79 assisted living and 46 memory care units. Strive Senior Living is managing the community in partnership with KR Management, a Clearwater-based operator. The Agency for Health Care Administration approved the license, effective Feb. 14 and the first residents moved in Feb. 19.
HUNTINGTON, N.Y. — Sunrise Senior Living has completed construction of Sunrise of Huntington, located in the Suffolk County town of Huntington on Long Island. The community can accommodate up to 108 residents and offers assisted living and memory care services. “According to a recent independent study, the population of seniors over 85 years old, in Suffolk County specifically, has increased by 56 percent over the past 13 years,” says Jenifer Salamino, senior vice president of operations for Sunrise Senior Living. Sunrise held a ribbon-cutting ceremony on Wednesday, Feb. 19, for …
Monticello Provides $12.4M Financing for Skilled Nursing Portfolio in Tennessee, Kentucky
by Jeff Shaw
TENNESSEE and KENTUCKY — Monticello has provided $12.4 million in first lien debt financing for the acquisition of two skilled nursing properties totaling 165 beds in Tennessee and Kentucky. The specific names and locations of the properties were not disclosed. The transaction also includes a $1.5 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 experienced owner and operator with a current portfolio of 8,752 licensed beds. Prior to this deal, Monticello financed the …
LOS ANGELES — There is a deficit in seniors housing and it has nothing to do with occupancy rates, investment dollars or development opportunities. It’s the labor shortage, according to Charles Turner, a longtime industry veteran and current CEO of Kare, an application that pairs understaffed seniors housing communities with temporary workers. Turner made the comments as keynote speaker at France Media’s InterFace Seniors Housing West conference, held Feb. 20 at the Omni Los Angeles. “We all know what’s coming in the next decade — an onslaught of baby boomers aging into …
Ventas Hires Veteran Executive Justin Hutchens to Oversee North American Seniors Housing Business
by Jeff Shaw
CHICAGO — Ventas Inc. (NYSE: VTR) has appointed J. Justin Hutchens as executive vice president, senior housing, North America, effective April 1. The appointment is part of a series of actions, including a realignment of current executive team responsibilities, to improve the company’s performance in seniors housing. In this newly created role, Hutchens will oversee the Chicago-based REIT’s seniors housing business in North America, which includes over 700 properties that provide high-quality environments for approximately 60,000 seniors. The company is the second largest owner of seniors housing in the United …
DALLAS and NEW BRAUNFELS, Texas — New Braunfels-based SilverPoint Senior Living, a newly formed management company led by CEO Shawn Corzine, has signed an expansion partnership with Journey Capital, a Dallas-based real estate development company led by hospitality entrepreneurs Anand Patel and Narayan Patel. With its investment in SilverPoint, Journey Capital’s co-founders will also assume roles as partners in the management company Journey Capital will work with SilverPoint to grow its development and acquisition pipeline and lean on the company for third-party management and consulting services. While SilverPoint is currently …