Carnegie Capital Secures Bank Loan for Assisted Living Project
A construction project that was set to break ground in early 2020 is finally getting off the ground thanks to a bank loan arranged by JD Stettin of Carnegie Capital. Set in the Dallas-Fort Worth metro area, the cottage-style community will feature 48 assisted living and 16 memory care units. It is the second ground-up construction project for the undisclosed sponsor. To finance the development, Mr. Stettin arranged a $9 million loan from a North Texas regional bank with a five-year term and two years of interest only. That comes to 65% loan-to-cost and under 50% loan-to-value, putting the construction cost at $215,000 per unit, which was fixed with the general contractor. Seven banks and... Read More »
Welltower and Sparrow Partners Team Up on Active Adult
Sparrow Partners and Welltower will open a 193-unit active adult community in the Dallas-area suburb of Sachse this fall. Part of The Station, a $500 million mixed-use community developed by PMB Capital Investments, Amberlin at the Station will feature resort-style amenities and a daily schedule of free activities. There will be one- and-two-bedroom apartments ranging in size from 615 square feet to 1,285 square feet with private terraces or fenced-in backyards. Rents range from $1,400 to $2,500 per month. Amberlin at the Station will be the third active adult community that Austin-based Sparrow Partners will build and develop in in the Dallas-Fort Worth area. Founded in 2017, the company... Read More »
Who Says New Construction Is Dead?
We all have heard how construction costs have soared, rendering some new developments to be too expensive, at least for now. They just won’t pencil out at current cost levels, and you can only push unit rates just so far. Bucking this trend is Carlson Management, a California-based provider and developer. The company has developed five ground-up seniors housing communities to date, totaling 518 units in California, and has four other communities under construction or pre-construction with another 368 units. It also purchased two small communities in 2018. To help continue with its growth, Carlson launched an equity joint venture with RSF Partners to pursue its growth objectives. To kick... Read More »
Ziegler Facilitates Campus Expansion in Wisconsin
Ziegler closed bond financing for Cedar Crest, Inc. to expand its 274-unit CCRC campus in Janesville, Wisconsin, and to refund outstanding debt. The financing is comprised of $57.46 million of Series 2022A fixed rate revenue bonds issued through the Wisconsin Health and Educational Facilities Authority and $30 million of bank debt directly purchased by BMO Harris Bank. Proceeds of the debt will pay off the outstanding Series 2013 bonds and also fund a debt service reserve fund, fund interest on the bonds and pay certain costs of issuance. The expansion project will add a new 24-unit independent living building and a replacement 76-unit assisted living building on the campus. In addition,... Read More »