HJ Sims Underwrites $40.6 Million Refinancing for Senior Housing Community in Minnesota
Connecticut-based investment bank HJ Sims recently underwrote $40.6 million in bonds to refinance debt on The Homestead at Anoka, a nonprofit senior housing community in Anoka, Minnesota, that’s owned by Minnesota-based nonprofit corporation America National Services.
The financing will refund the 2011 bonds that were utilized to fund the construction of Phase I of the project. The refinancing amounts to a 5% savings over the previous bond issue.
Monticello Originates $6.3 Million in Acquisition Financing for Kansas Skilled Nursing Facility
Monticello Asset Management LLC recently originated $6.3 million in first lien debt financing to AHO LLC and Olathe Property Holdings LLC. The borrowers plan to use the financing to purchase a 147-bed, 52,156-square-foot skilled nursing facility in Kansas. The exact location and name of the facility were not disclosed.
Additionally, the borrowers intend to make $500,000 in upgrades throughout the facility, and anticipate converting the acquisition funding to a HUD loan in the future.
KeyBank Arranges $15.4 Million Financing for Texas Skilled Nursing Facility
KeyBank Real Estate Capital recently provided a $15.4 million FHA first mortgage loan for the 120-bed Regency-Windsor Atrium View skilled nursing facility in Harlingen, Texas. The loan was utilized to refinance existing debt.
The financing was arranged with a 35-year amortization schedule by John Randolph of Key’s Healthcare Group.
HJ Sims Arranges $29 Million Debt Modification for CCRC in Ohio
HJ Sims recently arranged a $29 million debt modification for a nonprofit continuing care retirement community (CCRC) in Hudson, Ohio, called Laurel Lake.
New owners took over the community in 2013, and in the process assumed both tax-exempt bonds and senior bank debt totaling $32 million. The debt modification represents a refinancing of that combined debt.
Iowa Senior Living Community Receives $240,000 Grant
Heritage Bank in Marion, Iowa, recently sponsored the non-profit Marion Senior Living Community in its application for a Competitive Affordable Housing Program grant from the Federal Home Loan Bank, the Marion Times reported.
Specifically, the community was recently awarded a $240,000 grant for a rehabilitation project at its Scott Meadows building, which includes security cameras, a new roof, the replacement of security doors and resurfacing of cabinet doors in the units.
Written by Mary Kate Nelson