Active Adult Community Receives Construction Loan
Coastal States Bank closed a $20.0 million construction loan for a joint venture between The Fellowship Family and BLDG Real Estate to fund the ground-up construction of a 91-unit active adult community in Milledgeville, Georgia. The loan, which was closed in coordination with an $11.0 million preferred equity investment from Locust Point Capital, was structured with a five-year term and monthly interest-only payments for the initial 36 months. The community will be the second of the JV’s four planned investments, and will be situated adjacent to its sister community, Fellowship Meriwether, an 83-unit assisted living and memory care community which was built by the JV in 2017. BLDG Real... Read More »
Bond Issuance to Support Seniors Housing Expansion
The Economic Development Corporation of the City of Grand Rapids, Michigan, plans to issue $174.83 million in bonds to finance the expansion of the Beacon Hill at Eastgate seniors housing community. The bonds are payable from the revenues and funds pledged by the Michigan Christian Home Obligated Group. The obligor’s total revenue, gains and other support for the fiscal year ended March 31 was $21.1 million. The underwriter is Ziegler. The proceeds will fund the demolition, construction, furnishing and equipping of new facilities, while also covering other obligations. The expansion will include 101 new independent living units and 40 assisted living units, while also renovating existing... Read More »
Developer Secures Construction Financing
JLL Capital Markets arranged a $47 million construction financing for The Arbella at Blue Hills, a 164-unit, active adult community to be developed in Bloomfield, Connecticut. JLL worked on behalf of the developer, The United Group of Companies, Inc. (United Group) to secure the construction loan through Liberty Bank of Middletown, Connecticut. Opening in 2027, the 10.3-acre site will consist of nine residential buildings offering one-bedroom, two-bedroom, two-bedroom-plus-den, and townhome units, including 19 affordable units. Units will feature open floor plans, nine-foot ceilings, stainless steel appliances, granite countertops, walk-in closets, double-sink vanities, full-size... Read More »Protea Capital Partners Finances Florida Development
JLL Capital Markets assisted a developer, Protea Capital Partners, in arranging $34.5 million in financing for the construction of HarborChase of Beachwalk, a 172-unit seniors housing community in St. John’s, Florida. Multiple bids were generated, and Protea was ultimately able to secure a five-year construction loan with a regional bank on favorable terms. JLL’s Capital Markets team representing the borrower was led by Olga Walsh, Aaron Rosenzweig and Dan Baker. Slated for completion in October 2027, HarborChase of Beachwalk will offer 82 independent living, 66 assisted living and 24 memory care units across multiple three- and four-story buildings. Floor plans will range from studios to... Read More »
Walker & Dunlop Arranges Construction Funding
Walker & Dunlop, Inc. arranged $40.52 million in debt and equity for the construction of The Highlands, a 137-unit affordable development for seniors in Hyattsville, Maryland. PJ McDevitt, managing director of W&D Affordable Debt, arranged the debt, and Macy Kisilinsky, senior managing director of W&D Affordable Equity, arranged the debt placement and equity syndication for the project. The terms were arranged on behalf of Community Housing Initiative, Inc., which is partnering with First Baptist Church of Highland Park (FBCHP) to build the affordable seniors housing project. The Highlands will be financed with an unfunded forward Freddie Mac TEL, including a taxable tail,... Read More »Schedule a demo
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