Oakmont Senior Living growing
Already with a $150 million Freddie Mac Revolving Credit Facility provided to them in December 2013 to support their robust development pipeline, Oakmont Senior Living obtained an additional $23.5 million tranche with the help of Greystone. The financing enabled Oakmont to take out its construction loan on its newly constructed 71-unit assisted living/memory care community (with 45 AL units and 26 MC units) in Carmichael, California. Just nine months out from the community’s opening, the property was already 96% occupied at closing, which is impressive considering the recent declines in overall AL occupancy. Oakmont received low floating rate, non-recourse debt with an interest-only... Read More »High-end in Hawaii
The master planned, pedestrian-oriented city of Kapolei, near Honolulu, Hawaii, will soon see the opening of a luxury senior living community. Developed by Carlsbad, California-based Kisco Senior Living, ‘Ilima at Leihano will feature 84 units of independent living, assisted living and memory care on 3.8 acres of the 40-acre that Kisco purchased to develop a mixed-use community called Leihano. The Leihano project has been in the works since before the Great Recession, with the company closing on the land only in the last four years, including selling two parcels to First Hawaiian Bank and home furnishings company C.S. Wo & Sons. Monthly rents at the senior living community will... Read More »RED funds Avanti’s growth
Avanti Senior Living, which is developing five senior living communities in the Southeast (three in Texas and two in Louisiana) turned to RED Capital Partners to help fuel its construction pipeline, receiving a second $13.8 million balance sheet construction loan to build a 90-unit assisted living/memory care community in Flower Mound, Texas. The community will feature 50 units of assisted living and 40 units devoted to memory care, and represents Avanti’s third project to break ground under its joint venture with an affiliate of real estate fund manager, Iron Point Partners. Last December, RED also arranged a $13.5 million balance sheet construction loan for Avanti to construct a 90-unit... Read More »High-quality property opening in high-income area
One of the wealthiest neighborhoods in the country will soon open its first seniors housing community. River Oaks (in Houston, Texas), the most affluent community in the state of Texas, and among the top ten in the United States, with real estate values ranging from $1 million to over $20 million, is the home to The Village of River Oaks, a 195-unit independent living/assisted living/memory care community to be built by a joint venture between Bridgewood Property Company and Harrison Street Real Estate Capital. The property, featuring 99 IL, 68 AL and 28 MC units, will be managed by an affiliate of Bridgewood, Retirement Center Management, which manages senior living communities in Texas... Read More »Lancaster Pollard closes 21 deals
Lancaster Pollard had a busy month in May, closing 21 seniors housing financing transactions totaling over $136 million. Most of the loans were through HUD, including four refinances for skilled nursing facilities in Georgia and Florida, two FHA 232/241(a) expansion projects for skilled nursing facilities in the Midwest, and a $23.5 million new construction loan through HUD for an assisted living/memory care community in Virginia. Five of the transactions were for note modifications of existing HUD loans, while six were either refinances or rehabilitation loans for affordable seniors housing properties. LP facilitated one term loan placement of $7.4 million for the construction of a... Read More »Schedule a demo
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