Transactions & Financings: Walker & Dunlop Arrange $16M for AL Communities; $38M Acquisition in Colorado

Financings

Greystone provides $16.8 million for green financing program

Commercial real estate financial company Greystone has provided $16.8 million via a HUD LEAN 232/233(f) green loan to refinance a supportive living facility in Illinois.

The facility, Plum Creek at Rolling Meadows, is a 102-unit facility on 1.46 acres and was constructed in 1986.

The owner will be using the 35-year self-amortizing loan to implement “green” improvements for an estimated 15% energy savings and 10% water savings, totaling an estimated $20,000 per year.

Walker and Dunlop arranges $16 million for Milwaukee assisted living communities

Walker and Dunlop (NYSE: WD) arranged HUD acquisition loans for two Caring Alternatives assisted living properties on July 19.

Caring Alternatives of Muskego, a 34-bed and 30-unit facility, received $7.2 million. Caring Alternatives of Oak Creek, a 52-bed, 45-unit facility, received $8.9 million.

Refinancings

First Citizens Bank provides loan to refinance American House St. Petersburg

First Citizens Bank announced on Aug. 15 that its Healthcare Finance business provided a loan to senior living community American House St. Petersburg.

A press release states the financing was provided to a joint venture between American House, Harrison Street and Prevarian Senior Living.

American House St. Petersburg is a 165-unit senior living facility, with 66 independent living units, 66 assisted living units and 33 memory care units.

Acquisitions

MorningStar of Boulder, adjacent properties acquired by SHI-IV Boulder for $38 million

The senior living community MorningStar of Boulder and its adjacent properties were acquired by private-equity investor SHI-IV Boulder on Aug. 18.

Reporting by BizWest states the acquisition occurred through three transitions totaling $38 million.

The article states MorningStar of Boulder was built in 2014 and had 46 assisted living suites and 44 memory care suites.

Affiliation

FellowshipLIFE announces affiliation with Pines Village

FellowshipLIFE, a senior living and aging services provider in New Jersey, announced it has completed the affiliation process with life plan community Pines Village.

The affiliation will allow FellowshipLIFE to serve more residents in New Jersey and enhances the services and operations for Pines Village.

Under the terms of the new agreement, FellowshipLIFE now serves as the parent company for Pines Village. FellowhsipLIFE’s other communities include Fellowship Village in Basking Ridge, Friends Village in Woodtown and Riverwalk Village at The House of the Good Shepherd in Hackettstown.