Cushman & Wakefield/Greystone JV Announces Latest Refinance
Cushman & Wakefield and Greystone jointly announced the successful refinance of Kōz on Weaver Road, a 100-unit seniors housing community in Snohomish, Washington. Kōz Development, LLC developed the community in 2020 to feature 40 studios, 40 one-bedroom and 20 two-bedroom units in five stories. There are also common spaces on each floor and 130 on-site parking spaces. Cushman & Wakefield served as the exclusive advisor to an affiliate of Kōz Development in arranging approximately $14 million of Fannie Mae financing, which was provided by Greystone. The C&W Equity, Debt & Structured Finance team consisting of Dave Karson, Chris Moyer, Paul Roeter and John Spreitzer... Read More »
New IL Community Funded by Ziegler
Investment banking firm Ziegler just closed a $31.96 million tax-exempt financing on behalf of EveryAge (formerly United Church Homes and Services), which is a North Carolina-based not-for-profit that consists of three retirement communities and other programs. The funds will be used to construct BellaAge Hickory, located in downtown Hickory, North Carolina, which is 15 miles from EveryAge’s Abernathy Laurels, a CCRC. BellaAge will have 95 units consisting of one- and two-bedroom units with monthly rents ranging from $2,043 to $3,632. These units will be considered “affordable” and will fill a void in the local market. There are limited services and the community does not appear to offer... Read More »
Monarch Advisors Arranges SNF Portfolio Refinance through New Debt Fund
Alec Blanc of Monarch Advisors successfully closed a new loan to refinance a portfolio of three skilled nursing facilities in Wisconsin. The owner and operator of the properties engaged Monarch to source $12.6 million of senior debt for the transaction after its relationship with the incumbent lender deteriorated. So, Monarch secured a commitment from a relatively new debt fund lender, consisting of a $10.3 million loan with a two-year term loan and one-year extension option and a $2.25 million revolving line of credit. The interest rate was around 12%. Read More »
CBRE Returns to Oregon for Another Refinance
CBRE National Senior Housing arranged the refinance of two senior living communities in Oregon: The Springs at Carman Oaks in Lake Oswego and The Springs at Wilsonville, just south of Portland. Aron Will, Tim Root and Michael Cregan arranged the financing on behalf of the borrower, The Springs Living, an owner/operator of 19 senior living communities across Oregon and Montana. Totaling 294 units of independent living, assisted living and memory care, the communities are highly amenitized with fitness centers, dining rooms, lounge areas, movie theaters, putting greens and more. CBRE originated a three-year loan totaling $58 million with two years of interest only to effectuate the... Read More »
Largest C-PACE Financing in History Closes
D.A. Davidson’s Special District Group, in partnership with Petros PACE Finance, just priced and closed the largest C-PACE (Commercial Property Assessed Clean Energy) financing in history, totaling $160 million. Petros PACE Finance actually closed the previous record-high C-PACE financing for a major mixed-use development project in Ivins, Utah, totaling $153 million in October 2022. The recipient of the $160 million financing was Summit Vista, a CCRC in Taylorsville, Utah (Salt Lake City MSA), and proceeds will go towards funding ongoing construction projects at the community. C-PACE is a financing mechanism that allows property owners and developers to fund up to 100% of building... Read More »Schedule a demo
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