Financings

CFG closes on $185M construction loan for Erickson

Capital Funding Group (CFG) announced on Sept. 4 that it closed on a $185 million construction loan on behalf of Erickson Senior Living.

According to a press release, the financing will support the first phase of construction for The Grandview, a continuing care retirement community currently under development. The first phase of the project features two 14-story buildings consisting of 501 independent living units.

Upon completion, the campus will include seven buildings consisting of 1,185 independent living units and 214 assisted living and memory care units, with multiple on-site restaurants, a fitness center, a swimming pool salon, art studio and multiple activity rooms and outdoor terraces, the release states.

Ally provides $115M bridge loan

Ally Bank has provided a $115 million bridge loan to support Chicago Pacific Founders and Grand Park Capital following renovations on a four-asset portfolio.

According to Commercial Observer, the portfolio contains properties in Alabama, Tennessee, Oklahoma and Michigan.

JLL Capital Markets arranged the financing.

Transactions

Blueprint sells Michigan nonprofit CCRC

Blueprint announced it was selected by faith-based nonprofit Samaritas to sell its continuing care retirement community in Grand Rapids, Michigan.

The campus was originally built in 1975 and saw renovations and additions occur between 2013 and 2015, according to a press release.

The release states Optalis Healthcare was selected as the buyer following the marketing campaign.

SLIB facilitates sale of 120-bed New York community

Senior Living Investment Brokerage facilitated the sale of a 120-bed assisted living program community in upstate New York.

According to a press release, the community consists of 60 units and was built in 1999.

The release states the seller is a non-profit organization and senior community operator looking to scale back on its senior housing presence, and the buyer is a private owner with a focus on communities in New York that are licensed for assisted living programs.

Blueprint sells 60-unit community to REIT

Blueprint announced it sold a 60-unit community in Florida as part of a 16-community portfolio on Aug. 29.

According to a press release, the community has “a history of strong performance and significant upside potential” due to its location.

The property was awarded to a national real estate investment platform specializing in 1031 exchanges, and a regional operator in Florida will take over management of the community.

Blueprint surpasses $1B in sales volume following Texas sale

Blueprint sold an assisted living and memory care community in McKinney, Texas on Sept. 3, allowing the company to surpass $1 billion in sales volume in Texas.

According to a press release, the community was built in 1993 and had a 98% occupancy rate when it was marketed.

The community was sold to a “newly launched privately traded real estate investment trust that focuses on seniors housing investments,” the release states.