Senior Housing Finance Activity: Cambridge, Lancaster Pollard, Northmarq

Here’s a roundup of some of the most recent financing transactions in senior housing and care.

Cambridge Arranges $6.5M HUD Lean Loan for Ill. ALF

Cambridge Realty Capital Companies arranged a $6,560,000 HUD Lean loan to refinance Morris Senior Living, a 76-bed assisted living facility located in Morris, Ill.  

The fully-amortized, 35-year loan was arranged for the owner, an Illinois limited liability company, using the HUD Section 232 pursuant to Section 223(f) funding program, which is used to refinance existing HUD loans.

Underwriting the transaction was Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans. The company has more than 500 closed transactions totaling more than $4.6 billion since the early 1990’s, when the firm began its specialization in providing senior housing capital.

Cambridge Arranges $4.7M HUD Lean Loan for Calif. ALF

Cambridge Realty Capital Companies arranged a $4,703,800 HUD Lean loan to refinance Palm Villas, an assisted living facility located in Redwood City, Calif.  

The fully-amortized, 26-year loan was arranged for the owner, a California limited liability corporation, using the HUD Section 232 pursuant to Section 223(f) funding program, which is used to refinance existing HUD loans.

Underwriting the transaction was Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans.

Palm Villas is a 49-bed assisted living facility specializing in memory care. The facility offers programs including activities, meals and pet therapy.

The company has more than 500 closed transactions totaling more than $4.6 billion since the early 1990’s, when the firm began its specialization in providing senior housing capital.

 Northmarq Capital Arranges $32.5M Financing for Wash. ALF, Memory Care Development

NorthMarq Capital’s Seattle based regional office arranged $32.5 million in financing for Quail Park of Lynnwood, a senior housing development located in Lynnwood, Wash. The development includes a three-story, 128,630 sq.ft. building with 85 assisted living units and 45 memory care units. 

Stuart Oswald, senior vice president/managing director of NorthMarq Capital’s Seattle based regional office, arranged the financing.

This deal is a non-recourse bridge loan for a cash-out refinance in which the borrowers were able to pay off their construction loan and also pull out additional cash. This asset has had strong leasing momentum, but has not yet stabilized; as such, the loan also allows for additional funds to be advanced during the loan term once certain performance hurdles are met.

Financing was structured with a 75% LTV, 25 year amortization and a three year term with two years over interest 
only.

NorthMarq arranged financing for the borrower through its relationship with a national, non-recourse bridge lender. 
About NorthMarq Capital

Lancaster Pollard Closes $6.58M Revenue Bonds for Ind. CCRC

Lancaster Pollard closed a $6.58 million fixed-rate, tax-exempt revenue bonds Christian Care Retirement Community, a continuing care retirement community in Bluffton, Ind.

The facility has 38 independent living villas, 42 independent and assisted living apartments and 66 skilled nursing beds.

Lancaster Pollard Closes $8M Loans for Minn. ALF and Iowa ALF

Lancaster Pollard closed loans for two separate properties: $4.7 million for Grand Meadows in Glencoe, MN, and $3.3 million for Gardens at Cherokee in Cherokee, IA. Grand Meadows is a 65-unit assisted living facility operated by Progressive Care LLC, and the Gardens is a 38-unit assisted living facility operated by VL Cherokee LLC. 

Lancaster Pollard Refinances $3.6M for Wash. SNF

Lancaster Pollard refinanced $3.6 million of existing debt for Saint Anne Nursing and Rehabilitation Center, a 47-bed skilled nursing facility in Seattle. 

Lancaster Pollard Assists Ind. ALF, SNF with Financing

Lancaster Pollard assisted Greencroft Communities — the largest nonprofit senior living provider in Indiana — with the financing of one of its properties, Oak Grove Christian Retirement Village.

Oak Grove has 39 assisted living units and 59 skilled nursing beds and is located in Demotte, Ind. 

Written by Cassandra Dowell