Constructing in Chicagoland
Aron Will of CBRE National Senior Housing arranged a pair of construction loans on behalf of a joint venture between Pathway Senior Living and Virtus Real Estate Capital to build two senior living communities. First, the joint venture will build a $34.4 million community in Westmont, Illinois with 75 assisted living units and 34 memory care units to be financed with a $24.075 million loan. And second is a $26.2 million project with 120 assisted living units in Lake Zurich, Illinois funded by $18.313 million in construction financing. Both floating rate loans feature four-year terms with 36 months of interest only and were placed with a regional bank. Pathway will manage the two properties... Read More »Contemporary funds pair of acquisitions
In the last couple of months, Contemporary Healthcare Capital closed a couple of loans totaling $8.5 million. First, the lender provided a $1.5 million senior mortgage loan to a Colorado-based seniors housing and long-term care operator for the acquisition of a 103-bed skilled nursing/assisted living facility in Elkhart, Kansas. Second, Contemporary provided a $7.0 million mezzanine loan to a New York-based long-term care operator to acquire a 302-bed skilled nursing facility, with a dialysis center, in Flushing Queens. Both financings helped fund the acquisitions and closing costs, as well as working capital for the facilities. Read More »HUD Rankings
So another fiscal year goes for HUD, and once again, Lancaster Pollard topped the list as the most prolific lender in the LEAN program. In 12 months ending September 30, 2015, both number of loans (291) and total dollar volume ($2.7 billion) fell off from 2014’s total of 484 loans and $4.2 billion of dollar volume. In turn, Lancaster Pollard’s total dropped as well. The Columbus, Ohio-based firm closed 65 loans totaling $531 million, or 22.3% of the total loans and 19.7% of the total loan amount, compared to 88 loans and $718 million of dollar volume in 2014. The next largest lender closed 22 loans and $264 million of dollar volume, a steep drop off. Lancaster Pollard has actually been the... Read More »Independent living price continues decline
The average price per unit paid for independent living communities fell to a level not seen since the four quarters ending Q3:13. In the four-quarter period ending September 30, 2015, buyers paid on average $188,200 per unit for independent living. That is a 24% decline from the heights of the calendar year 2014, when the average price paid was $246,800 per unit. In fact, every four-quarter period since then has fallen from that mark. This sharp drop off may be explained by a decline in both portfolio sales, which typically sell for a premium, and in high quality properties, which was the biggest driver behind the 2014 record. Read More »Schedule a demo
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