Berkadia Arranges $40 Million Financing for Va. Senior Housing Property
Berkadia Commercial Mortgage LLC recently originated $39.7 million in financing through Fannie Mae for a senior living community located in Richmond, Va.
Heidi Brunet, vice president at Berkadia, worked with the borrower, Smith/Packett, to secure a 10-year, fixed-rate financing with features including a 70% loan-to-value ratio and 30-year amortization.
Smith/Packett is using the loan to refinance an existing mortgage on The Crossings at Bon Air, which it developed in 2009 as part of a joint venture with CJSP Healthcare Holdings. The property is located on a 17.6 acre campus and has 108 independent living units, 59 assisted living units, and 28 memory care units, all of which are more than 90% occupied.
“It is always a pleasure to work with Smith/Packett, as they are one of the premier senior housing and healthcare companies in the country,” said Brunet. “With occupancy rates increasing across the seniors housing market and more growth expected, we anticipate the need for financing on these types of properties to continue.”
Back in March, Brunet worked with Smith/Packett to originate $35 million in financing to acquire the property with a loan made through the Berkadia-BBVA Compass Joint Bridge Loan program.
Prudential Mortgage Capital Closes $10.9 Million financing for N.J. Senior Property
Prudential Mortgage Capital Company recently closed a $10.9 million Fannie Mae loan for Arlington House Senior Residences, a project-based Section 8 housing property located in East Orange, N.J.
Rose Investments, of Jonathan Rose Companies, acquired the property using financing originated and underwritten by Prudential Mortgage Capital’s affordable housing team, which provides financing through the Fannie Mae DUS, Freddie Mac Seller/Servicer and FHA MAP lending programs.
The loan term is for eight years and will amortize on a 30-year schedule. Evan Williams, a director with Prudential Mortgage Capital Company, was the lead on the transaction.
Love Funding Closes $26 Million Loan for Colo. Senior Community
Love Funding recently closed a $26 million loan refinancing for Concordia on the Lake, a market-rate, age-restricted apartment community in Littleton, Colo.
Leonard Lucas, a senior director out of the financing firm’s Boston office, secured the loan through the Department of Housing and Urban Development’s Section 232/223(f) loan insurance program. The borrower was able to lock in a low, fixed interest rate over a 35-year term and fund the replacement reserve.
The refinanced property is comprised of two adjacent senior apartment communities, Concordia on the Lake and The Cottages at Concordia. Concordia on the Lake was built in 2001 with financing secured through HUD’s Section 221(d)(4) loan insurance program. Cottages on the Lake was built in 2008 and has 10 one-story duplex and triplex buildings.
All together, the property has 217 units offered at market-rate rents.
Love Funding Closes $3.82 Million Refinancing for Wash. Assisted Living Community
Love Funding also recently announced the closing of a $3.82 million loan refinancing for Fred Lind Manor, an 82-bed assisted living community in Seattle, Wash.
Joshua Hausfeld and Artin Anvar, directors out of the firm’s Washington office, secured the financing through HUD’s Section 232/223(a)(7) loan program. The property’s owner was able to lock in a low, fixed interest rate and extend the loan term by 12 years, producing more than $122,000 in annual debt service savings.
The mortgagor for Fred Lind Manor is Fairview Ministries NorthWest, a nonprofit corporation.
Love Funding Secures $8.03 Million Loan for Va. Assisted Living Community
Love Funding recently announced the closing of an $8.03 million loan refinancing for Commonwealth Assisted Living at Kilmarnock, an assisted living community in Kilmarnock, Va. Joshua Hausfeld, a director at the financing firm, secured the loan through HUD’s Section 232/223(f) program. The property’s owner was able to lock in a low, fixed interest rate for a 35-year term, generating “significant” debt service savings.
Commonwealth Assisted Living was built in 1998 with an addition built in 2004. A dining room was added in 2009, and one of the community’s wings was converted to memory care use. The property currently has 71 operating beds in 59 units, with 18 beds dedicated to memory care.