Not-for-Profit to Expand Its California CCRC
Ziegler announced the closing of Odd Fellows Home of California’s $101.7 million Series 2026AB bonds through the California Statewide Communities Development Authority. This financing marks Ziegler’s first with Odd Fellows Home of California. Odd Fellows Home of California, a California not-for-profit public benefit corporation, owns/operates two senior living communities that provide residential living, assisted living and skilled nursing. One community is in Saratoga, California, doing business as Saratoga Retirement Community (SRC), and the other community is in Napa, California, doing business as The Meadows of Napa Valley (The Meadows). The borrower has been operating its... Read More »
Joint Venture Secures Refinance for Full-Continuum Community
CBRE National Senior Housing refinanced Harvard Square by Cogir, a full-continuum seniors housing community in Colorado owned by funds managed by affiliates of Fortress Investment Group and operated by Cogir Senior Living. Built in 1982 and significantly renovated several times over the last 10 years, the community has 41 independent living, 144 assisted living and 40 memory care units on a 6.5-acre site. It is set about eight miles southeast of downtown Denver. Aron Will and Adam Mincberg of CBRE National Senior Housing arranged the financing through a national debt fund, originating a three-year, floating-rate loan. The transaction represents the third successful financing of the... Read More »
Class-A AL/MC Communities Trade on Long Island
BWE Investment Sales’ Seniors Housing Team announced its involvement in the sale of Village Green Senior Living and Village Walk Senior Living, both in high barrier-to-entry locations on Long Island. BWE represented the seller, The D&F Development Group, in the disposition of the Class-A assets, which had the goal of building, leasing up and selling the communities. The buyer was a joint venture between Atria Senior Living, Fundamental Advisors and Scribner Capital. Built in 2020, Village Green is in Levittown and offers 57 units of assisted living and 46 units of memory care across three levels. Village Walk is in Patchogue and was completed in 2018. It totals 146 beds,... Read More »
Multiple Senior Care Acquisition Financings Close
M&A transactions are getting done at a near-historic pace, and CIBC Bank USA recently financed three deals. The largest was $43.3 million in acquisition financing for two senior care assets in the Nashville area of Tennessee. The properties include a combined 310 independent living units, 273 skilled nursing beds and 93 assisted living/memory care units. Both buildings have an effective age of 35 years and reported an average occupancy rate of 75%. The financing was handled by Matthew Tyler and Neal Netzel with CIBC. Next, the same pair closed a new $5.7 million commercial mortgage term loan for a regional operator’s acquisition of a 114-bed senior care facility in North Carolina.... Read More »
Lument Closes Freddie Mac Refinance
Lument closed a $26.8 million Freddie Mac refinance for Treeo South Ogden, a 143-unit independent living community in Ogden, Utah, approximately 30 miles north of Salt Lake City. Tyler Armstrong, Chris Cain and Taylor Russ, all managing directors with Lument, led the transaction. Treeo South Ogden was purpose-built in 2015, and has been owned and operated by Seattle-based Leisure Care. After being presented multiple options, the borrower obtained low, fixed-rate, long-term debt from Freddie Mac that funds a capex plan, extends the loan maturity and right sizes the capital stack. The loan took out bank debt and provides cash-out proceeds for future development. It has a 10-year term, five... Read More »Schedule a demo
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