Grandbridge Arranges $10.5 Million Refinance for Phoenix Community
Grandbridge Real Estate Capital LLC, a national full-service capital provider headquartered in Charlotte, North Carolina, arranged a $10.5 million refinance loan for Avista North Mountain, a senior housing community in Phoenix, Arizona.
“This debt financing marks an important milestone for Avista North Mountain and our company,” Kristopher L. Woolley, founder and CEO of Avista Senior Living, said in a prepared statement. “We were operating on a relatively tight time frame and it was critical for us to partner with a lender that could quickly understand our objectives and execute in a timely manner. From term sheet to close, it was a very smooth process without any surprises. Richard and his team at Grandbridge were great to work with, and we look forward to doing business with them again in the future.”
The community consists of 134 units and offers assisted living, independent living and memory care.
BB&T Real Estate Funding, a real estate finance company that specializes in middle market real estate developers, provided the capital.
CBRE Arranges $36.3 Million Construction Loan for Denver CCRC
CBRE National Seniors Housing, secured a $36.3 million loan for the construction of a continuing care retirement community (CCRC) slated for development in Lakewood in metro Denver. Aron Will, executive vice president of CBRE Nation Senior Housing, arranged the five-year floating-rate loan with limited recourse.
The housing project, The Village at Belmar, will be a 156-unit CCRC that will include 72 assisted living units and 24 memory care units.
The development is a joint venture between Blue Moon Capital Partners, a Boston-based senior housing institutional capital provider, GH Phipps Construction Company, a Colorado construction business, and Ascent Living Communities, a senior living development, operations management and consulting services firm in Denver.
Blue Moon provided the institutional equity. GH Phipps Construction Company is the general contractor and co-developer on the project. Ascent Living Communities is the co-developer and future operator of the community.
The loan features 36 months of interest-only payments.
The community will sit on 7.6 acres with a three-story building that will be approximately 83,000 square feet. An additional 15 buildings will be constructed to hold 60 independent living units over approximately 107,000 square feet.
Lancaster Pollard Arranges Financing for Life Care Services Missouri Community
Lancaster Pollard, a financial advice and financing solutions company, obtained funding for a refinance and renovation of a senior living facility managed by Life Care Services (LCS) in Higginsville, Missouri. The transition for Lancaster Pollard was led by Mike Ashley.
Lancaster Pollard worked with local banks to secure permanent financing via a $7.1 million USDA Community Facilities program insured loan.
LCS, a leading developer and manager of CCRCs and assisted living communities, has been the manager of the facility, John Knox Village East, since 1995. LCS and its affiliates manage approximately 120 senior living communities, reaching more than 32,000 residents in 31 states and the District of Columbia.
The renovation funds will add 16 private skilled nursing beds in a new wing. The financing will also provide funding for other renovations and improvements.
Lancaster Pollard Arranges $17 Million Refinancing for Nonprofit Ohio Village
Lancaster Pollard recently assisted The Village at Marymount, a nonprofit affiliate of Sisters of St. Joseph of the Third Order of St. Francis, with a $17 million refinance using the FHA Sec. 232/223(f) program. Kass Matt led the transaction for Lancaster Pollard.
The Village at Marymount, a continuing care retirement community (CCRC), is located in Garfield Heights, Ohio. The property is home to three facilities: Villa St. Joseph, a 102-bed skilled nursing and 12-bed Alzheimer’s care facility, Marymount Place, a 104-unit assisted living facility, and Clare Hall, a long-term care facility that includes a newly renovated 10-bed inpatient hospital unit.
The loan carries a 35-year term and features a low interest rate. The loan has no financial covenants and provides for approximately $171,000 in annual debt service and nearly $75,000 for repairs and improvements.
Historic Boston Mills Building Receives State Funding for Senior Housing Development
The Commonwealth of Massachusetts has awarded $1.4 million in funding for the development of a senior housing project at Ludlow Mills, a historic former mill complex on the Chicopee River. The project will restore Building 10, a four-story, 99,440-squre-foot historic mill building originally built in 1907.
The development is being undertaken by WinnDevelopment, a Boston-based real estate development company. The property will is planned as part of the Ludlow Mills Preservation and Redevelopment Master Plan, which will eventually be developed into a 170-acre mixed-use property.
The funding provided by the state’s Department of Housing and Community Development is in addition to the $3 million state historical tax credit the development has received.
The property will include 75 senior housing units, including 66 affordable units and 15 of which will be reserved for seniors earning less that 30% of area median income.
The Ludlow Mill is on the National Register of Historic Places and had more than 60 buildings on the site where workers once produced yards, rope, twine and webbing in the early 20th century.
Construction to Begin on Assisted Living Facility for NFL Players
The Louisiana Public Facilities Authority (LPFA) and a developer affiliated with the National Football League Alumni Association completed financing for one of 33 planned facilities near cities with high concentrations of former NFL players. Construction is set to begin this month in Kenner, Louisiana, on the Inspired Living at Kenner complex.
The project will be developed by Senior Care Ownership I Inc. and managed by Validus Senior Living. Both companies operate out of Florida. The LPFA issued a $37 million bond to finance the development. The Authority is a public trust and corporation that issues both taxable and tax-exempt bonds to finance public and private projects throughout Louisiana.
The development is the result of a class-action settlement between the NFL and thousands of former NFL players who accused the league of downplaying how dangerous and serious head injuries are for players. The facility will specialize in memory care and assisted living services.
The project is expected to be completed by 2017 and will accommodate up to 160 residents. The facility will sit adjacent to Ochsner Medical Center-Kenner on a 9-acre lot at Loyola and Vintage drives. The structure will be a three-story, 105,000-square-foot facility.
Since the LPFA started in 1974, it has issued more than $25 billion in cumulative bond financings.
RED Capital Partners Close $17.2 Million Balance Sheet Loan for Prevarian
RED Capital Partners, the equity banking arm of capital provider RED Capital Group LLC, closed a $17.2 million balance sheet construction loan for Prevarian Senior Living for an assisted living and memory care facility in Broken Arrow, Oklahoma.
The facility, Prairie House Assisted Living and Memory Care, will be a senior lifestyle community located on the campus of St. John Medicare Center Hospital. The two-story community will accommodate more than 100 area seniors. The facility will hold 32 memory care suites and 73 alcove, one-bedroom or two-bedroom floor plans assisted living units.
Construction began on September 9, 2015, and the project is expected to be completed in November 2016.
“We are very excited to be one step closer to opening Prairie House’s doors to the local community, thanks in large part to RED Capital’s solution-based approach and delivery of a customized financing that contemplates the unique features of our hospital partnership and development on the St. John hospital campus,” Dodd Crutcher, co-founder/principal of Prevarian Senior Living, said in a prepared statement.
The loan was provided as a partnership between Prevarian, a private equity investor and an affiliate of a large healthcare system. The community will be operated by Life Care Services, based in Des Moines, Iowa.
The property will operate under a long-term ground lease from an affiliate of St. John Medical Center Hospital.
Written by Amy Baxter
Companies featured in this article:
Ascent Living Communities, Avista North Mountain, Avista Senior Living, Blue Moon Capital Partners, CBRE National Senior Housing, GH Phipps Contruction Companies, Grandbridge Real Estate Capital, Lancaster Pollard, Life Care Services, Lousiana Public Facilties Authority, National Football League Alumni Association, Prevarian Senior Living, RED Capital Group LLC, Red Capital Partners, The Commonwealth of Massachusetts, WinnDevelopment