Lancaster Pollard Arranges $5.3 Million Financing for BPM Senior Living
Lancaster Pollard recently arranged a $5.3 million Fannie Mae loan for Portland, Oregon-based senior living owner/operator BPM Senior Living. The loan provides capital for Royalton Place, a 70-unit, 79-bed assisted living and memory care community in Milwaukie, Oregon.
The financing is related to BPM’s plan to replace Royalton Place’s current third-party operator and assume management of the community itself.
Matt Lindsay led the transaction for Lancaster Pollard, with help from Doug Harper.
CBRE Arranges $22.5 Million in Acquisition Financing for Senior Living Community in Georgia
CBRE National Senior Housing Vice Chairman Aron Will recently arranged $22.5 million in acquisition financing on behalf of an institutional client for Dogwood Forest of Acworth, a 92-unit, Class A assisted living and memory care community in Acworth, Georgia.
Specifically, CBRE secured a $22.5 million, 5-year fixed-rate loan with 24 months of interest only from a life insurance firm. The name of the buyer was not disclosed.
Post-acquisition, the community will continue to be operated by Trinity Lifestyles Management, the wholly owned management arm of Solomon Investment Partners, under a third party management contract.
Cushman & Wakefield Secures Construction Debt and Equity for New LCB Senior Living Development
Cushman & Wakefield Senior Housing Capital Markets, in its exclusive representation of LCB Senior Living, raised equity capital, as well as more than $34 million in construction debt financing for LCB’s upcoming community in Darien, Connecticut.
The new building—The Residence at Selleck’s Woods—is a 105-apartment /106-bed independent living, assisted living and memory care community expected to be completed in the third quarter of 2018.
M&T Bank provided a $34 million construction loan for the joint venture between LCB and Virtus Real Estate Capital, which is contributing 85% of the equity investment.
The Cushman & Wakefield team involved in the transactions included Executive Director Jay Wagner, Senior Director Aaron Rosenzweig, Executive Managing Director Rick Swartz, Associate Caryn Miller and Director Jim Dooley.
Love Funding Secures Loan for Purchase of Texas Senior Living Community
Love Funding recently announced the closing of a $2.6 million FHA loan to take out bridge financing used to fund the purchase of an assisted living and memory care community in Tomball, Texas. The buyer and seller were not disclosed.
Love Funding Senior Director Leonard A. Lucas of the firm’s Boston office secured the bridge loan in January from Love Funding’s parent company, Midland States Bank. The new loan is expected to pay down the bridge loan and provide non-recourse, low-rate financing for a 35-year term.
Walker & Dunlop Provides $144 Million in Financing for Affordable Senior Living Portfolio in New Jersey
Bethesda, Maryland-based Walker & Dunlop Inc. (NYSE: WD) recently provided $144 million in Fannie Mae financing for a seven-property affordable senior housing portfolio in New Jersey.
The borrower—a joint venture between Red Stone Cos., Hudson Valley Property Group and Wheelock Street Capital—acquired the portfolio and intends to upgrade the properties.
Written by Mary Kate Nelson
Companies featured in this article:
BPM Senior Living, CBRE National Senior Housing, Cushman & Wakefield Senior Housing Capital Markets, Hudson Valley Property Group, Lancaster Pollard, LCB Senior Living, Love Funding, M&T Bank, Midland States Bank, Red Stone Cos., Solomon Investment Partners, Trinity Lifestyles Management, Virtus Real Estate Capital, Walker & Dunlop, Wheelock Street Capital