BWE Arranges Agency Financing
BWE, a national commercial and multifamily mortgage banking company, arranged a series of agency financings for affordable housing properties, including one reserved for seniors. Battery Park Senior Apartments, located in Asheville, North Carolina, with 113 one-bedroom units, nine two-bedroom units and four commercial spaces, received a $17.641 million Freddie Mac immediate tax-exempt loan and a $2.359 million gap loan. The borrower was National Church Residences. As part of the recapitalization of the property, an allocation of new 4% Low Income Housing Tax Credits was secured through the North Carolina Federal Tax Reform Allocation Committee (via NCHFA). All units are designated for... Read More »
KeyBank Finances SNF-to-Senior Apartment Conversion
A skilled nursing facility in Cleveland Heights, Ohio, is being converted to low-income housing for seniors in part thanks to $9.9 million in low-income housing tax credit (LIHTC) equity provided by KeyBank Community Development Lending and Investment. Built in 1960 as a SNF by the Benjamin Rose Institute on Aging, the facility offers HUD 202 PRAC subsidy for 100% of its units. In addition to creating 20 new one-bedroom units, the project will renovate existing units with updated kitchens and bathrooms, improved accessibility, central air conditioning, elevator modernization, new roofing and site improvements. The project’s total cost is $18.7 million. Other financing sources included a... Read More »
Forbright Bank and HJ Sims Provide Acquisition Financing
Forbright Bank, a full-service bank, and HJ Sims, a private investment bank and wealth management firm, provided financing for the acquisition of two skilled nursing facilities in California. Located in two strong submarkets, the facilities total 150 beds, with occupancy above 95% at the time of marketing. The buyer was a regional skilled nursing owner/operator who plans to renovate both facilities. Forbright and HJ Sims closed a unitranche loan product totaling $13.9 million at attractive leverage, with that loan product acting as a single debt obligation with one set of loan documents and one monthly mortgage payment. Together, over the past 12 months, the partnership has financed over... Read More »
Greystone Monticello Provides Large Bridge Financing
Greystone Monticello, a bridge lending platform that provides capital finance products and services for the multifamily and seniors housing sectors, provided a bridge loan to finance the $150 million acquisition of a portfolio of eight supportive living facilities (SLFs) located across Illinois. Greystone Senior Managing Director Eric Rosenstock worked with both the buyer and the seller on the transaction and originated the bridge financing. The deal was financed with a two-year bridge loan that is intended to transition to long-term, fixed-rate financing with Greystone. Comprising 921 total beds, the facilities are located in Elk Grove, Melrose Park, Country Club Hills, Bartlett, Vernon... Read More »
Prevarian Senior Living Divests Community in Oklahoma
JLL Capital Markets arranged the sale of Prairie House, a 105-unit assisted living/memory care community located in Broken Arrow, Oklahoma. Located on the Ascension St. John Broken Arrow campus, which is affiliated with Ascension St. John Hospital, the community was built in 2017 and has 73 assisted living and 32 memory care units. The seller, represented by JLL’s team, which was led by Managing Director Charles Bissell with support from Analysts Zach Brantley and Hope Brunner, was Prevarian Senior Living. The buyer was Wichita, Kansas-based Legend Senior Living, with Prairie House being Legend’s fourth Tulsa-area community and 11th community in the state. Managing Directors Chris Cain... Read More »Schedule a demo
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