N.J. Senior Housing Provider Receives $8M for Seniors Affordable Housing
Springpoint Senior Living received approval from the New Jersey Housing and Mortgage Finance Agency (NJHMFA) for $7.8 million dollars in funding to provide rental housing in Ocean County, N.J. for older adults who were impacted by Superstorm Sandy.
Springpoint will use these funds along with low-income housing tax credit equity and NJHMFA financing to repurpose a building on its Crestwood Manor continuing care retirement community campus in Whiting to affordable rental housing for seniors.
This project is funded through the Community Disaster Block Grant Disaster Recovery (CDBG-DR) program for Sandy recovery. Springpoint received funding approval through the CDBG-DR program and development plans for the project were approved by Manchester Township.
“Ocean County and the greater Whiting area sustained significant damage to properties from Superstorm Sandy, resulting in an increased demand for rental housing,” said Gary Puma, president and CEO of Springpoint Senior Living, in a statement. “As a non-profit organization, our mission is to provide housing options that best meet the needs of the communities we serve. By repurposing a portion of the Crestwood Manor campus and converting it to a rental community, we are able to address a significant senior need.”
Managed and operated by Springpoint Senior Living, the new community will be known as Manchester Senior Housing and will provide rental apartments for adults 62 years and older, many of whom were impacted by the storm and its aftermath.
The complex will offer 58 one-bedroom apartments with monthly rents averaging $750 and 11 two-bedroom apartments with monthly rents averaging $900. The building will have its own private entrance and parking lot and will not be physically connected to Crestwood Manor.
Construction of the building is expected to start in August and the first residents of the new Manchester Senior Housing rental community are expected to move in by March, 2016.
Springpoint Senior Living is New Jersey’s largest non-profit provider of housing and services for seniors, with six continuing care retirement communities, 18 affordable housing and rental communities and home care services.
RED Closes $14M Construction Loan for Texas Assisted Living, Memory Care Facility
Red Capital Partners, LLC, the proprietary debt and equity banking arm of comprehensive capital provider Red Capital Group, LLC, completed its second $13.8 million balance sheet construction loan to an affiliate of Avanti Senior Living.
Avanti at Flower Mound will be a 90-unit luxury assisted living and memory care facility located in Flower Mound, Texas, a suburb of Dallas.
The community will consist of 50 assisted living units and 40 memory care units. Avanti Senior Living has partnered with an affiliate of Iron Point Partners to develop a portfolio of Class A senior living communities throughout Texas and the southeastern United States.
Avanti at Flower Mound is the third project to break ground.
“The community will feature many modern technological solutions aimed at improving care, lifestyles and accountability,” Avanti said in a statement. “The buildings will have special lighting designed to mimic the lighting you would see throughout the day, which helps residents with Alzheimer’s or dementia with their orientation.”
In addition, Avanti at Flower Mound will have electronic health records (EHRs), radio frequency identification (RFID) door locks, point-of-care devices for staff and extra monitoring for memory care residents.
To better integrate health care with senior living, Avanti at Flower Mound will have a telehealth room, as well as its own medical exam room. The community will also feature an exercise room with a ballet bar, around which Avanti designed a whole program to build strength and balance.
NorthMarq Capital Completes $15M Refinance for Mo. Senior Housing Community
NorthMarq Capital arranged the $15 million refinancing of Carnegie Village Senior Living Community, a 204-unit senior housing property located at 103 Bernard Drive in Belton, Missouri.
The property offers assisted living, independent living and memory care.
Greg Duvall, senior vice president/managing director of NorthMarq Capital’s Kansas City-based regional office arranged the financing.
This ARM loan was structured with a seven-year term and 30-year amortization schedule.
NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.
“The loan involved an addition of memory care units and a parcel being carved out during the refinance process, which complicated the transaction,” said Duvall, in a statement. “Freddie Mac was able to work through these issues and provide the borrower with a smooth refinance.”
Cambridge Arranges Refinancing Loan for 4 Senior Care Properties
Cambridge Realty Capital arranged a bridge loan for the refinancing of four Diakonos Group LLC senior care properties. Diakonos recently acquired the properties, of which two are skilled nursing and two are assisted/independent living communities.
The company purchased the senior care properties in 2013 and was able to turn them around quickly, said Cambridge in a statement.
“Most lenders were reluctant to refinance the buildings, as they demanded to see a longer track record,” Cambridge said, noting the company saw the properties’ potential and was able to step in.
“Cambridge thoroughly studied our situation and could see and trust our story,” said Scott Pilgrim, CEO of Diakonos.
Cambridge arranged a bridge loan with GE Capital with the idea that this loan would be converted to permanent HUD Lean financing at a later date.
Diakonos specializes in the redevelopment of underperforming facilities. The company currently owns and operates five skilled nursing homes, six assisted living communities, an independent living community, and five smaller intermediate care facilities for adults with developmental disabilities.
The company, through its Senior Health Strategies division, also provides counseling services to other unaffiliated long term care providers.
“Our secret sauce is that we want everyone in the business to be successful,” Pilgrim said. “Our approach to the senior care business is cooperative, not competitive. It’s a strategy that has worked very well for us.”
Love Funding Secures $9M Refinancing for Mich. Senior Apartment
Love Funding, a provider of FHA multifamily, affordable and healthcare financing, closed a $9.1 million loan refinancing for Westhaven Manor, a 144-unit age-restricted apartment community in Westland, Mich.
Love Funding Midwest Regional Director Bruce Gerhart secured the loan through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. Proceeds from the loan will be used to enhance the property with further improvements and fund a replacement reserve, said Love Funding in statement.
Westhaven Manor was built in 1986 and designed for those 62 years and older who do not require assistance with their daily living needs. The units each have an emergency call system connected to a central monitoring station and 24-hour supervision to summon emergency assistance.
Twenty-nine of the units are reserved for low-income residents and a portion of these receive a rent subsidy from the Michigan State Housing Development Authority.
Written by Cassandra Dowell