Northland Networks Closes Construction Loan
Northland Networks recently closed a senior housing construction loan for a project in Ormond Beach, Florida (Daytona Beach MSA). RBS Development Group LLC, an experienced assisted living developer in the state of Florida, is building the community to feature 131 units of assisted living and memory care. Northland Networks served as exclusive placement agent for the $28.5 million loan participation, and Meridian Capital Group handled the transaction. This week, Northland also branched out of the seniors housing business to close a first mortgage loan for Sunview Medical Day, an outpatient behavioral health facility managed by Cedar Health in West Palm Beach, Florida. Northland once again... Read More »Ziegler Finances Virginia CCRC Expansion
Ziegler has successfully closed financing for Shenandoah Valley Westminster-Canterbury, (SVWC) a large CCRC in Winchester, Virginia. The financing consists of $71 million Series 2022A and 2022B bonds, for the Virginia-based not-for-profit. Founded in 1982, SVWC serves nearly 400 residents on its 87-acre campus with 218 independent living units (164 apartments and 54 cottages), 48 assisted living units, 12 memory care units and 51 skilled nursing beds.Plans for an independent living expansion project are in place, which will include 48 new units. To fund the expansion, SVWC issued two tranches of draw down bank loans that were purchased by Atlantic Union Bank and Pinnacle Financial Partners... Read More »CA Ventures Partners on Oregon Construction Project
A joint venture between CA Ventures and an institutional equity partner is building a 206-unit senior living community in Beaverton, Oregon (Portland MSA) with construction financing arranged by CBRE National Senior Housing. Anthology of Beaverton will consist of 206 independent living, assisted living and memory care units near the Tanasbourne shopping district, which includes a Whole Foods, Starbucks, REI, and several other shopping and dining locations. Anthology Senior Living, CA Venture’s senior living platform, will operate it upon completion. The transaction also marked the beginning of Anthology’s strategic alliance with Formation Development Group, having contributed to the... Read More »Sunrise Senior Living Second Staten Island Development
Sunrise Senior Living has officially opened its second senior living community on Staten Island. The 120-unit Sunrise of New Drop has 85,000 square feet across four stories and sits on four acres. Providing assisted living and memory care service, it sits adjacent to New Drop High School, with which it plans on creating intergenerational programming to bring high schoolers into the community for volunteering and potential employment. In addition, a celebrity chef will design the menu and manage the dining experience. KBE Building Corporation and PWC Companies built the community, which sits about two miles south of Sunrise’s other community in the borough, Sunrise of Staten... Read More »Creativcap Secures Two Construction Financings
With interest rates rising and inflation not slowing down, the seniors housing construction market is definitely becoming a riskier venture. However, Scott Kavel of Creativcap successfully arranged two construction financings for a couple of clients where the lenders decided to hold the entire exposure on their balance sheets, despite participation interest. These must be high-quality projects in strong markets with “best-in-class” operating partners to justify that confidence level. First, Mr. Kavel arranged a $70 million construction/permanent loan for a to-be-built 157-unit independent/assisted living community in California. Building the community in an opportunity zone, the buyer... Read More »Schedule a demo
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