Senior Housing Finance Activity: Berkadia, RED Capital, Oak Grove

Grandbridge Refinances $7M for Ga. Senior Housing Community 

The Atlanta-based Seniors Housing and Healthcare Finance team of Grandbridge Real Estate Capital closed a $7,064,700 first mortgage loan secured by Presbyterian Home and Retirement Community of Quitman.

The transaction was referred to Grandbridge by BB&T bank. Funding for the full amortizing 35-year refinance was provided through FHA’s 232/223(a)(7).


Located in Quitman, Ga., the 204-bed seniors housing community features a mix of living options that includes residential, supportive, skilled nursing care and memory support levels.

Senior Vice President Richard Thomas originated the transaction.

Berkadia Arranges $14M for N.C. ALFs 


Berkadia Commercial Mortgage LLC originated $14.1 million for three assisted living facilities located in North Carolina.

Senior Vice President Christopher Fenton of Berkadia’s Seniors Housing and Healthcare Group secured the 35-year, fixed-rate financing through the U.S. Department of Housing and Urban Development’s 232/223(f) program.

The borrower, who is an affiliate of Agemark Assisted Living, will use the loan to refinance existing debt on the facilities. In the aggregate, the properties consist of 111 assisted living units and are 90% occupied.

“We have repeatedly worked with this borrower to finance a number of different seniors housing facilities, each with its own set of unique circumstances,” Fenton said in a written statement. “The fact that they came back to us is a testament to Berkadia’s client-first focus and underscores the strength of our long-term relationships and ability to execute.”

 Cambridge Refinances $3.8M for Fla. AL, Memory Care Facility 

Cambridge Realty Capital Companies arranged a $3,877,500 HUD Lean loan to refinance VIP Care Pavilion, an assisted living and memory care facility, located in Margate, Fla.

The fully-amortized, 22-year loan was arranged for the owner, a Florida limited liability company, using the HUD Section 232 pursuant to Section 223(f) funding program, which is used to refinance existing loans, said Jeffrey A. Davis, Cambridge Chairman.

Underwriting the transaction was Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans.

VIP Care Pavilion is an 111-bed assisted living facility which specializes in the care of seniors with Alzheimer’s and other memory disorders, as well as those with mobility impairment.

Privately owned since its founding in 1983 as a real estate investment banker specializing in commercial real estate properties, Cambridge today has three distinctive business units: FHA-insured HUD loans, conventional financing, and investments and acquisitions.

Capital One Refinances $21.4M for Ill. SNF

Capital One Multifamily Finance provided a $21.4 million fixed-rate, HUD 232/223(f) loan to refinance a 186-bed skilled nursing facility in Chicago.

Senior Vice President Joshua Rosen originated the transaction.  Rosen leads Capital One’s agency healthcare lending from the company’s Chicago office.

The borrowers have assembled an extensive portfolio of skilled nursing facilities in the Midwest over the last decade, and have closed several deals with Capital One Multifamily Finance during the last year.

“The 232/223 (f) program provides an excellent opportunity to lock in historic low rates over the long run,“ Rosen said in a written statement. “In this case, the loan has a 35-year term.”

The 232/223 (f) loans are nonrecourse and fully assumable.

RED Capital Completes $10M Financing for Fla. AL, Memory Care Acquisitions 

RED Capital Partners, LLC, the proprietary debt and equity banking arm of capital provider RED CAPITAL GROUP, LLC, completed a $10 million balance sheet bridge loan-to-permanent debt financing for Livewell Senior Living that will allow Livewell to acquire two assisted living/memory care facilities in Florida.

“We are excited to provide a creative capital solution to enable Yanir [Shmaryou, president of Livewell Senior Living] to achieve his dream of moving from an operator to an owner/operator,” said RED Managing Director James Scribner in a written statement. “This is the first of many more acquisitions as we support Livewell’s growth.”

Livewell had an opportunity to execute an in-the-money purchase option. RED closed in under 60 days, and was also able to provide financing for the full amount of the purchase option.

Livewell at Courtyard Plaza is a 68-unit assisted living facility located in North Miami, Fla. with 102 assisted living beds and 18 memory care beds.  Livewell added Limited Mental Health (LMH) licensing to the Courtyard Plaza facility license to allow them to accept residents in need of limited mental health care.

Livewell at Coral Plaza is located in Margate, Fla., which is part of the Miami-Fort Lauderdale-Pompano Beach Metropolitan Area. It is a 100-unit assisted living facility with 120 assisted living beds and 20 memory care beds.

“We appreciate the opportunity to work with Livewell on such an important transaction for them,” said RED Senior Managing Director Kathryn Burton Gray. “We understood that certainty of execution and timing were critical.”

Grandbridge Finances $4.5M for Ga. Housing Community Acquisition

The Atlanta-based Seniors Housing and Healthcare Finance team of Grandbridge Real Estate Capital closed a $4,540,000 supplemental loan in conjunction with the assumption of the existing $19,000,000 first mortgage and acquisition of Noble Village of Sugarloaf, a 109-unit seniors housing community located in Suwanee, Ga.

