Senior Housing Finance Activity: Berkeley Point Capital, Love Funding, Cambridge

Washington Trust Finances $5 Million ALF

Washington Trust’s Commercial Real Estate Group provided $5,000,000 in construction financing to Scandinavian Home, Inc. for a 2,000 square feet addition to an assisted living facility in Cranston, RI as well as renovations to existing facilities. Founded in 1930, Scandinavian Home is a non-profit community located in the Edgewood section of Cranston, Rhode Island. The facility offers Assisted Living Community and a Skilled Nursing & Rehabilitation Center.

“The Scandinavian Home has provided quality care for more than 80 years and this expansion will help them continue their fine services for years to come,” said Joseph J. MarcAurele, Washington Trust Chairman, President and CEO.


Washington Trust’s Commercial Real Estate Group provides commercial real estate mortgages for the construction, refinancing, or purchasing of investment real estate projects. Financing ranges in size from several hundred thousand dollars up to multi-million dollar projects. For more information, contact Joe Confessore, Vice President and Team Leader, Commercial Lending, 401-348-1439 or 1-800-475-2265 ext. 1439.

Founded in 1800, Washington Trust is one of New England’s premier financial services companies, providing commercial banking, personal banking, mortgage banking, and wealth management services to individuals and institutions throughout the region. Our Commercial Banking Group offers a full line of commercial and industrial lending, commercial real estate, and cash management services to borrowers throughout the Northeast. Our team of experienced professionals are dedicated to providing customized, comprehensive financing and personalized services. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc. (NASDAQ Global Select, symbol: WASH).

Cambridge Closes $3.7 Million Loan for Senior Care Facility


Cambridge Realty Capital Companies has closed a $3.7 million loan for Metropolis Nursing and Rehabilitation Center, a 103-bed skilled nursing facility in Metropolis, Ill.

The fully-amortized, 30-year term mortgage was arranged through the HUD Section 232/223(a)(7) refinance program and was underwritten by Cambridge Realty Capital Ltd. of Illinois with an undisclosed interest rate.  

Berkeley Point Capital Closes $7.4 Million Loan for Ore. Memory Care Center 

Berkeley Point recently closed the $7.37 million refinancing of Washington Gardens Memory Care, a 48-unit Alzheimer’s care facility located in Tigard, Ore. 

The cash-out refinancing was structured as a fixed-rate Freddie Mac 20-year loan.

Seabold Construction Co. developed the community, which opened in 2011. It is operated by Frontier Management, LLC.

Doug Harper, Director at Berkeley Point, let the team to structure the Freddie Mac financing.  

Love Funding Secures $11.6 Million in Loan for Two Mo. SNFs

Love Funding recently announced the closing of two refinance loans totaling $11.6 million for skilled nursing facilities in Missouri that share the same management team.

The properties are Pillars of North County Health and Rehabilitation Center, a 120-bed facility in Florissant, and Westwood Hills Healthcare Center, a 132-bed facility in Poplar Bluff. Both facilities are managed by Wellington Management Corp., which also operates two other skilled nursing facilities in Illinois.

Robyn Cunningham, a senior director at Love Funding out of the firm’s St. Louis office, together with director Adrian Hartman, secured the two new loans through the HUD Section 232/223(a)(7) LEAN loan insurance program.

Using the program helped the owners lock in low, fixed-rate loans for the remainder of the current 35-year terms on the existing loans. Added up, the refinancing will generate nearly $150,000 in annual debt service savings combined. 

Last month, Cunningham and Hartman closed three other FHA loans totaling nearly $25 million, including a construction-to-permanent loan for a new market-rate apartment community in Lincoln, Nebraska, and refinance loans for market-rate apartment complexes in Chicago and Laurinburg, N.C.

Love Funding Closes $25.9 Million Financing for Mich. Senior Community

Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $25.9 million loan refinancing for Windemere Park, a senior community in Warren, Michigan.

