Cross River Bank Closings SNF Acquisition Financing
Cross River Bank’s Health Care team arranged acquisition financing for two skilled nursing facilities in the Tampa, Florida area. Totaling 240 beds, the facilities were built in the late-1980s and 2000s. Occupancy topped 90% at both locations. To fund the acquisition of the facilities plus transaction costs, Cross River arranged a $39.6 million term loan and a $4.0 million revolver. The bridge-to-HUD loan came with a three-year term. Raina Yoo served as Loan Officer for the transaction. Read More »
Walker & Dunlop Secures HUD Refinances
The Walker & Dunlop team arranged two HUD loans for assisted living communities in the Pacific Northwest. First, Battle Creek Memory Care in Salem, Oregon, received a $16.674 million loan with a fixed rate and a 35-year, fully amortizing term. Onelife Investments was the borrower. Then, Northwest Care Senior Living obtained a non-recourse $10.615 million HUD loan to refinance Liberty Shores Senior Living in Poulsbo, Washington. The community offers independent living, assisted living and memory care services. W&D arranged this loan as an Express Lane transaction, securing a HUD firm commitment in less than one week from submission. The new loan proceeds were used to refinance... Read More »
Active Adult Community Receives Construction Loan
Coastal States Bank closed a $20.0 million construction loan for a joint venture between The Fellowship Family and BLDG Real Estate to fund the ground-up construction of a 91-unit active adult community in Milledgeville, Georgia. The loan, which was closed in coordination with an $11.0 million preferred equity investment from Locust Point Capital, was structured with a five-year term and monthly interest-only payments for the initial 36 months. The community will be the second of the JV’s four planned investments, and will be situated adjacent to its sister community, Fellowship Meriwether, an 83-unit assisted living and memory care community which was built by the JV in 2017. BLDG Real... Read More »
Bond Issuance to Support Seniors Housing Expansion
The Economic Development Corporation of the City of Grand Rapids, Michigan, plans to issue $174.83 million in bonds to finance the expansion of the Beacon Hill at Eastgate seniors housing community. The bonds are payable from the revenues and funds pledged by the Michigan Christian Home Obligated Group. The obligor’s total revenue, gains and other support for the fiscal year ended March 31 was $21.1 million. The underwriter is Ziegler. The proceeds will fund the demolition, construction, furnishing and equipping of new facilities, while also covering other obligations. The expansion will include 101 new independent living units and 40 assisted living units, while also renovating existing... Read More »
Class-A Community Gets Acquisition Financing
JLL Capital Markets sold and financed The Reserve at North Dallas, a Class-A seniors housing community in Dallas, Texas. Located on a seven-acre site, the community was built in 2000 and offers 247 independent living and 26 assisted living units, primarily in one- and two-bedroom configurations. Arrowmark Partners provided an acquisition loan with a three-year term and two 12-month extension options to the buyer, Unbridled Living. JLL’s Seniors Housing Capital Markets team representing the seller was led by Jay Wagner, Rick Swartz, Aaron Rosenzweig, Jim Dooley and Dan Baker. JLL’s Seniors Housing Debt Advisory team was led by Allison Holland. The building was well-maintained thanks to the... Read More »Schedule a demo
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