Two Not-For-Profits Close Separate Bond Issues
Ziegler closed an $80.0 million tax-exempt fixed-rate bond issue for Brazos Presbyterian Homes (BPH). The Series 2025 bonds were issued through the New Hope Cultural Education Facilities Finance Authority. BPH owns and operates three continuing care retirement communities in Texas. Brazos Towers at Bayou Manor, which opened in 1963, sits on a seven-acre campus between Meyerland and West University, two neighborhoods in Houston, Texas. The Hallmark was acquired by BPH in 1972 and comprises five acres in the heart of the Galleria neighborhood of Houston. Longhorn Village opened in 2009 and was acquired by BPH in 2018. It is on 55 acres within the planned development known as “Steiner Ranch”... Read More »
Stellar Senior Living Finances Arizona Community
Marcus & Millichap arranged $22 million in financing for The Springs of Scottsdale, a 143-unit independent living community in Phoenix, Arizona. Paul Winterowd secured the financing with a national life insurance company on behalf of Stellar Senior Living. The sponsor secured a five-year loan at 60% loan-to-value, with a competitive interest rate of 6.05% and a 27-year amortization schedule. The property is located in the heart of downtown Scottsdale and offers one- and two-bedroom units equipped with full kitchens and individually controlled heating and air conditioning. Additional amenities include all-inclusive dining, housekeeping and linen services, a full-time concierge and a gym... Read More »
EVA Care Group Refinances California Portfolio
Helios Healthcare Advisors went to a private credit fund to secure a refinance for a senior care portfolio in California. Totaling 165 beds, there is a skilled nursing facility in San Bernardino and an assisted living community in Fillmore. The communities are owned by EVA Care Group, a Los Angeles-based national healthcare organization. Both properties were previously mortgage free, creating an opportunity for EVA Care Group to unlock liquidity and strategically recapitalize the assets. EVA could have pursued a traditional working capital line, which would have introduced significant administrative burden and come with restrictive covenants that limit operator flexibility. But... Read More »
Florida Portfolio Receives Financing
Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, provided a $120 million bridge loan to finance five skilled nursing facilities in Florida comprising 795 beds. The debt was used to refinance the 120-bed Parklands Care Center & Rehab in Gainesville, and the 120-bed Riverwood Healthcare & Rehab Center in Starke. It also funded the acquisition of the 299-bed Balanced Healthcare in St. Petersburg, the 76-bed Gulfside Health & Rehab Center in Clearwater, the 180-bed Lake Placid Health & Rehab Center in Lake Placid. To further support the facilities’ operations, Dwight Healthcare Funding also provided a $20 million working capital line of credit in conjunction with... Read More »
Not-For-Profit Completes Its Largest Senior Living Financing
Ziegler announced the pricing of Horizon House’s $600.0 million Series 2025AB bonds through the Washington State Housing Finance Commission. The bonds are set to close in December. This financing is Horizon House’s largest senior living financing completed to date. Horizon House is a Washington 501(c)(3) organization that was established in 1961 to develop, own and operate seniors housing communities. Today, the organization owns and operates a CCRC in Seattle, Washington, that offers 377 independent living apartments and 90 assisted living apartments including memory care services. The bonds will be used to fund the new West Tower, a 33-story independent living high-rise consisting... Read More »Schedule a demo
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