Transactions & Financings: Lutheran Senior Services’ $92M Bond Financing; CBRE’s $61M Loan

HJ Sims arranges $92 million bond financing package for Lutheran Senior Services

HJ Sims completed a $92.4 million refinancing package for Lutheran Senior Services (LSS). The proceeds will fund an expansion to LSS’ Mason Pointe community in Chesterton, Missouri, as well additional planned capital improvements at other communities within its portfolio.

HJ Sims identified bonds that were bearing interest above current market rates and a strategy to repay those bonds on a current basis to reduce the interest cost to LSS. The two firms devised a plan of finance that featured a relatively short maximum term while providing a level debt service platform and maximizing the application of anticipated future initial entrance fee inflows to repay higher-rate bonds.

CBRE arranges $61 million loan for Oregon senior living portfolio

CBRE National Senior Housing Vice Chairman Aron Will, First Vice President Austin Sacco and Vice President Adam Mincberg arranged $61 million in acquisition financing for The Springs Living Portland Portfolio, a consisting of 268 total units in Carman Oaks and Wilsonville, Oregon.

The operator, The Springs Living, originally acquired the Properties as a part of a larger portfolio acquisition in 2012 in a joint venture with an institutional equity partner. The venture deployed a significant amount capital into the Properties to reposition them into top competitors in their respective markets. Due to the tremendous value that had been created through the repositioning, TSL elected to recap the equity partner out to wholly own the Portfolio.

Hunt Real Estate Capital arranges $19 million financing package for Florida senior housing community

Hunt Real Estate Capital Kevin Deegan facilitated the placement of two loans to finance the acquisition and rehabilitation of a 104-unit affordable senior housing property located in Pinellas Park, Florida. Hunt provided an $11 million affordable multifamily loan and a bridge loan in the amount of $8.8 million.

Additionally, the borrower received $5.9 million in tax credit equity via the sale of 4% low income housing tax credits, and plans to invest approximately $3.6 million in renovations after the purchase is complete.

Love Funding closes $4.7 million refinancing for Illinois age-restricted community

Love Funding Director Ken Charabuski arranged a $4.7 million refinancing package for Victory Centre of Bartlett Senior Apartments, an age-restricted community in Bartlett, Illinois. Charbauski secured the loan through U.S. Department of Housing and Urban Development’s 223(f) loan insurance program.

Victory Centre of Bartlett was built in 2007 and was originally awarded low-income housing tax credits (LIHTCs) through the Illinois Housing Development Authority. The community offers 104 units dedicated to residents 55 and older and features many amenities, including a library, dining area, clinics, salon and a fitness center.

Blueprint places operator for California assisted living portolio

Blueprint Healthcare Real Estate Services’ Jacob Gehl, Scott Frazier and Humair Sabir successfully placed A&A Senior Living, a senior living provider based in Danville, California, with a new construction assisted living portfolio in Culver City, California.

The owner and developer is a well-known developer based in Beverly Hills, California, making its first foray into senior living.