Ziegler Closes $19.5 Million Appalachian Christian Village Financing
Ziegler recently announced the closing of the $19.52 million tax-exempt, fixed-rate Series 2013 Bond issue for Appalachian Christian Village (ACV), a Tennessee not-for-profit corporation that owns and operates Appalachian Christian Village at Sherwood, a type-C CCRC, and Maple Crest, an independent living community, both in Johnson City, Tenn.
The obligated group for the Series 2013 Bonds consists of ACV and The Appalachian Christian Village Foundation. Proceeds of the bond issuance, along with other sources of funds, will be used to refund the outstanding Series 2004 Bonds in the amount of $16.97 million and to fund $2 million in campus improvements. Fitch Ratings rated the Series 2013 Bonds BBB- with a stable outlook.
The reduction in annual debt service achieved through the refunding will provide ACV with additional funds to pursue strategic objectives, said Rich Scanlon, managing director in Ziegler’s senior living practice.
Cambridge Closes $10.7 Million Loan for Ill. Nursing Home
Cambridge Realty Capital Companies recently announced it has closed on a $10.7 million loan to refinance a nursing home in Lincolnshire, Ill.
The Wealshire is a 144-bed senior care facility owned by an Illinois limited partnership. Cambridge used the FHA-insured Section 232/223(a)(7) loan program to obtain a fully-amortized, 35-year term loan, underwritten by Cambridge Realty Capital Ltd. of Illinois.
Rick Lynn of Marcus & Millichap originated the loan.
Cambridge Closes $4 Million Loan for Ky. Senior Care Center
Cambridge Realty Capital closed on a $4 million loan with a 25.4 year term to refinance Beaver Dam Nursing and Rehabilitation Center, an 83-bed senior care center in Beaver Dam, Ky.
The fully-amortized, FHA-insured loan is through the HUD Section 232/223(a)(7) funding program and was underwritten by Cambridge Realty Capital Ltd. of Illinois.
Cambridge Closes $14.4 Million Loan for Ohio Senior Living Community
Cambridge recently closed on a $14.4 million loan to refinance Pleasant Lake Villa, a 239-bed skilled care and assisted living community in Parma, Ohio, using the HUD Section 232/223(f) funding program.
The fully-amortized, 30-year term loan was underwritten by Cambridge Realty Capital Ltd. of Illinois.
Cambridge Closes $15.9 Million Loan for Ill. Skilled Nursing Facility
Cambridge recently closed on a $15.9 million loan to refinance Glenview Terrace, a 314-bed skilled nursing facility in Glenview, Ill. using the HUD Section 232/223(a)(7) funding program. The loan is fully-amortized with a 40-year term and was underwritten by CAmbridge Realty Capital Ltd. of Illinois.
Cambridge Closes $5.5 Million Loan for Calif. Assisted Living Facility
Cambridge recently announced it has closed on a $5.5 million loan to refinance Westwood Plaza, a 67-bed assisted living community in Los Angeles, Calif. The fully-amortized, 30-year term loan was arranged for the facility’s owner using the HUD Section 232/223(f) funding program.
Hymie Barber, Cambridge’s national originations manager 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.
Beech Street Capital Closes $34 Million in Loans for Tex. SNF Portfolio
Beech Street Capital, LLC announced on Tuesday that it closed $34 million of loans through the HUD Section 232/223(f) funding program to refinance a portfolio of five skilled nursing facilities in Texas.
All of the properties in the portfolio were covered by a single master lease, which required Beech Street to coordinate all five deals carefully so they all closed simultaneously, said the Bethesda, Md.-headquartered firm.
The nursing facilities—McAllen Nursing Center, Greenville Health and Rehabilitation, Courtyard Convalescent Center, Mesquite Tree Nursing Center, and Prairie House Living Center—together total 627 beds. The fixed-rate loans have terms of either 30 or 35 years.
Joshua Rosen, Beech Street’s executive vice president, originated the deal out of the firm’s Chicago office.
Chicago Affordable Senior LGBT-Friendly Housing Gets Tax Credits, City Funding
An affordable housing project for LGBT (lesbian, gay, bisexual, and transgender) seniors will get funding assistance from the city of Chicago, according to a local Patch.com article.
About $14.5 million will be generated under Mayor Rahm Emanuel’s proposal for the $27 million development, including a $5 million city loan and $1.5 million in Low Income Housing Tax Credits.
The project involves a former Town Hall Police Station on Chicago’s north side that will be converted into a 79-unit senior apartment complex. The Chicago Police Department operated the two-story building until 2010, when it was replaced with a larger police station down the street. That same year, the Department of Housing and Urban Development issued a Request for Proposals to redevelop the building and the parcel of vacant land next door, says Patch.
Heartland Housing’s development proposal was selected, which calls for combining the refurbished police station with a six-story apartment building to be built on the adjacent parcel of land. Read more.
Ziegler Closes $24.8 Million Emerald Heights Financing
Ziegler recently announced it has closed the $29,845,000 fixed-rate Emerald Heights Series 2013 Bond issue for Eastside Retirement Association, a Washington not-for-profit corporation that owns and operates Emerald Heights, a Type A CCRC in Redmond, Wash.
The Series 2013 Bonds, along with other available funds, are being issued to refund outstanding Series 2003 Bonds, fund a debt service reserve, and pay certain costs of issuance. Concurrent with the financing, Fitch Ratings assigned the borrower an A- investment grade rating with a stable outlook. The Series 2013 Bonds are comprised entirely of A- fixed-rate bonds.