WEATHERFORD, Texas — Civitas Senior Living and PremCap Senior Living have opened West Fork at Weatherford, located west of the Dallas-Fort Worth Metroplex. The 75,800-square-foot community offers 70 assisted living apartments and 19 memory care suites. The community is located near Weatherford’s historic downtown and directly adjacent to Medical City Weatherford.
News
KeyBank Arranges $270M Financing, $125M Credit Facility for New Senior Investment Group
by Jeff Shaw
NEW YORK CITY — KeyBank Real Estate Capital (KBREC) has arranged a new $270 million Freddie Mac loan to New Senior Investment Group (NYSE: SNR), a New York-based REIT. The 10-year loan is secured by 14 independent living assets and provides New Senior with a lower spread and extended maturity compared to the company’s previous financing. The Freddie Mac financing is part of New Senior’s strategic transaction that included the sale of its entire assisted living portfolio, which included an amendment and restatement of the company’s $125 million credit facility …
MADISON, N.J. — PGIM Real Estate has completed its capital raise for Senior Housing Partners VI (SHP VI), with a total of $996 million in commitments, primarily from institutional investors. PGIM Real Estate, based in Madison, is the real estate investment business of PGIM, the $1.3 trillion global investment management businesses of Prudential Financial Inc. (NYSE: PRU). SHP VI is the latest in PGIM Real Estate’s series of dedicated, closed-end funds designed to capitalize on investment opportunities in the seniors housing sector. The capital raise — the largest to date …
Lancaster Pollard Provides $7.2M Financing for Rosewood Courte Memory Care in Edmonds, Washington
by Jeff Shaw
EDMONDS, Wash. — Lancaster Pollard has provided $7.2 million in refinancing for Rosewood Courte Memory Care in Edmonds, approximately 15 miles north of downtown Seattle. The Fannie Mae loan provides long-term, fixed-rate financing. The borrower will use the funds for capital improvements. Although the borrower was not disclosed, the property is listed on Northwest Care Senior Living’s website. Grant Goodman, Casey Moore and Doug Harper led the transaction for Lancaster Pollard.
Live Oak Funds $5.8M Refinancing for Home of the Good Shepherd Community in Upstate New York
by Jeff Shaw
SARATOGA SPRINGS, N.Y. — Live Oak Bank has provided a $5.8 million loan to refinance Home of the Good Shepherd Saratoga in Saratoga Springs, approximately 30 miles north of Albany. Home of the Good Shepherd is a faith-based, nonprofit operator with four communities in Upstate New York. The loan will refinance the Saratoga location’s 42-unit memory care facility. The property was temporarily closed and extensively renovated in 2017, and has since reopened, leased up and fully stabilized. The five year, floating-rate, balance-sheet loan allowed the borrower to consolidate debt and …
ALEXANDRIA, RICHMOND and COLONIAL BEACH, Va. — Tryko Partners has acquired three skilled nursing facilities in Virginia as part of a planned geographic expansion in the Mid-Atlantic for the Brick, N.J.-based private equity investment firm. The facilities, which were part of the Cambridge Healthcare Portfolio, include the 307-bed Woodbine Rehabilitation & Healthcare in Alexandria, the 190-bed Lexington Rehabilitation & Healthcare in Richmond, and the 66-bed Westmoreland Rehabilitation & Healthcare in Colonial Beach. Each property provides post-hospital care, short-term rehabilitation and long-term residential care. Tryko plans to invest nearly $9 million …
Lancaster Pollard Provides $11M Fannie Mae Loan for Providence Place Community in Pennsylvania
by Jeff Shaw
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.
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 …