Love Funding Secures $6.66 Million Loan to Refinance Detroit Affordable Senior Housing
Love Funding, a Chicago-based provider of Federal Housing Authority (FHA) multi-family, affordable and health care financing, has provided a $6.66 million loan for the refinancing and repair of Greenhouse Apartments, an affordable senior living community in Detroit.
The financing was facilitated by Love Funding Midwest Regional Director Bruce Gerhart through the U.S. Department of Housing and Urban Development’s (HUD) 223(a)(7) 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.
Greenhouse Apartments offers 208 age-restricted, one-bedroom units and one two-bedroom manager’s unit in a 10-story building. All of the units are covered under a Section 8 contract, and all 209 units are restricted under the Low Income Housing Tax Credit (LIHTC) program.
The property was built in 1981 and underwent major renovations in 2008 with financing provided by the HUD 221(d)(4) program in conjunction with an award of low-income housing tax credits (LIHTCs). The current refinancing, which locks in a lower interest rate for a 40-year term, will generate debt service savings and fund necessary repairs.
Greenhouse Apartments will remain under the management of KMG Prestige.
Harborview Capital Partners Provides HUD Loan to Refinance Tennessee Assisted Living Community
Lawrence, New York-based Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged a $6,337,900 HUD loan for an assisted living portfolio in Putnam County, Tennessee.
The transaction was originated by Avi Begun, senior originator at Harborview Capital Partners.
The loan was refinanced through HUD’s 232/223(a)(7) program with a non-recourse interest rate fixed for 35 years. Harborview was also able to take advantage of an early rate lock.
BMO Harris Healthcare Real Estate Finance Facilitates $40 Million Facility for Solomon Holdings
BMO Harris Bank’s Healthcare Real Estate Finance group has closed a $40 million construction and short-term financing for Solomon Holdings for a new independent living community in Acworth, Georgia.
Located near downtown Acworth, the community will feature 182 independent units and 26 cottages.
Grandbridge Facilitates Closing of HUD Mortgage Loan
Atlanta-based Grandbridge Seniors Housing and Healthcare Finance Group facilitated the closing of a $19,929,000 HUD 232/223(f) mortgage loan to take out the existing BB&T Real Estate Funding bridge loan secured by Highgate at Billings, which closed in late 2016.
Grandbridge processed the HUD application in addition to the bridge closing to take advantage of HUD’s new seasoning requirements. The loan was originated by Senior Vice President Richard Thomas and Vice President Meredith Davis.
Caddis Refinances Heartis Seniors Living Portfolio
Caddis, a national health care real estate firm headquartered in Dallas, has refinanced a six-property senior living portfolio of 642 assisted living and memory care units belonging to Heartis Seniors Living for a total of $108 million in debt originated by Key Bank.
The facilities are located in Illinois and Texas.
This is Caddis’ second Heartis community portfolio recapitalization this year. The two refinancings represent a grand total of 1,048 units and $170 million in new debt.
One of the refinanced properties is the 108-unit Heartis Peoria in Peoria, Illinois. All properties feature assisted living and memory care apartments.
Cushman & Wakefield Arranges Recapitalization of LCB Senior Living Community
Chicago-based Cushman & Wakefield Senior Housing Capital Markets has arranged the recapitalization of The Residence at Watertown Square, a 90-unit independent living, assisted living and memory care community located in the heart of the Watertown Square in Watertown, Massachusetts, for $45 million. LCB Senior Living, LLC will continue to operate the community.
The Residence at Watertown Square was newly built in November 2014, and is five stories tall with 90 apartments.
The Cushman & Wakefield team involved in the transaction included Executive Managing Director Rick Swartz, Executive Director Jay Wagner, Director Jim Dooley and Associate Caryn Donahue.
KeyBank Originates $67.3 Million Construction Loan for University-Based Independent Living Community
Cleveland-based KeyBank Real Estate Capital has arranged a $67.3 million construction loan for a 260-unit independent living facility located on the Princeton University Healthcare Campus in Plainsboro Township, New Jersey. The community will be integrated with the rest of the Princeton HealthCare System campus.
The property is owned by a joint venture led by SBLP Senior Living Fund I, LP (SBLP), a fund that invests in the ground-up development of senior living communities in the United States. The sponsor of the fund is a joint venture between South Bay Partners, a Dallas-based senior housing developer, and LAMB Properties, LLC, a real estate investment vehicle for the Bluhm family.
The property will be managed by Sage Senior Living.
Grant Saunders, Peter Trazzera and Jake Hollinger of Key’s Healthcare Group arranged the financing.
Written by Carlo Calma