Senior Housing Finance Activity: Greystone’s $210 Million in Lending

Greystone Closes Over $210 Million in Seniors Housing Financing Since August

Greystone, a real estate lending, investment and advisory company, announced it has closed more than $210 million in financing for seniors housing properties since August 2015.

The financing spanned 11 transactions and includes a range of loan products and debt placements, including Fannie Mae, Freddie Mac, life companies and bank financing. The properties are located across the country and vary in size and service makeup, including age restricted, independent living, assisted living, memory care and land for development.

“Having focused on broadening Greystone’s capabilities for financial advisory in the seniors housing sector, the results clearly show that we’re nimble and able to execute on a variety of debt and lending platforms,” Scott Kavel, managing director at Greystone, said in a news release.”

Among the credit secured by Greyston is a $46 million refinancing for a 209-unit facility in Anaheim, California. Others include a $31.1 million acquisition and construction loan for a 265-unit community in Lewisville, Texas; a $25 million refinancing loan for a 129-unit community in Hendersonville, North Carolina; and a $24.8 million construction loan for a 126-unit facility in Hilton Head, South Carolina.

Oxford Finance Closes on Debt Financing for Chosen Healthcare

Oxford Finance LLC, a specialty finance firm that provides senior debt to life sciences and health care services companies, has closed on a syndicated senior secured term loan and a revolving line of credit for Chosen Healthcare. CIT Bank, N.A. and Opus Bank were co-lenders on the transaction.

Funds from the financing were used to recapitalized Chosen Healthcare and position it for further growth. Terms of the loan were not disclosed.

Chosen Healthcare has 22 skilled nursing facilities and one assisted living facility in Indiana, Iowa and Texas. Communities provide short-term and long-term residents with medical care and rehabilitation, and services offered range from adult day care, memory care and speech and physical therapy to assisted and independent living and rehabilitation.

“Oxford appreciates the opportunity to provide capital to Chosen Healthcare to support their thriving and expanding network of long-term care facilities,” Tracy S. Maziek, managing director at Oxford Finance, said in a prepared statement. “We have done multiple transactions with the management team at Chosen Healthcare, and greatly respect their high operating standards.”

Bank Leumi USA Provides $13.6 Million Acquisition Loan for Senior Housing Community in St. Charles, Missouri

Bank Leumi USA has administered a $13.6 million loan to Chicago-based Innovative Management Associates Inc. to acquire Windsor Estates of St. Charles, a continuing care retirement community (CCRC) located in metro St. Louis.

Windsor Estates is a 235-unit community operated by Innovative Management Associates. Leumi provided a $500,000 working capital line of credit and treasury management services as part of the loan. The line of credit was secured by the facility’s account receivables.

The transaction is the fourth acquisition completed by Innovative Management Associates in the St. Louis market over the last three years for which Leumi provided financing.

Cushman & Wakefield Arranges First Mortgage Acquisition Financing

Global real estate services firm Cushman & Wakefield has arranged first mortgage financing for real estate investment firm Auctus Capital Partner’s acquisition of Chateau at Carmichael Park, a 99-unit independent living, assisted living and memory care senior housing community located in Carmichael, California.

The non-recourse financing will allow Auctus to acquire the two-story community, which consists of 50 studio units and 47 one-bedroom units. as well as make physical improvements to the interior and exterior of the building.

The lender was Owens Financial, based out of San Francisco, California. Integral Senior Living will operate the community.

Preston Hollow Capital Completes $29.2 Million Construction Loan for Louisiana Senior Living Facility

Preston Hollow Capital, an independent specialty finance company, has completed $29.2 million in senior bond financing with the Louisiana Public Facilities Authority to fund a construction loan for Covington Senior Care Services.

The loan will go toward building Inspired Living at Kenner, a 127-unit assisted living and memory care community to be located in Kenner, Louisiana. The project will consist of a three-story facility situated on approximately 105.000 square feet and will include a swimming pool, mini golf area, fire pit and gazebo. Construction is underway and is slated for completion in March 2017. Validus Senior Living has been tapped to manage the property.

“Inspired Living at Kenner will be the premier senior housing community in its market, and we’re proud to be the main source of financing for the project,” Ramiro Albarran, managing director for Preston Hollow Capital, said in a prepared statement. “This distinctive community is one of several being constructed by the Inspired Living Group in collaboration with the National Football League Alumni Association to provide assisted living and memory care services for former NFL players and other persons in need. …We can be very creative to meet borrower financing needs and plan to be involved as a long-term capital partner to senior living developers.”

Enterprise Community Investments Provides $7.8 Million to Develop Affordable Senior Housing in Maryland

Enterprise Community Investment, Inc. announced it has secured $7.8 million through a Low-Income Housing Tax Credit deal for the second phase of development at The Lodges at Naylor Mill, an affordable seniors housing community located in Salisbury, Maryland.

The financing will facilitate construction of a new building slated for completion in October 2016. It will consist of 45 one- and two-bedroom apartments, and health, recreation and other services will be provided for residents.

“After the success of the first phase of The Lodges at Naylor Mill, Enterprise is thrilled to return to Salisbury to meet the demonstrated need for more affordable homes for seniors in the area,” Raoul Moore, senior vice president of syndication at Enterprise, said in a prepared statement. “This investment speaks to our commitment to finding creative, innovative ways to finance affordable housing in communities that need it across the country.”

The Low-Income Housing Tax Credit is a tool meant for the creation and preservation of affordable housing across the country.

Written by Kourtney Liepelt