Transactions & Financings: Chicago Pacific Founders, CBRE

MidCap Closes First Mortgage Loan for Florida Community

MidCap Financial, a commercial finance firm that concentrates on middle-market transactions, recently closed a transaction with Zon Living Concepts, LLC. The senior housing and senior care company owns and operates Zon Beachside, a Class A assisted living and memory care community in Indian Harbour Beach, Florida.

The $19.4 million floating rate first mortgage loan will pay off existing first mortgage and mezzanine debt, finance the purchase of an adjacent structure, and finance the construction of an additional 31 units at the community to bring the total unit count to 115 units.

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Chicago Pacific Founders Purchases Senior Housing Community in Liverpool, New York

Chicago Pacific Founders (CPF) and its subsidiaries—Grace Management, Inc. and CPF Living Communities—recently acquired Parkrose Estates, a 100-unit senior housing community in Liverpool, New York.

Consequently, Parkrose Estates will be operated by Grace Management, Inc.

Terms of the deal were not disclosed.

CBRE Arranges Construction Financing for Senior Housing Community in Houston, Texas

Aron Will, vice chairman of CBRE National Senior Housing, and Austin Sacco, vice president of CBRE National Senior Housing, recently arranged construction financing on behalf of a joint venture between real estate investment management firm Harrison Street Real Estate Capital LLC and Bridgewood Property Company for The Village of Southampton, a 17-story, to-be-built, 204-unit independent living, assisted living and memory care community in Houston, Texas.

Specifically, CBRE secured a $59 million, five-year, interest-only loan from two national banks. Retirement Center Management (“RCM”), Bridgewood’s wholly owned management affiliate, will manage the community. RCM currently manages a portfolio of 18 senior housing assets.

Houston-based Bridgewood’s current portfolio of developed properties includes The Village at Meyerland, The Village of River Oaks, The Village at The Triangle, The Village of The Heights, The Village of Tanglewood and The Village of Onion Creek.

The planned high-rise will be located in the Southampton neighborhood of Rice Village, a mixed-used development made up of more than 300 shops, restaurants and retailers.

Cushman & Wakefield Arranges Sale of Community in North Carolina

Cushman & Wakefield Senior Housing Capital Markets Group recently arranged the sale of Woodland Terrace, a 176-unit independent living, assisted living and memory care community in Cary, North Carolina. The 95% occupied community was acquired by a venture of Welltower (NYSE: WELL) and Kisco Senior Living from a joint venture between an institutional investor and Kisco.

Kisco Senior Living will continue to manage the community.

The Cushman & Wakefield team involved in the transaction included Executive Director Jay Wagner, Executive Managing Director Richard Swartz and Director Jim Dooley.

Blueprint Arranges Sale of Assisted Living Community in Illinois

Blueprint recently arranged sale of Paradise Park Assisted Living and Memory Care, a 64-unit assisted living community in Fox Lake, Illinois.

The buyer was an opportunistic, Maryland-based private equity group that specializes in distressed debt and senior housing.

The transaction was handled by Josh Salzman and Mario Wilson.

NorthMarq Capital Finalizes $11 Million Refinance of Senior Housing Community in Florida

Lee Weaver, senior vice president/senior director of NorthMarq Capital’s Tampa regional office, arranged the $11 million refinance of Villas at Hunter’s Ridge, a 221-unit, garden-style, 55+ community in New Port Richey, Florida.

The deal was structured with a 10-year term on a 30-year amortization schedule. NorthMarq arranged financing for the borrower via its in-house Fannie Mae DUS platform.

KeyBank Originates $28 Million in Financing for Senior Housing Community in Florida

KeyBank Real Estate Capital recently originated the financing for Chicago Pacific Founders’ acquisition of Camellia at Deerwood, a 185-unit senior housing community in Jacksonville, Florida.

The $28 million financing, arranged by Carolyn Nazdin and Charlie Shoop of Key’s Commercial Mortgage Group, was funded via Freddie Mac’s CME program through a variable rate CME execution which offered three years of interest-only payments and maximum prepayment flexibility.

CBRE Arranges Transactions of Communities in Texas and Washington 

CBRE National Senior Housing recently arranged both the asset sale and acquisition financing for Collier Park, a 159-unit independent living and assisted living community in Beaumont, Texas.

Lisa Widmier, executive vice president of CBRE National Senior Housing, represented the seller, a publicly traded real estate investment trust (REIT). Aron Will, vice chairman of CBRE National Senior Housing, arranged the acquisition financing on behalf of CPF Living Communities (“CPF Living”), a senior living private equity fund.

CBRE secured a seven-year floating rate loan with 24 months of interest only through its Freddie Mac Seller Servicer direct lending program.

Post-close, the community will be managed by Grace Management, which is wholly owned by CPF Living.

Aron Will also recently arranged acquisition financing on behalf of Artemis Real Estate Partners  for Garden Court, a 148-unit independent living and assisted living community in Everett, Washington.

Prior to the acquisition, the community was privately owned and managed by a local developer.

CBRE, via its Freddie Mac Seller Servicer direct lending program, secured a $33.2 million, seven-year, fixed-rate loan with 48 months of interest only.

Post close, Washington-basd Artēgan Senior Living will manage the property under third-party management contract. Artēgan’s goal is to manage no more than 25 to 30 locations all within a defined regional geographical area. Artēgan currently manages 12 communities totaling 1,094 units in Washington, Oregon, California and Arizona.

Artemis is a real estate investment management firm that invests with best-in-class local operating partners.

The community will be housed in Artemis Real Estate Partners Healthcare Fund I, a $475 million core plus, commingled real estate fund that invests in equity and debt across the health care space.

Love Funding Secures $14.4 Million Loan for Age-Restricted Community in Texas

Love Funding, a provider of FHA multifamily, affordable and health care financing, announced the closing of a $14.4 million loan for the refinance and permanent financing of the Villas on Bear Creek, an age-restricted affordable rental community in North Richland Hills, Texas.

The ownership is under the umbrella of The Wentwood Companies. The community will remain under the management of Westlake Housing, LP.

The Villas on Bear Creek comprises 240 mixed-income, one- and two-bedroom units located in five three-story buildings. The units are restricted to those 60 years and older, and 180 are affordable.

The financing was secured by Love Funding Senior Vice President of Business Development Jonathan Camps through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. Proceeds from the loan will be utilized to refinance the existing mortgage on the property, buy the Investor Limited Partner (ILP) interest, and make improvements to the buildings.

HJ Sims Delivers $6.5 Billion of Transactions in New England

Connecticut-based privately held investment bank and wealth management firm HJ Sims has raised almost $6.5 billion for more than 175 transactions in New England since 1982, according to a company press release.

Written by Mary Kate Nelson

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