Cambridge Provides HUD Construction Financing
Cambridge Realty Capital provided $6.5 million in construction financing for a 20-bed memory care addition to The Pointe at Pontiac, an existing 60-bed supportive living facility in Pontiac, Illinois. The borrower is an Illinois limited liability company. The financing is insured by HUD under its Section 241(a) program and will be used to fund the addition and complete improvements to the existing building. The loan has a fixed rate, was non-recourse and was also interest-only. However, the interest rate was not disclosed. Read More »
SNF Portfolio Receives Bridge Financing
MONTICELLOAM, along with firm affiliates, provided $60 million in bridge financing to a five-facility skilled nursing portfolio in Illinois. The two-year loan was originated by Karina Davydov. The returning healthcare client, who operates over a dozen skilled nursing facilities in Illinois, will use the loan proceeds to acquire the portfolio, which has more than 620 licensed beds. Read More »
Not-for-Profits Close Separate Bond Transactions
Ziegler announced the closing of two financings in Pennsylvania and North Carolina on behalf of separate borrowers. First was Messiah Lifeways’ $82.32 million of Series 2026A bonds. Messiah Lifeways is a not-for-profit that owns Messiah Village, a Type C fee-for-service CCRC serving over 700 seniors on an 85-acre campus in Mechanicsburg, Pennsylvania. There are currently 375 independent living units, 88 personal care units, 76 memory care units, 100 skilled nursing beds and 18 skilled nursing/memory support beds. Construction on a second location is set to begin during the first quarter of 2026. Fernecrest will also sit on 85-acres, and is approximately six miles from Messiah... Read More »
Blue Moon/StepStone Finalize Large Recapitalization
Blue Moon Capital Partners completed a large recapitalization of five seniors housing communities that it developed over the years and were the last remaining assets within its fund, Blue Moon Senior Housing I. CBRE National Senior Housing acted as transaction advisor in the recap and arranged acquisition financing for the deal. StepStone Real Estate LP, the real estate arm of the global investment firm StepStone Group Inc. formed a joint venture with Blue Moon to take over ownership of the portfolio. Aron Will and John Sweeny, Co-Heads of CBRE National Senior Housing, acted as advisors on the transaction. Consisting of five Class-A seniors housing communities, the portfolio was... Read More »
Seniors Housing Communities Secure Refinances
Berkadia recently refinanced Allegro Parkland, an independent living, assisted living and memory care community in Parkland, Florida. A joint venture between Harrison Street Asset Management and Allegro Senior Living was the borrower. The community opened in March 2020 (perhaps not the best timing) and features 61 independent living, 88 assisted living and 26 memory care units. Berkadia’s Managing Directors Austin Sacco and Steve Muth, plus newly minted Managing Director Garrett Sacco and AVP – Originations Alec Rosenfeld, secured a five-year loan with a 5.95% interest rate, a 30-year amortization schedule and a 65% loan-to-value ratio. The same Berkadia team, plus Ed Williams and... Read More »Schedule a demo
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