DMK Development Group Divests to Town Lane
DMK Development Group has had a busy summer with two divestments and several developments. After divesting a four-asset seniors housing portfolio in Kentucky to American Healthcare REIT for $65.3 million, or $206,600 per unit, in July, DMK sold a 167-unit seniors housing community in Venice, Florida. The buyer was New York-based real estate investment manager Town Lane. The company assumed a $25.71 million mortgage on the property in the off-market transaction. Atlas Senior Living will continue to operate the community. Developed by DMK in 2023, The Goldton at Venice was highly occupied at the time of sale. The community offers a full continuum of care, including 114 independent... Read More »
HUD Provides Construction Financing for Seniors Housing Development
CBRE National Senior Housing originated construction debt from HUD for a seniors housing development in Rancho Cucamonga, California. The project, Rancho Cucamonga Memory Care, is being built by a joint venture between Flatiron Development Group, Spring Capital Group and Anthem Memory Care. Upon completion, it will feature 64 units (72 beds) in a single-story, H-shaped building design. Resident units will make up the north and south wings, while the central portion will house the main entrance, commercial kitchen, laundry facilities, administrative offices, and communal living and dining spaces. CBRE National Senior Housing’s Debt & Structured Finance Team, led by Aron Will,... Read More »
Affordable Seniors Project Secures Construction Financing
KeyBank Community Development Lending and Investment provided a $13 million construction loan to finance the construction of Hawthorne Heights, an 86-unit affordable seniors housing project in Gainesville, Florida. KeyBank Commercial Mortgage Group (CMG) also arranged a $6.53 million Freddie Mac permanent loan for the project. Hawthorne Heights will serve seniors aged 62 and up with five apartment homes specifically set aside for individuals with special needs. The five-story building will be constructed on a 2.9-acre site. The development will set aside three apartments for households earning 22% of the area median income, nine apartments for households earning 40% or below the AMI and 74... Read More »
Lument Finalizes Freddie Mac Construction Loan
Lument announced the closing of a $33.6 million Freddie Mac loan to facilitate the construction of The Culbreath, a 364-unit affordable seniors housing community in Dallas, on behalf of DHA Housing Solutions of North Texas (DHA) and Volunteers of American National Services (VOANS). To finance the new construction project, which has a total cost of $96.7 million, Lument Securities provided bond underwriting services for $45.6 million in tax-exempt cash collateralized bonds while Lument Real Estate Capital structured the $33.6 million Freddie Mac tax-exempt loan to serve as permanent financing. Senior Managing Director Tracy Peters and Director Dale Giffey led the transaction for Lument.... Read More »
Wisconsin IL/AL/MC Development Secures C-PACE Financing
Nuveen Green Capital partnered with repeat sponsor, North Town Partners, to provide $10.6 million in C-PACE financing as part of the $55 million project cost for a planned seniors housing community in Sheboygan, Wisconsin. C-PACE will be utilized to fund key energy and water efficiency measures. By leveraging C-PACE’s accretive capital, North Town Partners was able to fill a gap in its capital stack, lowering its overall project costs. The project is being jointly developed by DMK Development Group, North Town Partners and Charter Senior Living. Charter Senior Living Sheboygan will comprise 182 independent living, assisted living and memory care units. The community will stand three... Read More »Schedule a demo
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