Presbyterian Senior Living (PSL) and Springwood Real Estate Services recently held a ground breaking ceremony for Westminster Place at Stewartstown. Westminster Place at Stewartstown is a $16.2 million dollar, 96-apartment affordable housing community that will offer 71 one bedroom and 25 two bedroom apartments to seniors 55 and over. The project was designed by Murphy […]
Category: Finance & Development
Ventas, Inc. (NYSE: VTR) announced last week that it closed on a commitment for $50 million of additional credit capacity under its Revolving Credit Facilities to mature in 2012. The additional commitment comes from a financial institution that will join Ventas’s bank group as a new lender. Upon closing of the additional commitment, the Ventas’s […]
NorthStar Realty Finance Corp. (NYSE: NRF) said it has completed the sale of 18 assisted living facilities containing approximately 1,300 beds located in North Carolina to a private investor group for $95 million. The company said it expects the sale to generate approximately $36 million of cash proceeds to NorthStar after transaction costs and repayment […]
Cambridge Realty Capital Companies recently announced that it has provided a $13.4 million FHA-insured “Lean” first mortgage loan to refinance Astoria Nursing and Rehab Center, a 218-bed skilled nursing home facility in Sylmar, California. The transaction was coordinated by National Origination Manager Hymie Barber of Catalyst/Cambridge Healthcare Finance, the company’s West Coast affiliate. It was […]
Freddie Mac (NYSE: FRE) recently purchased a $46.8 million loan from PNC ARCS allowing an affiliate of Lazard Senior Housing Partners to refinance the Atria Rye Brook independent living senior housing community in Westchester County N.Y. The Atria Rye Brook is a 168-unit seniors living facility with studio, one- and two-bedroom garden style apartments and […]
Brookdale Senior Living Inc. (NYSE: BKD) (the "Company") announced that it has completed the acquisition of three retirement center communities that it had previously managed. The aggregate purchase price for the communities was $102 million plus customary transaction expenses. Brookdale had previously owned a minority, though non-financial, interest in the communities, whose financial results were […]
Capital Funding Group (CFG), a healthcare commercial lender based in Baltimore, announced that it completed a refinancing of six assisted living facilities in Virginia and Maryland totaling over $80 million of existing debt through the Federal Housing Administration Section 232 program. Interest rates for the six facilities were between 4.75% and 4.78%, with loan amounts […]
Senior Quality Lifestyles Corporation (SQLC), a Texas-based nonprofit developer of senior living communities, announced last month that financing has been completed for The Stayton at Museum Way. The financing was completed through the sale of $164,855,000 in revenue bonds and Ziegler Capital Markets served as bond underwriter for the transaction. Construction is underway on the […]
CPC Resources, Inc. and Rockland Housing Action Coalition recently celebrated the grand opening of the Spring Valley Senior Apartments which is part of the a comprehensive urban renewal plan to revitalize downtown Spring Valley. The $18 million project, which was co-developed by CPC Resources and Rockland Housing Action Coalition, features 53 rental apartments affordable to […]
Care Investment Trust Inc. (NYSE: CRE) (“Care” or the “Company”) announced last week that its Board of Directors (the “Board”) has approved a Plan of Liquidation (the “Plan”) for the Company. The Plan is subject to approval by Care’s stockholders holding a majority of the Company’s outstanding shares of common stock. Care Investment Trust Inc. […]
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