Ziegler Closes $54.05 Million Financing for CCRC Operator in California
Chicago-based speciality investment bank Ziegler recently announced the closing of the $54,045,000 tax-exempt, fixed-rate Series 2017 financing for Channing House, a California not-for-profit 501(c)(3) company that operates a continuing care retirement community (CCRC) in Palo Alto, California.
The CCRC has 191 residential living units, 26 skilled nursing beds and 27 assisted living beds.
Channing House plans to use the proceeds of the Series 2017 Bonds, along with additional available capital, to fund a Bond Reserve Account for the Series 2017 Bonds, advance refund all of the outstanding Series 2010 Bonds, and pay specific costs of issuance of the Series 2017 Bonds, including the insurance premium.
Harborview Arranges $20.7 Million Bridge Loan for Skilled Nursing Portfolio in Ohio
Commercial real estate finance, advisory and equity firm Harborview Capital Partners recently arranged the sale and $20.7 million financing for a skilled nursing portfolio made up of three facilities and 254 beds in Ohio.
The bridge-to-HUD loan involves a $2.3 million mezzanine loan via Harborview’s balance sheet mezzanine product. The $18.4 million loan for the portfolio has a 25-year amortization and three-year term.
The transaction was arranged by Harborview Senior Originators Avi Begun and Jeff Fuchs, as well as Director of Capital Markets David Nussbaum.
Zenith Capital Arranges $6.71 Million Construction Loan For Memory Care Community in Washington
Real estate investment group Zenith Capital recently arranged a $6.71 million construction loan for a new memory care community in Thurston County, Washington. The owner and operator of the community were not disclosed.
Zenith secured the debt through Mountain Pacific Bank.
Ziegler Closes $175.065 Million Financing for Mary’s Woods at Marylhurst
Chicago-based specialty investment bank Ziegler closed the $175,065,000, tax-exempt, fixed-rate Series 2017 financing for Oregon-based not-for-profit senior living operator Mary’s Woods at Marylhurst, Inc.
Mary’s Woods has a senior housing community located on about 24 acres of a 75-acre campus located in Lake Oswego, Oregon. The community has 233 independent living apartments, 55 assisted living apartments, 50 independent living villas, 23 memory support suites, 26 residential care suites and five licensed skilled nursing suites.
Mary’s Woods leases the 24-acre property from the Sisters of the Holy Names of Jesus and Mary, a different Oregon-based not-for-profit corporation that owns the 75-acre campus.
Mary’s Woods plans to use the proceeds from the sale of the Series 2017 Bonds and additional available funds to currently refund the outstanding Series 2010 Bonds; currently refund the outstanding Series 2014 Bonds; fund swap termination payments; finance part of the cost of the construction, development, acquisition, improvement, renovation and equipping of the Village at Mary’s Woods, which includes 144 independent living apartment-style residences, two independent living commons buildings and 48 assisted living apartments, in addition to parking; pay part of the interest on the Series 2017 Bonds during the construction of the project; fund debt service reserve funds for the Series 2017 Bonds; and pay specific costs of issuance of the Series 2017 Bonds.
Cushman & Wakefield Arranges $30 Million of Construction Debt and Joint Venture Equity for Senior Housing Community in California
Cushman & Wakefield Senior Housing Capital Markets, in its exclusive representation of a joint venture between Milestone Retirement Communities, LLC and Douglas Wilson Companies, raised more than $8.3 million of institutional equity capital as well as almost $22 million in construction debt financing for a 111-unit assisted living and memory care development in Chula Vista, California.
Construction on the site is scheduled to start in May 2017, with an expected opening in the fall of 2018.
The Cushman & Wakefield team involved in the transactions included Executive Director Jay Wagner, Executive Managing Director Rick Swartz, Director Jim Dooley, Senior Director Aaron Rosenzweig and Associate Alex Petrosian.
KeyBank Provides $9.1 Million in Financing for Senior Community in Oklahoma
KeyBank Real Estate Capital recently provided a $9.1 million HUD loan to LEDIC Realty Company for the substantial rehabilitation of Quail Creek Villa, an affordable housing community limited to seniors and individuals with disabilities in Tulsa, Oklahoma.
The community benefits from a Section 8 Housing Assistance Payments (HAP) contract, with all 120 units designated for residents making up to 60% of the area median income.
The financing was arranged by Kelly Frank of Key’s Community Development Lending and Investment group and Jeff Rodman of Key’s Commercial Mortgage Group.
New York State Grants $31 Million for Affordable Senior Housing in Two Cities
CDS Housing recently received $11.87 million to build a 50-unit affordable and integrated senior living community in Elmira, New York, in addition to a $19.5 million in funding from New York state to construct a 96-unit affordable senior living community in Webster, New York, according to local ABC affiliate WHAM.
Written by Mary Kate Nelson
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