MARLBORO, Md. — BMO Harris Bank’s Healthcare Real Estate Finance group has closed on a $75 million credit facility to fund development of a seniors housing community in Marlboro, approximately 18 miles southeast of downtown Washington, D.C. The borrowers are Largo Land Development LLC and Watermark Retirement Communities. The unnamed project will feature 219 beds of independent living, assisted living and memory care, as well as a separate, 64-unit active adult building. BMO, acting as administrative agent, partnered with People’s United Bank and Webster Bank for the credit facility. Richard …
News
WASHINGTON, D.C. — Berkadia’s Seniors Housing & Healthcare group has closed $57.2 million in loans for skilled nursing facilities in Alabama, Illinois, New Jersey, Maryland and Washington. Berkadia refinanced a portfolio of three skilled nursing facilities in Washington state for $26.2 million, or $120,212 per bed, utilizing HUD’s 232/223(f) program. Jay Healy arranged the financing on behalf of the Washington-based owner and operator, which used the loan proceeds to pay off short-term debt, fund improvements to the properties and reduce their debt service payments. The communities are located in Brewster, …
CHICAGO — Senior Living Investment Brokerage (SLIB), a Chicago-based real estate services firm, has hired Steve Gilleland as chief development officer. In this role, Gilleland focus on business development and client outreach, while also participating in company strategic planning. Gilleland served as managing director and head of the Healthcare Finance Group at CapitalSource for 16 years. He was responsible for leading the healthcare team in developing financing opportunities for the long-term care and seniors housing industry, directing origination efforts and the initial structuring of transactions as well as managing all …
ROCKLIN, Calif. — Greystone has provided a $37 million Fannie Mae structured adjustable rate mortgage loan for the acquisition of a 134-unit seniors housing property in Rocklin, a suburb of Sacramento. The Pines at Rocklin offers independent living, assisted living and memory care services. Merrill Gardens Senior Living is the operator and a joint venture partner in the community, which was built in 2015. The borrower was Harbert Seniors Housing Fund II. Greystone’s seniors housing finance team originated the 10-year loan with an adjustable rate and five years of interest-only …
SAN DIEGO — Cushman & Wakefield Senior Housing Capital Markets has arranged the sale of a portfolio of seven communities located in California, Oregon, Arizona, Florida and Rhode Island for a combined $103.3 million. Diversified Healthcare Trust was the seller of all properties. The Cushman & Wakefield team involved in the transaction included Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker and Bailey Nygard. Further details on the properties and transaction were not disclosed.
FORT OGLETHORPE, Ga. — Summit Contracting Group has started construction of The Canopy at Boynton Ridge, an assisted living and memory care community n Fort Oglethorpe, just across the state border from Chattanooga, Tennessee. The community will feature 64 units in a two-story, 49,697-square-foot building. building, Construction is scheduled for completion in January 2021. The developer is Rimrock Cos. and the architect is Group 4 Design Inc.
Hunt Real Estate Capital Funds $7.8M Refinancing for Emanuel Village Apartments in Worcester, Massachusetts
by Jeff Shaw
WORCESTER, Mass. — Hunt Real Estate Capital has provided a $7.8 million loan to refinance Emanuel Village Apartments, an affordable seniors housing community in Worcester. The community features 75 units reserved for the disabled and those over age 62 who meet certain income restrictions. The community was initially developed in 1991 on a 3.8-acre parcel under the Section 202 program. The Section 202 financing was retired in 2005 with a refinance under the Section 223(f) program, and that loan was retired when the borrower acquired the asset. The new Section …
CHICAGO — Ventas Inc. (NYSE: VTR) has hired Carey Shea Roberts as executive vice president, general counsel, and ethics and compliance officer. Roberts will lead the company’s legal, compliance and enterprise risk management functions, reporting to Debra Cafaro, Ventas chairman and CEO. Roberts succeeds T. Richard Riney, the company’s first general counsel, who recently retired. Roberts joins Ventas from Assurant Inc., where she served as executive vice president, chief legal officer and corporate secretary. She previously served as deputy general counsel, corporate secretary and chief compliance officer of Marsh & …
SUGAR LAND, Texas — CBRE has arranged a $28.2 million bridge loan to refinance debt on Overture Sugar Land, a 200-unit active adult community in the Houston suburb of Sugar Land. The borrower is Greystar Development, which launched the Overture brand in 2013. There are now 29 Overture-branded active adult properties totaling over 7,500 units in the United States. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the non-recourse, floating-rate loan with 18 months of interest-only payments. The transaction was made through MF1 Capital, which …
Welltower Forms Joint Venture with Thomas Jefferson University for Real Estate, Care Partnerships
by Jeff Shaw
PHILADELPHIA and TOLEDO, Ohio — Toledo-based real estate investment trust Welltower (NYSE: WELL) and Philadelphia-based Thomas Jefferson University and Jefferson Health have unveiled plans for a long-term strategic partnership. Under the deal, Welltower will buy an ownership stake in much of Jefferson’s real estate, while Jefferson will provide services at Welltower’s seniors housing properties. Welltower’s investment into Jefferson’s properties will allow the organization to reduce its fixed assets and redeploy the capital into other areas. Welltower also plans to help Jefferson accelerate its growth in ambulatory care through capital support …