Joint Venture Secures Construction Financing
Live Oak Bank announced a couple of construction loans closed on behalf of seniors housing borrowers. First, in December, Live Oak Bank provided a $40 million senior loan in partnership with a $39.6 million CPACE loan provided by Nuveen Green Capital for a joint venture between Harbert Senior Housing Fund II and Harbert South Bay Partners. The loan provides financing for the ground-up construction of a 140-unit Class A assisted living and memory care community in California and features a five-year term with 42 months of interest-only payments. We also learned that Live Oak Bank led, jointly arranged with Huntington National Bank, and closed a construction loan for a joint venture... Read More »
EBSC Lending Funds Los Angeles Development
EBSC Lending has secured funding for a high-quality seniors housing community under development in Los Angeles. Brian Stark, manager of information technology at EBSC, led the transaction. The community obtained $31.2 million in construction financing The development will feature a new 172,163-square-foot community owned and operated by a senior living provider in the Southeast, with a primary focus on Florida. The community will offer a total of 198 independent living, assisted living and memory care units in three buildings spread over a 7.8-acre campus. It will also feature restaurant-style dining, boutique hotel décor, and a variety of luxury amenities. Based in Irvine, California,... Read More »
Texas Gets New IL Community
The McFarlin Group just broke ground on its newest active adult community in Dallas, Texas, The Blake at Bent Tree. Featuring 200 units, the community is McFarlin’s 17th development in Dallas, and the company is based in the city, as well. The Blake was developed as an active adult community but offers a future buyer the ability to convert it to full-service independent living, if they choose. It will offer food, programming and laundry services, as well as amenities such as an outdoor BBQ and entertainment area, a golf simulator, outdoor pool with hot tub, pickleball court and professional concierge services, among others. Greystar will operate it under the Elate brand. Berkadia announced... Read More »
Ziegler Prices Bonds for North Carolina CCRC
Ziegler announced the pricing of Carolina Meadows, Inc.’s Series 2024 bonds. Carolina Meadows is a North Carolina not-for-profit that was incorporated in 1983 to develop, own and manage a CCRC in Chatham County, North Carolina, just south of Chapel Hill. The community comprises 476 independent living units, 78 assisted living units (with 95 beds in operation) and 79 skilled nursing units (with 86 beds in operation). It is the 20th largest not-for-profit single-site CCRC in the United States, according to the 2023 LeadingAge-Ziegler 200. Carolina Meadows plans to develop, own and operate a replacement skilled nursing facility that will total approximately 122,000 square feet. The... Read More »
AOG’s Foray into The Active Adult Sphere
A few years ago, we were preparing for an influx of multifamily developers and investors to flood into the seniors housing space, particularly in active adult, which was seen as an attractive add-on to their traditional multifamily portfolios with favorable demographic trends, higher (and more consistent) rents, good occupancy rates and longer lengths of stay. Active adult may have also acted as a gateway to other seniors housing sectors like independent living and assisted living for these investors. Then, interest rates rose above average active adult cap rate between 4% and 5%, and development became more difficult, not to mention expensive. But as we (and others) have noted, the... Read More »Schedule a demo
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