Transactions and Financings: CIP Capital Invests in GlynnDevins

CIP Capital Invests In GlynnDevins

CIP Capital invested in Kansas City, Missouri-based GlynnDevins, a provider of tech-enabled and data-driven marketing solutions to senior living communities. No financial terms were disclosed. Petsky Prunier advised GlynnDevins on the transaction. GlynnDevins was backed by Falfurrias Capital.

CIP Capital plans to significantly enhance GlynnDevins’ ability to collect, synthesize, and utilize data across its solutions, as well as expand the company’s digital marketing capabilities.

SunTrust Originates $31M Bridge Loan for Colorado Springs Senior Housing Property

SunTrust Banks (NYSE: STI) Managing Director Artin Anvar and SVP Nadia Mahmoud originated a $31 million, three-year bridge loan for the refinance of Province Springs located in Colorado Springs, CO. The 160-unit independent living facility was completed in early 2018 and features a fine dining restaurant, a wellness center with spa, salon, indoor swimming pool, art studio, theater room and yoga studio/gym.

SunTrust CRE originated the bridge loan for an Arizona-based private equity sponsor.

BMO Harris Bank Completes 2 Financings Totaling $26.7M

BMO Harris Bank Healthcare Real Estate Finance completed two financing transactions, totaling $26.7 million. In the first transaction, BMO Harris closed on a $14.4 million facility for TH Real Estate and LCS to finance the acquisition of Sandhill Cove. Sandhill Cove is a continuing care retirement center with 225 Independent Living units, 20 Assisted Living units, and 36 Skilled Nursing beds located in Palm City, Florida.

In the second transaction, BMO Harris closed on a $12.3 million facility for TH Real Estate and LCS to finance the acquisition of Essex Meadows.  Essex Meadows is a continuing care retirement center with 189 Independent Living units (including 13 cottages), and 45 Skilled Nursing beds located in Essex, Connecticut. 

Walker & Dunlop Secures $14M Financing Package For Chicago Affordable Senior Housing Property

Walker & Dunlop structured $13.92 million in financing for Willa Rawls Manor, an 11-story, 123-unit affordable housing community for seniors aged 62 and above in Chicago’s historic Bronzeville neighborhood. The property was originally developed in 1979 and is 100 percent covered by a long-term Section 8 Housing Assistance Payments (HAP) contract.

Walker & Dunlop’s Jeff Lawrence and Matt Baptiste worked closely Stonebridge Global Partners to arrange the 10-year acquisition financing through Freddie Mac. The team also effectively coordinated with the seller to ensure the loan closing aligned with the borrower’s assumption of the property’s HAP contract, which expires three years beyond the loan maturity date.

PGIM Real Estate Finance Originates 2 HUD/LEAN Healthcare Loans For Maine Retirement Campus

PGIM Real Estate Finance originated two HUD/LEAN healthcare loans for a combined $9.9 million for two properties at the OceanView at Falmouth, a retirement campus in Falmouth, Maine. OceanView at Falmouth retirement campus is owned by an entity affiliated with Sea Coast Management Company. David Stein facilitated the transaction.

The first financing is a HUD 232/241a loan for the Falmouth House Assisted Living Facility portion of the retirement campus and totals $4.4 million. Proceeds will be used for the construction of an additional two-story wing expansion to the existing 38-unit Falmouth House, as well as renovations to its common areas. The second loan is a HUD 232/223(f) refinancing for $5.5 million for the Legacy Memory Care portion of the campus. The financing extends the term of the current loan and converts the debt from floating to long-term fixed rate for the state of the art, memory care facility.

Written by Chuck Sudo