Love Funding Closes $14.5 Million Refinancing for Senior Residence Complex in Pontiac, Michigan
Love Funding recently announced the closing of a nonrecourse $14.5 million substantial rehabilitation loan for Oakland Senior Living, a 161-unit senior living complex in Pontiac, Michigan. For Love Funding, it was the second loan secured in as many months for property owner American House, which operates 27 senior residences in Southeastern Michigan. Bruce Gerhart, first vice president and Midwest regional director, and Mickey Rist, vice president and senior loan originator, secured the loan through the Federal Housing Administration’s 221(d)(4) loan program. Utilizing FHA financing enabled American House to lock in a low, fixed interest rate with a 40-year term. Combining the loan with Low Income Housing Tax Credits produced over $3,000,000 in additional funding, which allowed the owner to make considerable improvements to the property and restructure rents to provide assistance to 40 percent of the residents.
“These were both great deals for American House, and more importantly, they were great deals for its residents,” Gerhart said.
The SCOOTER Store Secures Financing From a Sun Capital Partners Affiliate
The SCOOTER Store announced that it has received financing from a Sun Capital Partners affiliate to set the stage for future growth and potential acquisitions by The SCOOTER Store. The terms of the deal were not disclosed.
"Our long-term vision and goal is to create an opportunity for every senior or disabled American to live their whole life at home while being happy, healthy, safe and connected to their community," said Doug Harrison, founder and CEO of The SCOOTER Store. "We selected the Sun Capital Partners affiliate as our strategic investment partner because they are best able to help us realize that vision and to get there faster with the capital needed to take advantage of new opportunities."
"The SCOOTER Store is a market leader in its industry and is run by a strong management team," said M. Steven Liff, senior managing director at Sun Capital Partners. "We view this as a growth investment in a business that does an excellent job of working with customers to ensure they receive the right product for their medical needs with convenient in-home delivery and service. The SCOOTER Store is well positioned in a market whose customer base is projected to grow significantly in the coming years. We also see opportunities to expand product offerings in areas that would greatly enhance the business."
Evans Senior Investments (ESI) Completes Sale Forestview Manor Assisted Living
Evans Senior Investments (ESI) has announced the completion of the sale of Forestview Manor Assisted Living, an assisted living and Alzheimer’s facility in Meredith, New Hampshire. The each of the buildings offers different levels of care and has a total of 69 units. The sale of the facility was for $10,750,000 at $155,797 per unit and closed within 70 days from the execution of the letter of intent.
“Forestview Manor Assisted Living is ahead of industry standards because of the high level of acuity Alzheimer’s residents. This facility is setting the standards as to where the Alzheimer’s market is going in the future,” said Jason Stroiman, President of Evans Senior Investments.
Ecumen Senior Housing Development Achieves LEED Certification
Ecumen has announced that its senior housing community in Bemidji, MN has received LEED (Leadership in Energy and Environmental Design) Silver certification by the U.S. Green Building Council. Ecumen developed the LEED-certified community, which opened in 2009, for North Country Health Services. Called WoodsEdge at North Country, the Bemidji site has 107 apartments, which include independent living, assisted living and memory care. The facility has almost 600,000 square feet of native plantings surround WoodsEdge at North Country and has reduced its water use by almost 25% through the use of water-efficient sinks, showers and toilets. Significant amounts of construction waste was recycled and a large portion of the community’s building materials came from within 500 miles of the construction site.
“Green senior housing will undoubtedly become a larger part of the country’s landscape,” said Steve Ordahl, Ecumen senior vice president of business and fund development. “I anticipate we’ll begin to see that reflected more and more in land use. For example, one opportunity we see is more village-type housing concepts that integrate intergenerational housing, dining, shopping, recreation and other features in one location.”