Westminster Secures Bond Financing
Ziegler announced the closing of Westminster’s $83.94 million Series 2025 bonds issued through the New Hope Cultural Education Facilities Finance Corporation. Westminster is a Texas-based not-for-profit organization that owns Westminster, a CCRC in Austin. The CCRC sits on nine acres and includes 367 independent living, 36 assisted living and 38 memory care units as well as 85 skilled nursing beds. Life Care Services has provided management services to the community since 1981. Proceeds of the Series 2025 bonds will be used, together with other available funds, to finance the costs of campus improvements (the Phase IV project), refinance the outstanding Series 2016 bonds and pay the costs... Read More »
Berkadia’s Recent Activity
Berkadia Seniors Housing & Healthcare handled two separate transactions in Michigan and Tennessee. First, Berkadia sold and secured financing for Clinton Creek Assisted Living and Memory Care. The community is in the Detroit MSA and was 90% occupied at closing. It was financed with a bridge-to-HUD loan, representing 67% of the purchase price. Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers handled the sale, while Jay Healy and Andrew Lanzaro completed the financing. Next, Fasano, Sanders, Tremper and Garbers were brought on to facilitate the sale of a 16-property seniors housing portfolio. The portfolio comprises over 1,200 units across nine states. The final asset in... Read More »
Minnesota Community Secures HUD Refinance
Sam Butler of the Fort Worth office of Colliers Mortgage closed a $24 million HUD loan for the refinance of The Pillars of Mankato in Mankato, Minnesota. Built in 2019, the community features 118 units across 146,138 square feet on 3.9 acres. There are 98 independent and assisted living units plus 20 memory care units. According to LevinPro LTC, The Pillars of Mankato was acquired at the end of 2023 by Tunbridge Peak LLC, an out-of-state real estate investment firm affiliated with Peak Capital Partners, that partnered with the in-place operator to manage the community. Jason Punzel, Jake Anderson, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the 2023... Read More »
Joint Venture Acquires Class-A Seniors Housing Asset in Texas
CBRE National Senior Housing acted as the exclusive advisor on the sale of a Class-A seniors housing community in the Houston, Texas MSA. Built in 2012, the community comprises 207 units offering independent living, assisted living and memory care services. CBRE National Senior Housing also arranged acquisition financing for the community on behalf of a joint venture between a national operator and an institutional equity partner. John Sweeny, Senior Vice President and Co-Head of CBRE National Senior Housing, and Aron Will, Vice Chairman and Co-Head of CBRE National Senior Housing, represented the seller in this transaction. The sales price is undisclosed. Will and Tim Root of CBRE... Read More »
AEC Living Secures Financing
Helios Healthcare Advisors structured the recapitalization of a 300-bed assisted living and skilled nursing portfolio in the San Francisco MSA. Facing a pending maturity with its existing lender, the borrower (AEC Living) engaged Helios to structure a refinance across two owned/operated assisted living communities and one skilled nursing property that was subject to a triple-net lease with a large public health district. All assets were geographically clustered and located in very high-income markets in the Bay Area. Helios secured a financing solution through a family office that sponsored a commercial real estate debt-fund. The total loan amount was $12 million and closing occurred... Read More »Schedule a demo
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