Ziegler Closes $12 Million Financing for Ind. CCRC
Ziegler recently announced the closing of a $12,175,000 non-rated, fixed-rate Series 2012 Bond issue for Westminster Village Terre Haute, a not-for-profit, single-site continuing care retirement community (CCRC) located in Terre Haute, Ind.
The CCRC has 309 units comprised of 173 independent living apartments, 20 independent living cottages, 38 assisted living units, and 78 skilled nursing beds and is managed by Life Care Services.
Series of the Series 2012 Bonds will be used to refund, on a current basis, the outstanding Series 2006A Bonds; provide approximately $1 million for general campus improvements; fund a debt service reserve fund; fund the termination of the Series 2006A swap agreement; and pay costs of issuance.
In addition to issuing the bonds, WVTH will be entering into a taxable term loan with Sovereign Bank for $8,955,000 which will be used to refund the existing 2006B Bonds and fund certain project and cost of issuance expenses.
After closing the Series 2012 financing, approximately 58% of WVTH capital structure will now be fixed-rate bonds.
Cambridge Closes $12.9 Million Loan for Calif. SNF
Cambridge Realty Capital Companies recently announced the closing of a $12.9 million loan to refinance West Hills Health and Rehabilitation Center, a 145-bed skilled nursing facility in Conoga Park, Calif.
The fully-amortized, 23-year term loan was arranged for the facility’s owner using HUD’s Section 232/223(f) funding program.
Hymie Barber, National Originations Manager for Cambridge and Managing Director of Catalyst/Cambridge Health Care Finance in Los Angeles, coordinated the loan, which was underwritten by Cambridge Realty Capital Ltd. of Illinois.
Lancaster Pollard Provides a $21 Million Loan for Ill. Senior Care Community
Lancaster Pollard recently closed a $21 million refinancing for Norwood Crossing, a 263-bed skilled nursing and assisted living community in Chicago’s Norwood Park neighborhood.
The loan was structured and funded by Lancaster Pollard using HUD’s Section 232/223(f) refinance program. The refinance retires a bank construction loan and associated interest-rate swap, along with locking in approximately $625,000 in annual debt-service savings and funding more than $100,000 of repairs and improvements. Additionally, Norwood Crossing was reimbursed $345,000 for capital improvement projects completed in the past year.
Steve Kennedy, regional manager of Lancaster Pollard’s Western Great Lakes region, directed the transaction.
LP Completes $3.45 Million Funding for New Senior Care Facility in Oregon
Lancaster Pollard also recently completed a $3.45 million funding of a replacement senior care community for the Wallowa Valley Care Center, operated by the Wallowa County Health Care District in Enterprise, Ore.
The district issued 10-year limited tax revenue bonds to construct a new state-of-the-art licensed assisted living and residential care community, which will have four bariatric units, eight Alzheimer’s units, and 14 residential care units.
Matt Lindsay, regional manager for the firm’s Pacific Northwest Region, led the team on the transaction.
Oak Grove Capital Closes $46 Million of Senior Housing Loans
Oak Grove Capital recently originated about $46 million of loans for four senior housing and care properties:
- A $22 million Fannie Mae loan for Allegro at Fleming Island, an independent living, assisted living, and memory care community in Fleming Island, Fla.;
- A $3.7 million HUD Section 232/223(a)(7) refinance for Valley Health Care Center, a skilled nursing and rehabilitation facility in Billings, Mont.;
- A $2.14 million HUD Section 232/223(a)(7) refinance for Riverside Health Care Center, a skilled nursing and rehabilitation facility in Missoula, Mont.; and
- A $18.3 million HUD Section 232/223(a)(7) refinance for Avalon Square, a retirement community in Waukesha, Wisc.
Health Care REIT Enters $467 Million Credit Agreement With Sunrise Subsidiary
Health Care REIT (NYSE:HCN) has entered into a $467 million credit agreement with borrower Sunrise Senior Living Investments, Inc. (SSLII), a wholly-owned subsidiary of Sunrise Senior Living, Inc. (NYSE:SRZ).
SSLII has borrowed $359 million in term loans under the agreement to finance the buy-outs of joint venture holdings in two senior living portfolios, and to repay the existing mortgage debt on one of the portfolios.
HCN had previously announced its commitment to enter into the credit agreement in an August 8-K filing.
The Sunrise subsidiary plans to borrow up to an additional approximately $105 million under the credit agreement with HCN no later than Dec. 31, 2012 to finance the acquisition by Sunrise Senior Living International Limited Partnership of its partner’s interest in another joint venture portfolio of senior living properties. It will also use the borrowing to repay the existing mortgage debt on two other senior living facilities.