Love Funding Midwest Regional Director Bruce Gerhart secured the financing through the U.S. Department of Housing and Urban Development’s 232/223(f) loan program. The program provides loan insurance to support the refinance or purchase of healthcare projects that are more than three years old and don’t require substantial rehabilitation.

The property’s owners will use part of the proceeds from the refinancing to convert three floors of the facility’s six-story independent living building to assisted living and skilled nursing. The renovated property will have a projected total of 66 independent living beds, 120 assisted living beds and 92 skilled nursing beds.

Cambridge Closes $17.6 Million Loan for Chicago Nursing Home

Cambridge Realty Capital Companies has closed on a $17.6 million loan to refinance Bryn Mawr Care, a 174-bed intermediate care nursing home in Chicago.

The fully-amortized, 31.6-year term loan was arranged for the borrower using the HUD Section 232/223(a)(7) funding program and was underwritten by Cambridge Realty Capital Ltd. of Illinois.

Cambridge Closes $4.2 Million Loan for La. Senior Care Center

Cambridge Realty Capital Companies has closed on a $4.2 million loan to refinance Holly Hill Nursing and Rehabilitation Center, a 120-bed skilled care nursing home in Sulphur, La.

The fully-amortized, 30-year term loan was arranged for the borrower using the HUD Section 232/Section 223(f) funding program and was underwritten by Cambridge Realty Capital Ltd. of Illinois.

U.S. Bank & InnovAge Close $22.4 Million Financing for New Construction

U.S. Bank and InnovAge have closed on a $22.4 million financing package that paves the way for the construction of InnovAge Senior Housing-Thornton, a 72-unit senior housing apartment building in Thornton, approximately eight miles north of Denver. Development of the project is currently underway. The property will open by June 2014.

“The senior population in Thornton is growing rapidly, outpacing growth in both the Denver metropolitan area and across the country,” said Hassan Salem, Denver market president for U.S. Bank. “InnovAge Senior Housing-Thornton will help fill a void of limited housing that targets seniors, while fostering independent living in a community environment.”

U.S. Bank’s commitment to the project includes more than $9.6 million of Low-Income Housing Tax Credit (LIHTC) equity through its community investment subsidiary U.S. Bancorp Community Development Corporation (USBCDC) and more than $12.8 million of loans, most of which is bridging the LIHTC equity during construction. LIHTCs, which were allocated by the Colorado Housing and Finance Authority and are being capitalized by USBCDC, subsidize the cost of the development, allowing the housing units to be rented at below-market, affordable rates to eligible seniors.

“We’re dedicated to making personalized senior care decisions simple and affordable,” said Maureen Hewitt, chief executive officer of InnovAge. “Combining our existing healthcare, home care and support services with affordable housing options increases our ability to help aging adults continue to live in their communities with dignity and independence. We appreciate U.S. Bank’s support of our efforts.”

SNH Extends Term, Reduces Rates & Fees on Credit Facility

Senior Housing Properties Trust (NYSE: SNH) today announced that it has amended its existing $750 million unsecured revolving credit facility.

Prior to the amendment, SNH’s credit facility had a maturity date of June 24, 2015 and interest paid on drawings was LIBOR plus 160 basis points, subject to adjustments based on changes to SNH’s credit ratings. The maturity date of the amended credit facility is extended to January 15, 2018 and interest paid on drawings is reduced to LIBOR plus 130 basis points, subject to adjustments based on changes to SNH’s credit ratings. In addition, the facility fee was reduced from 35 basis points to 30 basis points per annum on the total amounts of lending commitments.

The amended credit facility includes a borrower’s option to further extend the facility for an additional one year to January 15, 2019. In addition, the amended facility also includes a feature under which maximum borrowings may be increased up to $1.5 billion in certain circumstances.

Wells Fargo Securities, LLC, RBC Capital Markets and Citigroup Global Markets Inc. served as Joint Lead Arrangers and Joint Lead Bookrunners for the amended credit facility. More than 25 banks are participating in the amended credit facility. 

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