Solinity’s New Development
Solinity has partnered with the Scott County Economic Development Authority to develop a 100-acre multigenerational, mixed-use community in Scott County, Virginia, called Riverside. The development will feature a range of housing options, including age-restricted housing, such as active adult, independent living, assisted living and memory care units. Additionally, the community will offer non-age-restricted housing, workforce housing, restaurants, retail spaces, a children’s daycare and green spaces. Solinity has selected DKLEVY as the architectural and design firm for the master plan, and Solinity Marketing is the agency responsible for branding and marketing the project. A key... Read More »
Washington D.C. Area Community Secures Construction Financing
BWE arranged financing for The Reserve at Falls Church, a 215-unit senior living community in the West Falls mixed-use neighborhood. Ryan Stoll and Taylor Mokris facilitated the construction financing for this project, which is being financed by a syndication of commercial banks including Live Oak Bank and Huntington Bank. The loan features a five-year initial term with 48 months of interest-only payments. The Reserve will offer independent living, assisted living and memory care across 15 stories. It’s being developed by NexCore Group and its seniors housing operator, Experience Senior Living. NexCore partnered with an affiliate of Nuveen Real Estate to capitalize the project. This marks... Read More »
It Takes a Village to Find Construction Funding
Construction financing is still not easy to find these days, although it is better than one year ago, so it takes a lot of patience and persistence for the developers, advisors and ultimate lenders to get the job done. One project in Dublin, California (Bay Area), called The Whitford is now set to get off the ground with an $80 million financing package provided by Live Oak Bank and Nuveen Green Capital, with Tremper Capital Group facilitating the transaction. The borrower, a joint venture between Harbert Senior Housing Fund II and Harbert South Bay Partners, was looking for non-recourse financing to build a 140-unit, Class-A assisted living/memory care community, which limited the... Read More »
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 »Schedule a demo
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