Funding for the fixed rate supplemental loan was provided through Fannie Mae’s DUS loan product. Grandbridge was able to underwrite and close the $4,540,000 supplemental loan at the same time as the assumption of the existing Fannie Mae Loan; a loan that Grandbridge had originated for the seller several years earlier.

The entire assumption and supplemental loan transaction was completed in only 63 days from application to close.

The seniors housing community features numerous amenities that include a pool, fitness center, library, media center,
billiards room, theatre, coffee house, walking paths and full beauty salon and barber shop.

Senior Vice President Richard Thomas originated the transaction.

Grandbridge Refinances $9M Pa. AL, Memory Care Community 

The Atlanta-based Seniors Housing and Healthcare Finance team of Grandbridge Real Estate Capital recently closed an $8,995,000 permanent fixed rate loan secured by Woodland Terrace at the Oaks.

Funding for the refinance was provided by BB&T Real Estate Funding, Grandbridge’s exclusive balance sheet lending  platform, and featured a 10-year term and 30-year amortization with a three-year interest-only component.

“Grandbridge’s interim financing allowed us to reposition this property to add a memory care program, lease up, and stabilize the property,” said said John Mark Ramsey, president of Sentio Healthcare Properties, Inc., in a written statement. “The Grandbridge team then presented us with attractive permanent financing options once the property stabilized. This ‘one stop shopping’ resulted in a highly effective and efficient solution for Sentio.”

Located in Allentown, Pa., the 84-bed seniors housing community provides for aging in place with a mix of assisted living
and memory care and of offers residents numerous amenities that include a private dining room and additional common
room amenities.

Senior Vice President Richard Thomas originated the transaction.

Grandbridge Refinances $12M Refi Ariz. AL, Memory Care Community

The Atlanta-based Seniors Housing and Healthcare Finance team of Grandbridge Real Estate Capital recently closed a  $12,000,000 permanent fixed rate loan secured by Highgate at Prescott Lakes, in Prescott, Ariz.

Funding for the refinance was arranged through Freddie Mac and featured a 10-year term, 30-year amortization and three-year interest-only component.

“We were able to seamlessly complete our first transaction with Freddie, the refinance of our Highgate at Prescott Lakes community,” said  Highgate Senior Living President and CEO Howard N. Addison in a written statement. “We appreciate the
partnership with both of these groups, not only in working through this initial refinance with us, but also helping to support
our overall business goals.”

The 84-bed pet-friendly seniors housing community provides for aging in place with a mix of assisted living and memory care and of offers residents numerous amenities that include a cozy fireplace areas, library lounges, activity areas, spa, beauty parlor and barber shop.

Senior Vice President Richard Thomas originated the transaction.

RED Capital Provides $16.5M Bridge Loan for Virgin Islands IL

The developers of the $31 million senior living apartments being built in Sugar Estate have finalized a major loan to help the independent living project move forward.

The Virgin Islands Housing Authority broke ground on the project in August, and its completion is expected by the end of 2015.

The $16.5 million bridge loan will provide funds needed for the construction of the 80-unit property, to be situated between the Foothills Professional Building and Fortress Storage.

The Housing Authority purchased the land in 2012 from Lockhart Realty for about $1.3 million.

The new facility will be affordable rental housing, built with low-income housing tax credits.

RED Capital Group LLC provided the bridge loan to Michaels Development Company. The loan will allow tax credits and equity available for the project to be posted. Prestige Affordable Housing Fund and Boston Financial Investment Management served as co-syndicators on the project, according to Red Capital Group.

The project is scheduled to be finished by December 2015, according to V.I. Housing Authority Executive Director Robert Graham.

The senior living facility will include a parking garage under the building, a community center, laundry facilities on each floor and outdoor gardens.

The community center will have a kitchenette, a communal living room for reading or visiting, a computer learning center and on-site offices for management and social service functions.

A single entrance and exit point will share the driveway to the Foothills Medical Building.

Each residential unit will have living, dining and kitchen areas, with energy-efficient appliances and storage space.

Activities and social services will be provided to meet the needs of the residents, emphasizing wellness and empowerment through independent living. The social services will include case management, medical screenings, nutritional counseling services, training programs, financial workshops and social and recreational activities, according to the Housing Authority.

The facility will have two buildings, with three floors of living space, plus the lower level parking garage.

Oak Grove Capital Closes $7.3M for MInn. IL, AL and Memory Care Community

Oak Grove Capital closed a $7,250,000 Freddie Mac supplemental loan for Parkshore Senior Campus, a 296-unit complex located in St. Louis Park, Minn.

Ken Dayton, managing director, Oak Grove Capital, facilitated the loan.

Oak Grove Capital Closes $5.5M for N.C. Rehabilitation, Nursing Center

Oak Grove Capital closed a $5,544,700 FHA 232/223 (f) loan  for Haymount Rehabilitation and Nursing Center, a 120-unit long-term nursing care and short and long-term rehabilitation facility in Fayetteville, N.C.

Joel Mendes, senior vice president at Oak Grove Capital, facilitated the loan.

Written by Cassandra Dowell

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