Senior Housing Finance Activity: Greystone, Walker & Dunlop

HJ Sims Arranges $17.5 Million Bond Refinancing for New Hampshire CCRC

HJ Sims, an investment bank based in Connecticut, recently arranged $17.5 million in bond financing for a nonprofit continuing care retirement community (CCRC) in Laconia, New Hampshire.

The new bonds will replace and restructure existing debt on the CCRC, Taylor Community, in addition to terminating third-party interest rate swaps.

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The new bonds have a fixed 3.75% interest rate for a period of 10 years.

Walker & Dunlop Arranges $29.8 Million Refinancing for Idaho CCRC

Commercial real estate finance company Walker & Dunlop Inc. (NYSE: WD) recently structured a $29.8 million refinancing for Valley View Skilled Nursing Facility and Garden Plaza of Valley View, which together act as a 300-unit continuing care retirement community (CCRC) in Boise, Idaho.

The CCRC’s skilled nursing component includes 40 semi-private and 24 private units. The independent living and assisted living portion of the CCRC, meanwhile, includes 142 independent living and 51 assisted living units.

Walker & Dunlop structured a $9 million loan with a 35-year, fully amortizing term for Valley View Skilled Nursing Facility utilizing HUD’s Section 232/223(f) program. The $20.8 million loan executed with Fannie Mae for Garden Plaza of Valley View has a 10-year term, followed by a 30-year amortization schedule. 

Vice President Kevin Giusti and Senior Vice President Michael Vaughn led Walker & Dunlop’s origination team, and worked with Tennessee-based senior living provider BrightSpace Senior Living to place the debt.

Greystone Facilitates $48.5 Million Refinancing for Senior Housing Community in Florida

Greystone recently arranged a $48.5 million refinancing for Lake Seminole Square, a continuing care retirement community (CCRC) operated by Brookdale Senior Living (NYSE: BKD) in Seminole, Florida.

Neal Raburn, Scott Kavel and Cary Tremper of Greystone’s seniors housing lending team completed the Fannie Mae financing. 

Grandbridge Facilitates Closing of $10.66 Million Loan for Senior Housing Community in South Carolina

Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance Group recently arranged the closing of a $10.66 million first mortgage loan secured by a to-be-built senior housing community in Aiken, South Carolina, called Benton House of Aiken.

The construction loan, originated by Vice President Meredith Davis and Senior Vice President Richard Thomas, was funded via BB&T. Benton House will have 80 beds in 74 units.

Ziegler Closes $44 Million Financing for Miami Jewish Health

Chicago-based speciality investment bank Ziegler recently announced the successful closing of the $44,035,000 fixed-rate, tax-exempt, Series 2017 Bond issue for Miami Jewish Health, a client new to Ziegler.

The Miami Jewish Health Obligated Group includes Miami Jewish Health, which owns and operates a short-term and long-term care nursing home with 438 skilled nursing beds, a 32-bed acute care hospital, a residential housing unit with independent living rental units and assisted living rental units.

Proceeds of the Series 2017 Bonds will be utilized to refund Miami Jewish Health’s outstanding Series 2005 LOC backed Variable Rate Bonds; refund certain other outstanding debt of Miami Jewish Health; pay a swap termination payment associated with an interest rate hedge agreement securing the refunded bonds; finance and refinance all or a part of the cost of construction, acquisition and equipping of certain capital improvements to the health care facilities of Miami Jewish Health; fund a debt service reserve fund; pay for costs related to the issuance of the Series 2017 Bonds.

Webster Bank Arranges $70 Million for 16-Property Skilled Nursing Portfolio

Webster Bank and three other banks recently closed on a $70 million portfolio refinancing for Apple Health Care, Inc., a Connecticut-based regional skilled nursing operator.

The portfolio comprises 16 facilities with 1,336 beds in Rhode Island and Connecticut. The refinancing enabled the company to finance additional properties with the U.S. Housing and Urban Development (HUD), improve cash flow and fund improvements.

Greg Anderson, relationship manager, commercial banking, and Betsy Shelley, senior vice president, manager of commercial health care lending, led the transaction for Webster.

KeyBank Provides $54.5 Million Loan for New Affordable Housing Development in Everett

KeyBank recently provided $54.5 million in construction financing for a 256-unit affordable housing development in Everett, Washington.

The community is expected to house residents who earn 60% or less of the area median income.  

Harborview Capital Partners Closes $19.3 Million in Bridge Loans for Senior Living in Texas and Michigan

Commercial real estate finance, equity and advisory firm Harborview Capital Partners recently arranged two bridge loans for Titan Senquest totaling $19.3 million. The non-recourse loans were for two independent living communities in Bryan, Texas, and Grand Rapids, Michigan, which together have 326 beds.

The transaction was arranged by Harborview’s Eric Gorlechen and Avi Begun.

Written by Mary Kate Nelson

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