Lancaster Pollard Arranges $1.8 million Bridge Loan for Nevada Assisted Living Community
Lancaster Pollard, a financial advice and financing solutions company, has arranged a $1.8 million bridge loan for Reno Valley Assisted Living & Retirement Center, a 118-unit assisted living community in Reno, Nevada.
Acquired in 2013, the community has undergone a turnaround process, and the loan will fund further capital improvements, debt repayment and recapitalization. The financing also enables the community to implement upgrades that allow it to accept Medicaid residents.
The loan, provided by a local lender, has a five-year term. The community plans to refinance the loan via the conduit market within three years once improvements are made.
Grandbridge Facilitates $42 Million Refinancing for San Francisco-Area Seniors Housing Community
The Grandbridge Seniors Housing Group recently closed a $42.25 million first mortgage loan for Aegis of Corte Madera, a 118-unit seniors housing community in the San Francisco area. Funding for the refinance was provided by a life insurance company.
Senior Vice President Richard Thomas and Vice President Meredith Davis originated the transaction. The Grandbridge Seniors Housing Group offers construction, non-recourse acquisition/bridge and permanent financing options to seniors housing owners across the United States.
The community, located in Corte Madera, California, offers assisted living and memory care.
Hamlin Capital Advisors Closes on $17.3 Million Financing for New Jersey Community
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Hamlin Capital Advisors, LLC has closed on $17.3 million in financing for Paragon Village, a 143-unit independent and assisted living community located in Mount Olive, New Jersey, that had foreclosed.
The former operator was unable to achieve occupancy to generate sufficient revenues needed to pay debt service on an approximately $23 million loan. The facility then defaulted, and the property was sold as a foreclosure.
Hamlin provided advisory services to the current owner, a local government issuer, resulting in the closing on the $17.3 million needed to finance the costs of acquiring, renovating, improving and equipping the community. The financing consisted of a first, second and third lien debt.
CBRE Arranges $25 Million in Construction Financing for Arizona Senior Housing Community
CBRE National Seniors Housing has secured a $25 million, three-year floating rate construction loan for Hacienda at The River, a planned 129-unit community that will include assisted living, memory care and skilled nursing in Tucson, Arizona.
CBRE arranged a 70% LTC loan that will convert to a three-year mini-perm loan. It was placed through a regional bank.
The community is the result of a joint venture between developer The Freshwater Group, operator Watermark Retirement Communities and Kayne Anderson Real Estate Advisors, a private equity real estate firm investing in niche seniors housing properties. It will be managed by Watermark, and will consist of three neighborhood communities on 5.75 acres with a total of five buildings.
As of June, CBRE had originated $940 million in senior housing debt across 46 assets.
Written by Kourtney Liepelt