Greystone Refinances Washington Oakes
Greystone has arranged a refinance for Washington Oakes, a 152-unit seniors housing property in Everett, Washington, a northern suburb of Seattle. A life insurance company provided the $15 million nonrecourse, fixed-rate loan, which carries a seven-year term, 30-year amortization and 60 percent loan-to-value ratio. In addition to refinancing existing debt, loan proceeds enable the borrower to monetize a portion of its equity in the property and continue with ongoing maintenance. Tyler Armstrong of Greystone originated the transaction on behalf of Lytle Enterprises LLC. Operated by Leisure Care LLC, Washington Oakes features studio, one-, two- and three-bedroom units and offers independent... Read More »
Colliers Mortgage Arranges HUD Refinance
Colliers Mortgage provided a $25.2 million HUD loan to The Winslow in West St. Paul, Minnesota. Opened in 2020 with the help of a construction loan provided by Colliers in 2018, the 172-unit affordable seniors housing community rises four stories. Units are restricted to persons age 62 and above and who earn up to 60 percent of the area median income. WSP Senior Housing I LLLP was the borrower, obtaining a fixed-rate loan that is fully amortized over 35 years. Read More »
VIUM Capital and Merchants Capital Announce Mid-Year HUD Volume
In the first six months of HUD’s fiscal year 2022, VIUM Capital, through its joint venture with Merchants Capital, announced a healthy level of activity, closing 26 LEAN loans totaling approximately $295.8 million. That leads all other lenders in both number of closed transactions and total volume for the period from October 1, 2021 to March 31, 2022. The loans were closed under Merchants Capital, since VIUM did not officially close on its acquisition of HUD/GNMA lender Armstrong Mortgage Company until the end of 2021. Newpoint Real Estate Capital took second place, with $238 million of initial endorsements across 15 transactions representing 3,147 beds/units. Across the 26... Read More »
CIBC Closes Construction Loan for North Carolina Project
CIBC Bank USA secured construction financing for an affiliate of Bourne Financial Group to build a 240-unit independent living community in North Carolina. Set to open later this year, Symphony Park is described as a “luxury resort for seniors,” and the amenity list shows it. There will be indoor and outdoor restaurants, lounges and a sports pub, gardens, a pool, culinary and music centers, pickleball courts, bocce ball courts and a dog park. There will also be a spa, salon and barbershop, among other amenities. The first phase will include the initial 240 units, and 80 more units will open in a second phase. Altogether, construction costs have been estimated to be $90 million, or $280,000... Read More »