Transactions & Financings: Griffin-American’s $400 Million Credit Facility

Bank of America’s $400M Credit Facility for Griffin-American Healthcare REIT

Griffin-American Healthcare REIT co-sponsors, Griffin Capital and American Healthcare Investors, announced that the REIT and certain of its subsidiaries have entered into a new credit facility totaling $400 million with Merrill Lynch, Pierce, Fenner & Smith Incorporated, KeyBank Capital Markets and Citizens Bank, National Association as joint lead arrangers and joint bookrunners. Bank of America will serve as administrative agent, swing line lender and letters of credit issuer.

The maximum principal amount of the credit facility may be increased to up to $650 million upon the request of the REIT and satisfaction of certain conditions. The credit facility may be utilized for refinancing existing debt and for general corporate purposes including, without limitation, property acquisitions.

The Village at Rockville Secures $87.5 Million Bond Financing

The Village at Rockville, a National Lutheran community, secured $87.5 million in bond financing for Glenmere, comprising of 130 one- and two-bedroom independent living apartments, guest suites, an aquatic center with spa and lap pool, and an enclosed pedestrian link to the village’s health center. The financing comes from Montgomery County, Maryland and will fund construction costs related to the project and utilize a draw down feature that will limit negative arbitrage as related to the current economic environment. This financing, through partnerships with Hamlin Capital Management and Cross Point Capital, will feature four series of tax-exempt bonds providing a blend of variable and fixed-rate debt for the project.

Lancaster Pollard Structures Financing Between Agemark, Protective Life Insurance

Lancaster Pollard Mortgage Company facilitated a refinancing between Protective Life Insurance Company, headquartered in Birmingham, Alabama, and Berkeley, California-based Agemark Corporation, for two of Agemark’s properties—Countryhouse of Lincoln III, a 37-unit memory care facility in Lincoln, Nebraska, and Countryhouse of Omaha, a 38-unit memory care facility in Omaha, Nebraska. Grant Goodman was lead banker, along with Casey Moore and Doug Harper from Lancaster Pollard’s agency finance team.

The two properties were encumbered with traditional bank debt. The principals of Agemark aimed to refinance the two facilities with long-term, non-recourse debt.

Cushman & Wakefield Brokers $12 Million Phoenix Senior Housing Sale

Cushman & Wakefield Executive Managing Director Jim Crews brokered the $11.95 million sale of Zen Senior Living, a 99-unit senior housing community in Phoenix, Arizona. Orange, California-based Investment Concepts acquired the property from an affiliate of San Francisco-based FPA Multifamily.

Written by Chuck Sudo