TENNESSEE — Monticello has provided $41 million to refinance two skilled nursing properties totaling 336 beds in Tennessee. The names and specific locations of the properties were not disclosed The borrower is an experienced owner and operator with a current portfolio of 8,752 licensed beds. Prior to this deal, Monticello financed the sponsor’s acquisition of a number of facilities over the last several years in multiple transactions.
Tennessee
GERMANTOWN, Tenn. — Ziegler has arranged $45.2 million in financing for The Village at Germantown, a continuing care retirement community in the Memphis suburb of Germantown. The community is located on a 27.5-acre site and features 230 independent living units, 32 assisted living units, 16 memory care units and 50 skilled nursing beds. The financing is a “Cinderella refunding,” meaning that taxable bank debt will convert to non-bank-qualified, tax-exempt debt in September 2022. The transaction refinances a previous bond issue from 2012. First Horizon provided the taxable loan with a …
Elevation Acquires Kennington Pointe in Memphis for $2.2M, Plans Affordable Redevelopment
by Jeff Shaw
MEMPHIS, Tenn. — Elevation Financial Group, through its Elevation Real Property Fund VII, has acquired Kennington Pointe, a 155-unit seniors housing property in Memphis. Built in 1989, the property was previously an independent living and assisted living facility. As part of a renovation plan, Elevation will add kitchens to the assisted living units and convert the entire property to an affordable community for those over age 55. The property will also be rebranded as The Elevation at Autumn Ridge. The $2.2 million purchase represents the seventh acquisition by the fund …
GERMANTOWN, Tenn., and OLIVE BRANCH, Miss. — Greystone has provided a total of $29.4 million in HUD-insured loans for two affiliated senior living facilities in Tennessee and Mississippi. In the first transaction, Greystone executed a $12.2 million loan for Germantown Plantation Senior Living. The 106-unit community is located in Germantown, a suburb of Memphis, and offers assisted living services. The HUD 232/223(a)(7) loan, which is the refinancing of an existing HUD loan, features a 40-year term and amortization. In addition to refinancing existing debt at a lower rate, the loan …
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 …
TENNESSEE — Monticello and its affiliates have provided $15.8 million in first lien debt financing for the acquisition and renovation of three assisted living and memory care communities in Tennessee. The portfolio totals 126 units. The borrower is an owner-operator with a current portfolio of 1,116 units. The names and locations of the properties were not disclosed.
Monticello Provides $16.7M Refinancing for 303-Bed Skilled Nursing Portfolio in Tennessee
by Jeff Shaw
TENNESSEE — Monticello and its affiliates have provided $16.7 million in first lien debt financing to refinance two skilled nursing properties totaling 303 beds in Tennessee. The transaction also includes a $3 million working capital loan to the operating companies of the properties provided by Monticello’s asset-based lending group, Monticello Commercial Capital. The specific names and locations of the two properties were not disclosed. The borrower is an owner and operator with a current portfolio of 4,637 licensed beds. Prior to this deal, Monticello financed the borrower’s acquisition of several …
KNOXVILLE, Tenn. — Shannondale has unveiled plans for The Lodge at Shannondale, a 96-unit independent living expansion at the company’s seniors housing campus in West Knoxville. The Lodge is scheduled to open later this year, with pre-sales currently open to the public. Floor plans include one- and two-bedroom options ranging from 771 to 1,550 square feet. Cooper Architecture designed the project. The Christman Company is already underway on construction. Home Federal Bank provided financing. Shannondale opened in 1967 and has locations in Knoxville and Maryville.
Commonwealth Senior Living Acquires 10 Communities in Pennsylvania, Tennessee, Maryland, Virginia
by Jeff Shaw
CHARLOTTESVILLE, Va. — Commonwealth Senior Living, a Charlottesville-based owner-operator, has added 10 new senior living communities to its portfolio. The properties are in Pennsylvania, Tennessee and Virginia, consisting of over 660 units. The new communities include: Commonwealth Senior Living at Oak Ridge (Oak Ridge, Tennessee) Commonwealth Memory Care at Chesapeake (Chesapeake, Virginia) Commonwealth Senior Living at Monument Avenue (Richmond, Virginia) Commonwealth Senior Living at Stafford (Stafford, Virginia) Commonwealth Senior Living at Fredericksburg (Fredericksburg, Virginia) Commonwealth Senior Living at Berryville (Berryville, Virginia) Commonwealth Senior Living at Hagerstown (Hagerstown, Maryland) Commonwealth Senior …
COLLIERVILLE, Tenn. — HJ Sims and Duncan-Williams have arranged a financing package totaling $219.3 million for the construction of The Farms at Bailey Station, a continuing care retirement community in Collierville. The borrower is Retirement Companies of America (RCA). The development will be a sister community to Kirby Pines Estates in nearby Memphis. When completed, The Farms will feature 176 independent living units, 63 garden homes, 52 assisted living units, 32 memory support suites and a health center consisting of 60 private skilled nursing suites. The units are already 70 …