Transactions & Financings: Ziegler Arranges Bond Financing, Arcapita Grows U.S. Portfolio

Ziegler Arranges $200.6 Million Bond Financing

Ziegler announced the closing of the Trousdale Foundation Properties $200,570,000 Series 2018 bonds. Ziegler served as the underwriter and placement agent for the bonds which were issued in various series including tax-exempt senior, taxable senior and tax-exempt subordinate bonds.

Proceeds from the bonds were used to finance the acquisition and improvement of four standalone communities, refinance existing bank debt on an existing foundation community, fund debt service reserve funds, fund one month of interest with respect to the tax-exempt senior bonds, and pay a portion of the cost of issuance.  The bonds were issued through four issuers:  Highlands County Health Facilities Authority (Florida), the County of Montgomery (Ohio), The Health and Educational Facilities Board of the Metropolitan Government of Nashville and Davidson County (Tennessee), and Trousdale Issuer, LLC.

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Arcapita Expands U.S. Senior Housing Holdings With Chicago Portfolio Acquisition

Arcapita, a Bahrain-based investor, expanded its U.S. senior living portfolio with the acquisition of a 1,080-unit Chicago area senior living portfolio.

The portfolio is operated by Senior Care Development and Life Care Services. It is Arcapita’s third acquisition in the past 30 months. The firm completed eight transactions in the sector totaling $1.8 billion.

Senior Living Investment Brokerage Completes California Memory Care Portfolio Sale

Senior Living Investment Brokerage facilitated the $17 million sale of Silver Point Plaza in Menlo Park, California and Crescent Villa in Sunnyvale, California. The portfolio totals 49 units. Jason Punzel, Brad Goodsell and Vince Viverito handled the transaction.

Canyon Partners Provides Equity For Construction Of California Senior Living Facility

Canyon Partners provided $10.6 million in preferred equity to Griffin Fine Living for the construction of a Class A, 101-unit senior living facility in Simi Valley, California. This is Canyon Partners’ third with Griffin since 2013.

Cambridge Realty Capital Arranges $28 Million HUD Financing

Cambridge Realty Capital Vice President Anthony Marino and Managing Director Sampada D’Silva arranged $28 million in HUD financing on behalf of Continuing Healthcare Solutions of Ohio, for the acquisition of three senior housing properties. Continuing Care had already leased the assets and acted as operator.

HJ Sims Arranges $30.2 Million Financing Package

HJ Sims closed on a $13.2 million commercial loan and bond financing totaling nearly $17 million for Friends House Retirement Community, a CCRC in Sandy Spring, Maryland. Sims arranged the short- and intermediate-term commercial loan such that $10.2 million would be repaid within the first three years with proceeds from initial entrance fees, and the balance would amortize completely over eight years. Sims utilized its extensive private investor network to place the fixed rate bonds on terms that were advantageous to Friends House.

M&T Realty Capital Arranges $12.8 million In Acquisition Financing

M&T Realty Capital arranged a $12.765 million bridge-to-HUD loan for the acquisition of four assisted living buildings in Oregon. Locust Point Capital provided subordinate financing. M&T Managing Director Steven Muth originated the bridge loan and will also originate the HUD financing for the client. Chris Claps led the transaction on behalf of Locust Point.

CBRE Secures Refinancing For Austin, Texas Il/AL Facility

CBRE National Senior Housing Vice Chairman Aron Will secured a refinancing package on behalf of Bridgewood Property Company and Harrison Street Real Estate Capital for the Village on the Park Onion Creek, a Class A, 123-unit independent and assisted living facility in Austin, Texas. CBRE secured a five-year, non-recourse, floating rate loan with 24 months of interest only, from a local bank.

Written by Chuck Sudo

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