The Department of Housing and Urban Development reached its highest level of senior housing lending through its Section 232 program in fiscal year 2013, according to data released by the agency and analyzed by Lancaster Pollard this week. HUD insured $5.82 billion in loan volume, outpacing the previous year’s total by more than 6%. The […]
Lancaster Pollard
In a rising interest rate environment, senior housing lenders who work with the Department of Housing and Urban Development’s LEAN 232 program say they are anticipating fewer transactions in the coming year. But it could lead to more opportunity for new construction loans under HUD, which has comprised just a small percentage of HUD lending […]
Cushman & Wakefield Arrange $12 Million Acquisition Financing for LCB Cushman and Wakefield’s Senior Housing Capital Markets Group has arranged $12.3 million of capital for LCB Senior Living’s acquisition of a memory care community in Lincoln, Rhode Island. The acquisition financing was provided by Wells Fargo Bank, with joint venture equity provided by Prudential Real […]
Greystone Closes $117 Million Portfolio Acquisition of Affordable & Senior Housing Greystone recently announced the closing of a $117 million multifamily transaction in Georgia to be used toward the acquisition and rehabilitation of 44 affordable housing properties, more than half of which are designated senior housing. The portfolio contains 1,362 units that serve low-income households in […]
LTC Enters $141 Million Mortgage Loan Agreement with Prestige LTC Properties, Inc. (NYSE:LTC) announced recently it has entered a $141 million mortgage loan agreement with affiliates of Prestige Healthcare, secured by 15 properties with a total of 2,092 licensed skilled nursing beds and 24 independent living units in Michigan. The loan has a 30-year term […]
While not the first time in recent memory the Department of Housing and Urban Development has reaching its commitment authority to finance multifamily housing development projects, the department has again begun prioritizing its projects until it receives more authority for funding. Those who finance senior housing development projects through HUD say while the delay is […]
Three Pillars Senior Living Communities Issued $22.8 Million Bonds Cain Brothers served as sole underwriter in the issuance of the Three Pillars Senior Living Communities Series 2013 bonds, issued as unenhanced fixed rate bonds and rated “A-” by Fitch on the underlying credit strength of Three Pillars. The $22.82 million bond issuance was used to […]
The Department of Housing and Urban Development (HUD) announced in late June it would revise a notice that eliminated developer fees for refinances of Section 202 Supportive Housing for the Elderly properties. A May 30 Notice on Updated Requirements for Prepayment and Refinance of Section 202 Direct Loans said that no developer fee is allowed from the […]
Cambridge Closes $42.8 Million of Senior Housing & Care Loans Cambridge Closes $14.9 Million Nursing Home Loan Cambridge Realty Capital Companies recently announced the closing on a $14.9 million loan to refinance Green Park, a 188-bed skilled nursing home in St. Louis, Mo., announced chairman Jeffrey Davis. The fully-amortized, 36-year term loan was arranged for […]
Post-recession demand for new and expanded senior living services continues to increase, and Lancaster Pollard has updated its nonprofit senior living finance guide to accessing capital at a reasonable cost to reflect current trends. The national investment banking, mortgage banking, and investment advisory firm, headquartered in Columbus, Ohio, recently released the updated “Financing Options for […]
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