Transactions: CIT Finds $34 Million for AZ Senior Community; Ziegler Prices Ohio Living Bonds

Financings

Regions closes on $21 million for construction

The healthcare real estate team of Regions Bank closed on a loan for more than $21.7 million at approximately $271,000 for new construction.

The loan will build an 80-unit community located in Los Angeles County.

The borrowers are a joint venture that includes a developer/owner, a partner/operator, and a private exquisite firm.

CIT arranges $34 million for AZ refinancing

New York City-based national bank CIT Group (NYSE: CIT) announced that its healthcare finance business arranged $34 million to refinance a senior housing community in Chandler, Arizona.

The community, called the Enclaves at Chandler, is owned and operated by Denver-based Spectrum Retirement Communities. 

It has 162 units and offers independent living, assisted living, and memory care services.

Ziegler prices Ohio Living bonds at $40 million

Chicago-based investment bank, Ziegler announced the successful pricing of series 2022 bonds for Ohio Living.

Ohio Living operates a dozen senior communities in Ohio including nine life plan communities. The 2022 bonds will be used to refund the series 2013A bonds as well as to pay some of the costs of issuance associated with the financing. 

Several of Ohio Living’s current investors approved the credits, but did not participate in the offering due to tight credit spreads, according to a release from Ziegler.

Greystone gets $30 million for NC active adult complex

New York City-based national commercial real estate finance firm Greystone announced more than $30 million in financing for the construction of The Aspens at Holly Springs in Holly Springs, North Carolina.

The Aspens at Holly Springs by Aspens Senior Living will have 159 active adult units in a complex that will also include an outdoor pool, a lounger and bistro, a wellness center, a fitness center, and a theatre.

Carnegie Capital gets financing for planned assisted living community

Austin Texas-based Carnegie Capital announced it has secured financing for an assisted living community in a secondary market near Charlotte.

In the process, Carnegie paid off all notes and provided the sponsor with a substantial cash out.

The new appraised value was 5% higher than the sponsor’s existing appraised value, which was completed approximately one year ago.