Cushman & Wakefield Arranges $11.6 Million Senior Housing Financing
Cushman & Wakefield Senior Housing Capital Markets has arranged an $11.55 million construction loan for the development The Palms at San Lauren, a 68-unit assisted living and memory care community in Bakersfield, California. The community will be operated by California-focused regional operator Pragma Management with financing provided by PNC.
Cushman & Wakefield is serving as an exclusive advisor to a joint venture between two Vacaville, California-based companies, senior housing sponsor Pragma and real estate company Blue Mountain Enterprises, Inc. The Palms at San Lauren is the third ground-up development in this joint venture.
The Palms at San Lauren will be situated on three-and-a-half acres with 44 assisted living units and 24 memory care units, all in a single-story building. The community will be situated next to a newly constructed skilled nursing/sub-acute facility.
Greystone Real Estate Advisors Closes Sale of Texas Senior Living Portfolio
New York-based Greystone Real Estate Advisors has announced the sale of the Grand Brook Portfolio, which includes three Class A memory care communities in the Dallas-Fort Worth area—a total of 114 memory care units. Invesque Inc. purchased the communities from an institutional private equity group. A Greystone spokesperson told Senior Housing News that financial terms of the deal are not being disclosed.
Developed between 2004 and 2006, the Grand Brook Portfolio communities are located in three cities in Texas: Garland, Grapevine and McKinney. Cody Tremper and Mike Garbers of Greystone represented the seller in the transaction.
Gemino Healthcare Finance Provides $6 Million Senior Credit Facility to Wingate
Gemino Healthcare Finance has announced the funding of a $6 million senior secured credit facility to an affiliate of Wingate Healthcare, Inc., a Needham, Massachussets-based care-continuum senior living provider. A family-owned business, Wingate operates 37 care-continuum facilities throughout the Northeast. The loan is to affiliate SRC Operations, LLC.
“The team at Gemino has been great to work with—creative and well organized,” Scott Schuster, Wingate founder and president, said in a statement.
The Philadelphia-based Gemino—with offices in Atlanta and Chicago—is a specialty finance company with an exclusive focus on senior secured loans to health care service providers throughout the U.S.
Live Oak Bank $3.6 Million Construction Loan for Memory Care Community
Live Oak Bank of Wilmington, North Carolina, has closed a $3.6 million construction loan for a private owner/operator in support of a new 24-bed memory care community. The loan for the Springboro, Ohio-based memory care community features a 24-month interest-only period and a 26-year loan term.
Written by Jack Silverstein