Transactions & Financings: HFF, BMO Harris, Marcus & Millichap

HFF Announces Construction Financing for Denver Community

Holliday Fenoglio Fowler, L.P. (HFF) has announced new construction financing for Solera at Cherry Creek, a planned senior housing project in Denver, Colorado.

HFF’s team members worked to arrange the construction loan through a national bank on behalf of the developer, a joint venture between affiliates of Banner Senior, Solera Senior Living and Wheelock Street Capital.

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The community, Solera at Cherry Creek will have 64 assisted living apartments and 32 memory care units. Amenities include an exhibition kitchen, piano bar and lounge, outdoor terrace with a glass fire pit, beauty salon and spa and multi-functional spaces. The property is designed by Rosemann & Associates, and is due for completion in 2019

HFF’s team representing the borrower included senior director David Fasano and directors Sarah Anderson and Brock Yaffe.

BMO Harris Closes $18 Million Loan for Hugo Senior Housing

BMO Harris Bank’s health care real estate finance group recently closed on $18 million term loan financing for a 100-unit independent living, assisted living and memory care community in Hugo, Minnesota.

Hugo Senior Housing is an affiliate of Keystone Senior, which owns, operates, and manages senior living communities.

Marcus & Millichap Closes $51.3 Million Sale of Age-Restricted Multifamily Property in Utah

Marcus & Millichap (NYSE: MMI) has announced the sale of Rosegate Draper, a 277-unit age-restricted multifamily property in Draper, Utah. The property was sold for approximately $51.3 million, or $185,379 per unit.

Danny Shin and Brock Zylstra represented the seller, a local developer and owner. They also procured the buyer, Kennedy Wilson, which is a global real estate investment company with six multifamily properties in Utah and more than $16 billion in total assets.

SunTrust Originates $13.1 Million HUD Loan for Senior Housing Property in Virginia

SunTrust Banks (NYSE: STI) announced that Joshua Hausfeld, managing director of SunTrust CRE Seniors Housing & Healthcare Finance, has originated a roughly $13.1 million HUD 232/223(f) loan for a senior living community in Lynchburg, Virginia.

SunTrust originated the fixed-rate, non-recourse 35-year term loan for the 81-bed assisted living and memory care community, which was originally built in 1978 and converted to assisted living in 1996.

Hausfeld was able to secure a low-interest rate HUD loan to refinance the Lynchburg property, which is operated by Runk & Pratt. The transaction closed on July 27.

Inspirit Senior Living Acquires Two Ohio Communities

Inspirit Senior Living has acquired two senior housing communities in Ohio, marking the Virginia company’s first expansion into the Midwest.

The two communities are the 130-unit Gardens of Cuyahoga Falls and the 120-unit Gardens of Liberty Park. Both offer assisted living and memory care services.

Inspirit partnered with Venue Capital, a New York City-based real estate and asset management firm, on the two acquisitions.

Cushman & Wakefield Negotiates Over $100 Million Recapitalization of Chicago-Area CCRCs

Cushman & Wakefield has negotiated the recapitalization of two Chicago-area continuing care retirement communities (CCRCs), Sedgebrook in Lincolnshire, and Monarch Landing in Naperville. The total purchase price was in excess of $100 million.

Executive Director Allen McMurtry, Senior Director Paul Carr and Senior Director David Kliewer represented a partnership between Fundamental Advisors LP and Senior Care Development in the transaction.

Sedgebrook and Monarch Landing were originally constructed in phases beginning in 2005.

Chicago Pacific Founders Acquires Michigan Community

Chicago Pacific Founders and its subsidiaries, CPF Living Communities and Grace Management have acquired Shorehaven Senior Living, a 120-unit senior living community in Sterling Heights, Michigan.

Shorehaven Senior Living provides assisted and independent living amenities and programming. Terms of the deal were not disclosed. Shorehaven will now be managed by Grace Management.

MidCap Announces New Relationship to Source Agency Senior Housing Loans

MidCap Financial is now offering Fannie Mae and Freddie Mac senior housing loans through a new relationship with Bellwether Enterprise.

MidCap announced it is providing a full continuum of senior housing lending products in addition to its balance sheet and FHA/HUD lending platform, including short-term floating rate debt to long-term fixed rate loans.

Good Samaritan, Sanford Merger to Occur Earlier Than Expected

Senior living provider Evangelical Lutheran Good Samaritan Society’s merger with health system Sanford Health is ahead of schedule.

The two nonprofits are scheduled to merge on Nov. 1, which is nearly two months sooner than previously expected, reported the San Francisco Chronicle.

Good Samaritan’s 200-property portfolio concentrates on senior care, including skilled nursing, long-term care, independent living and assisted living. Sanford has 44 hospitals and manages 48 senior living and care communities. Both organizations are based in Sioux Falls, South Dakota.

Capital One Tops List for Leveraged Loans Closed in Healthcare Industry

Capital One Healthcare’s corporate finance group was named the No. 1 lead arranger of health care leveraged loans by deal count in every category up to $1 billion, according to data from Thomson Reuters LPC.

The corporate finance team closed 49 total transactions during the first half of 2018.

Written by Tim Regan

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