Prudential Closes $46.5 Million Loan for CNL’s Portfolio Acquisition
Prudential Mortgage Capital Company, the commercial mortgage lending business of Prudential Financial, Inc. (NYSE:PRU) recently closed on a $46.5 million Fannie Mae refinancing loan for CNL Lifestyle Properties, LP and Solomon Senior Living, a portfolio of four senior living complexes in the greater Atlanta, Ga. area.
The portfolio includes: Dogwood Forest of Alpharetta, a 76-unit facility in Alpharetta, Ga.; Dogwood Forest of Eagles Landing, a 61-unit facility in Stockbridge, Ga.; Dogwood Forest of Fayetteville, a 62-unit facility in Fayetteville, Ga.; and Dogwood Forest of Gainesville, a 148-unit facility in Gainesville, Ga.
The loan term is for 7 years and will amortize on a 30-year schedule after an initial 2-year interest-only period. Karen McGinnity, a director with Prudential Mortgage Capital Company, was the lead on this transaction.
Senior Housing Properties Trust Announces Public Offering of 12 Million Shares
Senior Housing Properties Trust (NYSE:SNH) announced on Tuesday it had priced its public offering of 12 million common shares at $21.75 per share, which will settle on Friday, June 13 for up to $261 million. The REIT expects to use the proceeds of this offering to repay amounts that are outstanding under its revolving credit facility.
The underwriters of the offering have also exercised their option to purchase up to an additional 1.8 million common shares, bringing the total potential public offering to more than $300 million.
Jefferies & Company, Inc., Citigroup, and UBS Investment Bank are the joint bookrunning managers for the offering. The co-lead managers for this offering are BofA Merrill Lynch, Morgan Stanley, RBC Capital Markets and Wells Fargo Securities. The co-managers are Janney Montgomery Scott LLC, JMP Securities and Sandler O’Neill & Partners, L.P.
Cambridge Capital Closes $4.9 Million Loan for Calif. Senior Care Facility
Cambridge Reality Capital Companies recently closed a $4.9 million HUD LEAN loan for Gladstone Care & Rehabilitation Center, a 118-bed skilled nursing facility located in Glendora, Calif.
The fully-amortized, 26-year loan was arranged for the facility’s owner, a California limited liability company, and was underwritten by Cambridge Realty Capital Ltd. of Illinois, Cambridge’s business arm that specializes in underwriting FHA-insured HUD loans.
The property was financed through HUD’s Section 232/223(f) funding program. The loan was coordinated by Hymie Barber, Cambridge’s National Originations Manager and Managing Director of Catalyst/Cambridge Healthcare Finance in Los Angeles.
Mass. Senior Housing Complex Gets $8.9 Million HUD Loan to Stay Affordable
A senior housing community in Braintree, Mass. is getting a loan from the Department of Housing and Urban Development (HUD) designed to make sure the complex can remain affordable for low- and moderate-income seniors, reports Wicked Local Braintree.
The $8.9 million loan is for the 100-unit Logan Park community and was awarded in June; it will help finance a reserve account to cover future maintenance needs and is funded through MassHousing’s Section 8 Proactive Preservation Program.
MassHousing is an independent state authority that raises money through selling bonds and using the proceeds to help finance affordable housing projects. The Logan Park complex was in danger of converting to market-rate units after its original 30-year deed restriction expired. Under the terms of the Section 8 loan, all of its units, which are currently all affordable, will continue to receive state subsidies, with 20 units set aside for low-income tenants.
Logan Park has 25 studio units and 75 one-bedroom units, along with a community room, a kitchen, laundry facilities, and an on-site beauty salon.