Transactions & Financings: Meridian’s $109M Loan; ZOM’s $89M Financing

Capital One closes $109M loan to Meridian Senior Living

Capital One served as the administrative agent for a $108.9 million loan to a joint venture owned by Sino-Ocean Capital and Meridian Senior Living. The borrower will use a portion of the proceeds to acquire two senior housing communities in Florida, the 106-unit Symphony at the Waterways in Ft. Lauderdale and the 132-unit Symphony of Boca Raton. The rest will be used to refinance a Capital One loan that the sponsors used to purchase three communities in California: Claremont Place Senior Living, Cypress Place Independent Living, and Cypress Place Assisted Living.

Each of the California communities have 76 units, and the Cypress Place communities are located on the same campus in Ventura.

CBRE arranges 2 financing packages totaling $50M

CBRE National Senior Housing completed the following transactions:

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  • Vice Chairman Aron Will, First Vice President Austin Sacco and Vice President Tim Root between Virtus Real Estate Capital and Pathway to Living for two senior housing communities in suburban Chicago: Aspired Living of Westmont in Westmont, Illinois; and Azpira Place of Lake Zurich in Lake Zurich, Illinois. CBRE secured a $45.7 million, five-year floating rate loan with 36 months of Interest Only from a regional bank. Post close, the communities will continue to be operated by Pathway.
  • Will, Sacco and Root arranged supplemental financing on behalf of CPF Living Communities for Acacia Springs, a 160-unit Independent Living and Assisted Living community located in Las Vegas. CBRE Multifamily Capital originated a $4 million fixed-rate supplemental loan, coterminous with the first Mortgage originated in 2017, through its Fannie Mae DUS Multifamily loan origination program. CBRE originally originated a $13.5 million, seven-year loan when CPF Living acquired the property. The community will continue to be operated by Grace Management, CPF Living’s wholly owned management affiliate.

Regions Bank closes on $46M in loan packages

Regions Bank Senior Vice President Jack Boudler and Managing Director Chris Honn completed the following transactions:

  • A $29.2 million new construction and mini-permanent loan on behalf of joint venture between a Midwest-based developer-owner and Southeast-based operator, for a senior housing community in Alabama that will include 105 independent living units and 27 memory care units.
  • A $16.3 million refinancing package, secured by a 101-unit independent living community in Kansas City, Kansas. Proceeds will be used to refinance acquisition loan debt and provide a small cash out.

ZOM Senior Living Secures $89M construction financing for South Florida senior housing community

SunTrust Bank provided a $39 million financing package toward the construction of Wellington Bay, a multi-phase mixed-use senior housing rental community in South Florida. The development team is a venture between ZOM Senior Living, Liberty Healthcare and Ares Management.

SunTrust’s commitment is part of a larger $89 million financing package for Phase 1 of Wellington Bay’s construction, which is scheduled for mid-2021 completion, and was co-syndicated by PNC Bank and Comerica. It will include 283 independent living, assisted living and memory care units, featuring a two-story, 65,000-square-foot clubhouse and amenity building with multiple dining venues, swimming pools, a spa, salon, wellness center, billiards room, and a theater.

Once completed, the $180 million project will have 424 senior living units.

NorthMarq arranges $24M financing package for Ohio senior housing development

NorthMarq Senior Vice President Noah Juran arranged a $23.7 million financing package — $18.2 million in construction debt and $5.5 million in equity — for Airy Hills at North Bend Crossing, a senior housing community under development in Cincinnati, Ohio. The package carries a three-year, interest-only term. Juran arranged the loan through a local bank.

Live Oak Bank closes financing packages totaling 11.5M

Live Oak Bank (Nasdaq: LOB) completed the following financing transactions:

  • Live Oak closed on a $3.3 million construction loan for the development of a 22-unit assisted living facility in Gilbert, Arizona. The Small Business Association (SBA) 7a loan carries a 26-year term, with an interest only period during construction and lease-up.
  • Live Oak closed on an $8.2 million construction financing package for Trinity Senior Village, a 38-unit/46-bed assisted living and memory care community in Locust Grove, Virginia. Live Oak utilized an SBA 7a loan combined with a conventional pari-passu loan.

Cushman & Wakefield sells Florida site for senior housing development

Cushman & Wakefield completed the $8.25 million sale of a 10.44-acre industrial site in Palm Beach County, which was rezoned to build an independent living community. The team of Executive Directors Christopher Thompson, Chris Metzger and Rick Entner Jr., Directors Matthew McAllister and Tara England, and Managing Principal Mark Pateman represented the seller, Amara Temple Holding Corporation, in the sale, and procured the buyer, United Group.

Blueprint facilitates sales of Alabama, California senior housing communities

Blueprint Healthcare Real Estate Advisors completed the following transactions:

  • Senior Associate Brooks Blackmon was the lead advisor in the sale of an independent living and assisted living community in Alabama. Blueprint conducted the marketing and sales process on behalf of the seller, a longtime owner-operator within the state. The buyer was also an Alabama-based owner-operator looking to re-enter the senior housing space, and acquired the property via a 1031 exchange.
  • Executive Managing Director Jacob Gehl, Managing Director Humair Sabir and Senior Associate Scott Frazier represented a joint venture between Meridian Senior Living and a Chicago-based private equity firm in the sale of Sunlit Gardens, an 86-unit assisted living and memory care facility in Rancho Cucamonga, California. Meridian was retained by the buyer to continue operating the property.

Generations LLC assumes management of 2 Colorado Brookdale communities

Generations LLC assumed management and operations of two senior living communities in Colorado formerly managed by Brookdale Senior Living (NYSE: BKD): Brookdale Highline and Brookdale Sunrise Creek.

Portland-based Generations assumed management of the properties through a partnership with Longview Senior Housing Advisors, a Tampa-based affiliate of The Blackstone Group which controls a portfolio of 90 communities in 23 states, totaling over 9,000 units in independent living, assisted living, memory care and continuing care retirement communities.

Pegasus Acquires Brookdale Community

Pegasus Senior Living acquired The Landing at Queensbury, a former Brookdale Senior Living community in Queensbury, New York, offering assisted living and memory care services.

The community will undergo re-branding with a local area focus and Pegasus’ company mission and goals.

Companies featured in this article:

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