Ziegler Helps Finance Pennsylvania CCRC’s Expansion
Ziegler closed nearly $40 million in financing for a not-for-profit CCRC client in Palmyra, Pennsylvania, securing both institutional investor and bank support for the transaction. After originally opening the community in 1979, Lebanon Valley Brethren Home, dba Londonderry Village, is planning on expanding on a portfolio of a 40-acre tract of farmland it already owned south of the campus. It currently features 374 independent living units, 38 personal care/assisted living units and 88 skilled nursing beds, but the project would add 35 new IL units in 11 cottages/townhouses and two 12-unit buildings. There would also be a sales office and clubhouse added to the site. To fund the... Read More »
ORIX Corporation USA Makes Preferred Equity Investment
A joint venture is developing a seniors housing community in Texas thanks to a preferred equity investment completed by ORIX Corporation USA’s Municipal and Infrastructure Finance business, led by Rob Wetzler. The actual investment amount was not disclosed, but it will help fund the construction and start-up costs of a 103-unit seniors housing community in Aledo (Fort Worth area). Civitas Senior Living, a developer, owner and operator of over 40 communities across the southern United States, and Journey Capital, a Dallas-based asset manager focused on seniors housing development and acquisitions, are responsible for the project. This will be Journey’s seventh... Read More »
Northland Networks Funds Louisville-Area Construction Project
Northland Networks announced that it provided construction debt for a seniors housing project in an Indiana suburb of Louisville, Kentucky. We learned a couple of weeks ago of Monarch Advisors’ involvement in the deal, with Alec Blanc sourcing the loan. Denton Floyd Real Estate Group is responsible for developing the community, which is one of several senior living projects it has planned in the Louisville area. This community will feature 115 assisted living and 16 memory care units, all private pay. Rents are expected to range from $3,970 per month for one-bedroom units, $5,000 per month for two-bedroom units, and $5,138 per month for memory care. Vitality Senior Services, an... Read More »
Monarch Advisors Finances Indiana Senior Living Development
Alec Blanc of Monarch Advisors, the capital advisory affiliate of Senior Living Investment Brokerage, has closed construction financing for the development of a 130-unit senior living community in Jeffersonville, Indiana (Louisville MSA). Denton Floyd Real Estate Group broke ground on the project in December and has brought on Vitality Senior Services to manage it upon completion. They will provide a mix of independent living, assisted living and memory care services for only private-pay residents. Rents are expected to range from $3,970 per month for one-bedroom units, $5,000 per month for two-bedroom units, and $5,138 per month for memory... Read More »
KeyBank Arranges Development Financing For Pennsylvania Property
A new affordable senior apartment community in Canonsburg, Pennsylvania is going ahead thanks to a couple of financing options arranged and provided by KeyBank Community Development Lending. MVAH Partners, LLC, the project’s developer, will both convert a vacant former elementary school and add to the building at an estimated cost of $14.8 million. By the spring of 2022, there will be 42 units of low-income seniors housing and eight market-rate units. Blueprints, a not-for-profit organization focused on services for low-income seniors, is partnering with MVAH on the project. To fund it, KeyBank provided an $11 million construction loan and arranged $12 million of 9% LIHTC... Read More »