HHC Finance Closes $4.86 Million HUD Loan for Community in Texas
Housing & Healthcare Finance recently closed a $4.86 million 232/223(f) HUD loan for New Haven of Kyle, a 32-unit assisted living and memory care community in Kyle, Texas.
The community was constructed in 2014 by New Haven Assisted Living and has consistently recorded occupancy in the mid-90% range.
The ownership group utilized the proceeds from the HUD loan to pay off higher-rate and shorter-term conventional and subordinated debt.
Capital One Closes $9.3 Million Fannie Mae Loan to Refinance Texas Assisted Living Community
Capital One recently provided a $9.3 million Fannie Mae fixed-rate loan to refinance The Arbor Assisted Living and Memory Care, a 59-unit senior housing community in Nacogdoches, Texas. The sponsor, Prevarian Senior Living, is utilizing the proceeds to retire existing debt and recapture equity invested to purchase and expand the community.
Prevarian Senior Living, founded in 2010, currently owns seven assisted living and memory care communities in Texas, Oklahoma, Florida, and Arizona. Prevarian has partnered or aligned with local health care systems in every case, becoming part of the local post-acute care continuum.
KeyBank Provides $14.2 Million Financing for Senior Housing in New York
KeyBank Community Development Lending & Investment (CDLI) recently provided $14.2 million in construction financing for the renovation of Riverview Manor and Piotr Stadnitski Gardens in Buffalo, New York. The project will be developed in partnership with MDG Design + Construction and Smith and Henzy Advisory Group and is supported by existing project-based HUD Section 8 vouchers.
The two-building asset is made up of 210 one-bedroom units for seniors. Kyle Kolesar of Key’s CDLI group arranged the financing. More funding was provided by New York State HFA and Alliant Capital.
Blueprint Arranges Sale of Senior Living Community in Mason, Ohio
Blueprint announced the recent sale of Cedar Village, a 267-bed/unit, non-profit assisted living, memory care and skilled nursing community located in Mason, Ohio.
Cedar Village had been managed by the Jewish Home of Cincinnati, a 501(c)3 organization, since it opened in 1997. The Cedar Village Board of Trustees decided to sell the building in order to invest in new services and programs that will serve Cincinnati’s Jewish seniors for generations to come.
Blueprint found an Indiana-based non-profit buyer, who will contract with CarDon & Associates to provide day-to-day operations and management of the community.
The transaction was handled by Blueprint’s Connor Doherty, Jacob Gehl and Giancarlo Riso.
KeyBank Originates $13.5 Million Financing for North Carolina Senior Housing Community
KeyBank Real Estate Capital recently originated a $13.5 million Fannie Mae, first mortgage loan for the 60-unit assisted living and memory care community Chatham Ridge Assisted Living, which is located in Chapel Hill, North Carolina.
Charlie Shoop of Key’s Commercial Mortgage Group arranged the fixed-rate financing, which was utilized to refinance existing debt. The loan is structured with a 10-year term, two-year interest only period and 30-year amortization schedule.
Written by Mary Kate Nelson