Beech Street Refinances Illinois Supportive Living Facility for $20.7 Million
Beech Street Capital, a Capital One company, has provided a $20.7 million HUD loan to refinance a supportive living facility in Illinois. Under a federal waiver, supportive living facilities in Illinois can receive Medicaid support for low-income residents that need assistance with activities of daily living, but are not in need of full-time nursing care.
“HUD is very receptive to financing supportive living communities,” said Joshua Rosen, the senior vice president of Beech Street Capital who leads its senior housing practice and who originated the transaction. “They are emerging as an important element in the efforts in Illinois to provide appropriate care for an aging population.”
Cambridge Refinances Fla. Nursing Facility, ALF for $13.8 Million
Cambridge Realty Capital Companies arranged a $13.8 million HUD Lean loan to refinance the Hawthorne Health and Rehabilitation Center and the Hawthorne Inn located in Brandon, Fla.
The 30-year loan was arranged for the owner, a Florida limited liability company, using the HUD 232/223(f) funding program, said Cambridge Chairman Jeffrey A. Davis. Underwriting the transaction was Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans.
Hawthorne Health and Rehabilitation is a 120-bed skilled care nursing facility that provides a range of health care services, including physical, occupational and speech therapy. Hawthorne Inn is a 58-bed assisted living facility that provides 24-hour on-site staffing and a variety of day-to-day living services.
Cambridge Arranges $3.5 Million HUD Loan to Refinance Pa. Elderly Apartment Building
Cambridge Realty Capital Companies arranged a $3,572,400 HUD MAP loan to refinance Millersville Manor, a Section 8, 122-unit elderly apartment building, in Millersville, Pa.
The 33 and 1/2-year loan was arranged for the owner, a Pennsylvania limited liability company, using HUD 223(f) funding program. Underwriting the transaction was Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans.
Cushman & Wakefield Arranges $19.6 Million In Acquisition Capital For LCB Senior Living
Cushman & Wakefield arranged $19.6 million of senior financing and joint venture equity capital for LCB Senior Living LLC’s acquisition of a senior housing facility in Reading, Mass. Of that financing, $13.5 million was provided by M&T Bank, while the joint venture equity was provided by Virtus Real Estate Capital.
The acquired property, formerly known as Longwood at Reading, is an 86-unit assisted living community situated in a former school building that was converted into senior housing in 1997 by the previous owner.
LCB plans to convert units on the first floor of the building from assisted living units to memory care units, and will also continue to rehabilitate the historic building. LCB will rebrand the community The Residence at Pearl Street.
Red Capital Provides $18 Million Mortgage Loan to Little Rock ALF
Red Mortgage Capital, LLC provided a $18.2 million 232/223(f) mortgage loan to Fox Ridge Chenal in Little Rock, Ark. in April. Fox Ridge Bryant is an assisted-living facility with 98 units.
Red Capital Provides $11.3 Million Mortgage Loan to North Little Rock ALF
Red Mortgage Capital, LLC provided a $11.3 million 232/223(f) mortgage loan to Fox Ridge North in North Little Rock, Ark. in April. Fox Ridge Bryant is an assisted-living community with 73 units.
Red Capital Provides $8 Million Mortgage Loan to Bryant, Ark. ALF
Red Mortgage Capital, LLC provided a $8 million 232/223(f) mortgage loan to Fox Ridge Bryant in Bryant, Ark. in April. Fox Ridge Bryant is an assisted-living community with 122 units.
Walker & Dunlop Provides $14.5 Million Bridge Loan for ALF
Walker & Dunlop, Inc. (NYSE: WD) recently provided $14.5 million in bridge financing through the company’s Interim Loan Program to AFC Forsgate Owner, LLC for the refinance of Chelsea at Forsgate. The borrower is a joint venture among Artemis Real Estate Partners, Focus Healthcare Partners and Chelsea Senior Living. Chelsea manages the property and 11 other senior housing properties in New Jersey. Chelsea at Forsgate is a 120-unit assisted living facility in Monroe Township, originally constructed in 1996 and purchased by the borrower in February 2013. Over the last year, the borrower made changes to operations and implemented a capital improvement project. Since purchasing the property, the borrower spent over $800,000 upgrading the building’s common areas and resident units.
Written by Cassandra Dowell