Senior Housing Finance Activity: CBRE, Cushman & Wakefield

Thorofare Capital Provides $19 Million Loan for Senior Living Community in Phoenix

Los Angeles-based investment manager Thorofare Capital recently provided a $19 million, fixed-rate bridge loan to refinance debt on MorningStar at Arcadia, a 135-bed senior living community in Phoenix. MorningStar Senior Living operates the four-story, 139,643-square-foot community, which has 80 assisted living units and 30 memory care units.

The bridge loan was provided to an affiliate of ArciTerra Cos. LLC. The funds will retire the construction loan on the property and lead to additional equity for the owner, a real estate development and investment firm based in Phoenix.

CBRE Arranges $10 Million Acquisition Financing for Pennsylvania Community

Aron Will, vice chairman of CBRE National Senior Housing, recently arranged $10 million in financing for the purchase of Spring Meadows of Lansdale, a 120-unit assisted living and memory care community in Lansdale, Pennsylvania. The floating-rate, five-year loan involves 12 months of interest-only payments.

A joint venture between Virginia-based Greenfield Senior Living and Care Investment Trust bought the community, which will now be called Greenfield of Lansdale. The capital was provided by a regional bank.

Cushman & Wakefield Senior Housing Arranges $15.2 Million Construction Financing in Texas

Cushman & Wakefield Senior Housing Capital Markets, as advisor to Titan Senior Living, recently arranged a $15.2 million construction loan for the development of Élan Corpus Christi, an assisted living and memory care community in Corpus Christi, Texas.

The 109-unit community will be managed by Fort Worth, Texas-based regional operator Civitas Senior Living. A Texas-based regional bank provided the financing. Titan Senior Living is the development arm of Titan Development, a commercial real estate development firm headquartered in Albuquerque, New Mexico.

The Cushman & Wakefield team involved in the transaction included Senior Director Aaron Rosenzweig, Executive Director Jay Wagner, Executive Managing Director Richard Swartz and Associate Sam Dylag.

KeyBank Originates $62 Million in Financing for Texas Senior Housing Portfolio

KeyBank Real Estate Capital recently originated and fully underwrote a $62 million term loan utilized to recapitalize a five-property senior housing portfolio developed by Caddis, a Dallas-based health care real estate development, investment and management company.

The newly built assisted living and memory care communities are located throughout Texas and have 352 units and 406 beds in total. The communities include: Heartis Cleburne in Cleburne, Texas; Heartis Conroe, in Conroe, Texas; Heartis Amarillo, in Amarillo, Texas; Heartis Eagle Mountain in Fort Worth, Texas; and Heartis Cypress in Cypress, Texas.

Jay Jordan and Grant Saunders of Key’s Healthcare Group arranged the financing.

Lancaster Pollard Closes $5.7 Million Refinance for Senior Housing Community in Minnesota

Lancaster Pollard recently assisted River Grand Senior Living with a $5.7 million refinance utilizing the FHA Sec. 232/223(f) program. River Grand is a 61-unit assisted living and memory care community located in Grand Rapids, Minnesota. 

The new debt structure features a 35-year term and a low, fixed interest rate. Lancaster Pollard Senior Vice President Quintin Harris led the transaction.

Capital One Closes $16.8 Million FHA Loan to Refinance Skilled Nursing Facility in Joliet, Illinois                      

Capital One recently provided a $16.8 million, fixed-rate, HUD 232/223(f) loan to refinance a 272-bed skilled nursing facility in Joliet, Illinois. The transaction was originated by Senior Vice President Joshua Rosen.

“The success of a 232/223(f) application depends on lenders who are thoroughly versed in the HUD process, who are proactive in mitigating risk, and who can guide the borrower through the process,” Rosen said in a press release. “The advantages for borrowers are substantial. In this case, our borrowers locked in a nonrecourse, fully assumable loan at today’s low rates for 35 years.” 

Monticello Participates in $14.3 Million Loan to Acquire Community in Sacramento

Monticello Asset Management, via one of its investment vehicles, recently participated in a $14.3 million bridge-to-HUD loan to 2200 Gramercy Drive LLC. The borrower plans to use the funds to purchase a 205-unit assisted living and skilled nursing facility in Sacramento, California.

The name of the seller was undisclosed, but the seller is a private owner intending to retire. The property has 120 skilled nursing and 85 assisted living beds.

Meridian Capital Arranges $23.9 Million Construction Loan for Senior Housing Community in Florida

New York City-based Meridian Capital Group recently arranged $23.9 million in financing for the development of an 118-unit, three-story senior housing community in Delray Beach, Florida. The five-year loan, provided by a regional balance sheet lender, features three years of interest-only payments and a floating interest rate of 3.25% over LIBOR.

The financing was arranged by Meridian’s Ari Dobkin, Ari Adlerstein and Josh Simpson.

Lancaster Pollard Closes Two Fannie Mae Seniors Housing Transactions  

Lancaster Pollard recently closed two transactions utilizing the Fannie Mae Seniors Housing program. In the first, ownership of an assisted living and memory care community in Omaha, Nebraska, was searching for funding to refinance the property’s existing Fannie Mae debt, as well as fund key renovations and repairs.

The Fannie Mae financing led to an $11 million loan with a 10-year term and a low fixed interest rate. The transaction provided about $3 million in equity for renovations and to expand other service lines, In addition to refinancing the existing debt at a lower rate. Lancaster Pollard’s Quintin Harris led the transaction.

In the second transaction, Lancaster Pollard closed a Fannie Mae Seniors Housing loan for an undisclosed, Texas-based memory care provider. The 48-bed community is located in the greater Houston market. Lancaster Pollard’s Kyle Hemminger led the transaction.

Grandbridge Facilitates $229.32 Million Agency Credit Facility for Senior Housing Portfolio

Charlotte, North Carolina-based Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance Group recently arranged the closing of a $229.32 million agency credit facility on behalf of an undisclosed joint venture. The credit facility, originated by Vice President Meredith Davis and Senior Vice President Richard Thomas, is secured by 14 senior housing properties with over 1,400 units in 10 states.

Written by Mary Kate Nelson