Shunning any summer doldrums, BMO Harris Bank’s Healthcare Real Estate Finance group announced two loan closings in the last week, on the back of a $200 million facility it closed on behalf of Kayne Anderson Real Estate Advisors and Watermark Retirement Communities earlier this month. First, in Hugo, Minnesota, the group acted as sole lender in arranging an $18 million term loan to refinance a 100-unit senior living community. Keystone Senior, LLC, an owner/operator of communities across seven states, was the borrower.
The group then worked on behalf of TH Real Estate (an affiliate of Nuveen, the investment management arm of TIAA) and LCS to fund their acquisition of a large CCRC in Evans, Georgia. It again acted as sole lender for a $28 million term facility for the partnership. The property, which will be managed by LCS going forward, features 253 independent living units, including 72 cottages, 40 personal care units, 25 assisted living units and 65 skilled nursing beds. The seller, University Health Care System, originally developed the 106-acre campus in 1990.
