CBRE Arranges Financing for Three Senior Living Projects
CBRE National Senior Housing has arranged financing for a joint venture between Harrison Street Real Estate Capital and Dominion Partners, according to a press release.
The property, Somerby Peachtree City, is a newly built 96-unit assisted living and memory care community located in Peachtree City, Georgia, which is about 31 miles south of downtown Atlanta.
Aron Will, vice chairman with CBRE, secured a 4-year floating rate loan with 18 months of interest from a regional bank. Somerby Peachtree City will continue to be operated by Somerby Senior Living, a subsidiary of Dominion.
Will also arranged acquisition financing on behalf of the joint venture between Agemark Senior Living and Trellis Real Estate Group for Cypress Meadows, a 110-unit assisted living and memory care community in Antioch, California.
CBRE secured a 5-year floating rate loan with 36 months of interest only from a national bank. The property will be operated by Agemark.
Additionally, Will arranged financing on behalf of a joint venture between Cordia Senior Living and Cypress Partners for Cordia at Grand Traverse Commons, a 110-unit independent living and assisted living community in Traverse City, Michigan.
CBRE secured a non-recourse, 3-year, interest-only loan. The property will continue to be operated by Cordia Senior Living.
KeyBank Provides $12.9 in Financing for Senior Housing Providers in Connecticut and Ohio
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KeyBank Real Estate Capital has provided $12.9 million in FHA financing to the non-profit Jewish Federation of Greater New Haven for Tower One and Tower East, a 328-unit senior housing property in New Haven, Connecticut.
Ed Foulon of Key’s Commercial Mortgage Group arranged the financing through the FHA 223(f) mortgage insurance program, according to a press release. Jewish Federation of Greater New Haven used the loan to refinance existing debt. The loan is structured with a 35-year amortization schedule.
Additionally, KeyBank’s Community Development Lending and Investment (CDLI) arm provided $5.7 million to the Woda Group for the new construction of Audubon Crossing, a 50-unit, affordable apartment community for seniors in Dayton, Ohio.
Kelly Frank of Key’s CDLI group arranged that construction loan. The project utilizes multiple sources of funding, including an allocation of 4% Low Income Housing Tax Credits (LIHTC), City of Dayton HOME funds, a Replacement Housing Factor (RHF) loan from Greater Dayton Premier Management and a Housing Development Assistance Program (HDAP) loan.
The financing represents Key’s 18th project with Woda.
MidCap Financial Closes Refinancing for Nevada Community
MidCap Financial recently closed a transaction with Mission Senior Living to refinance an assisted living and memory care community in Reno, Nevada. MidCap provided a $17.5 million first-mortgage floating rate loan with a term of 3 years, according to a press release.
The loan refinanced existing debt and provided for the recapture of equity, originally used to develop the property in 2016.
Love Funding Secures $8.1 Million Loan to Refinance New Jersey Community
Love Funding announced the closing of an $8 million loan for the refinancing and repair of Magnolia Gardens, a 120-bed assisted living community in Toms River, New Jersey.
The financing was secured by Laura Saull-Smith, senior director with Love Funding, through the HUD 232/223(a)(7) refinance loan insurance program, which allows for the refinancing of properties currently insured by FHA as well as an extension of up to 12 years beyond the original mortgage term.
Magnolia Gardens Assisted Living Facility was previously refinanced in 2006 under HUD’s 232/223(f) loan program, according to a press release.
The current refinancing locks in a lower interest rate for a 35-year term and is expected to generate significant debt service savings.
Lancaster Pollard Assists Premier in Refinancing Seven Properties
Lancaster Pollard recently assisted Premier Senior Living with the refinance of seven of its seniors housing and care facilities in the Southeast U.S.
The projects were previously financed with bonds from a national bank, which matured in the fall of 2017. Lancaster Pollard refinanced the properties using the FHA Sec. 232/223(f). The total loan amount for the seven-facility portfolio was $47.1 million.
The firm also orchestrated the master lease and debt allocation for four of the communities in order to allow for a more manageable debt structure. Ross Holland and Jason Dopoulos led the transaction for Lancaster Pollard.
Local Officials OK Economic Compact for Assisted Living Community in New York
Officials with the Nassau County Industrial Development Agency (IDA) in Mineola, New York, have approved an economic development compact for a proposed $38 million, 91-unit assisted living community in Woodbury, New York.
The compact, approved by the IDA at its Sept. 27 meeting, will assist Benchmark Senior Living in building out a two-story, 74,000-square- foot assisted living community, according to a press release.
Benchmark plans to hire approximately 55 full-time employees within three years of the community’s completion. Construction is expected to begin shortly and last about 18 months.
Pillar Finds $20.7 Million For Two Seniors Housing Properties
Nashville’s Pillar Financial, a division of SunTrust Bank, has originated two HUD 232_223(f) loans for seniors housing properties in Wisconsin and Pennsylvania.
Don Husi, director of Pillar, closed a $13.59 million fixed-rate, 30-year term loan with a 30-year amortization schedule to refinance Oakridge Gardens Nursing Center in Appleton, Wisconsin, according to a press release. Husi also closed a $7.17 million fixed-rate, 35-year term loan with a 35-year amortization schedule for Oakwood Terrace in Moosic, Pennsylvania.
Both loans closed in September.
Written by Tim Regan
Companies featured in this article:
Agemark Corporation, Benchmark Senior Living, CBRE National Senior Housing, Cordia Senior Living, Cypress Partners, Dominion Partners, Harrison Street Real Estate Capital, Jewish Federation of Greater New Haven, Lancaster Pollard, Love Funding, Premier Senior Living, Somerby Senior Living, Trellis Real Estate Group, Woda Group