Berkadia Refinances Intergenerational Living Community
Berkadia refinanced a unique, intergenerational living community called The Pillars of Prospect Park. The 283-unit seniors housing community in Minneapolis, Minnesota is owned by Harrison Street and Oppidan. To refinance an existing construction loan, Managing Directors Austin Sacco and Steve Muth of Berkadia secured bridge financing through a national bank, with a three-year term, three years of interest only and an attractive spread. Built in 2020, the property is situated near downtown Minneapolis, the University of Minnesota Medical Center, and Midland Hills Country Club. It features an intergenerational living model which includes senior living, student living, and a children’s... Read More »
CBRE Closes Three Bank Financings
The dog days of summer have brought a slew of bank financings from CBRE this August. First was a refinance for The Springs at Lancaster Village, which is owned by a joint venture between The Springs Living and Amstad Farms Land Company. Built in 1983 with expansions in the 1990s, the community has 115 independent living and 74 assisted living units, with an array of amenities. It was acquired by The Springs Living in 2020 for $31.5 million, or $165,800 per unit, with Amstad, a long-standing friend and family relationship of Springs, providing the original capital for the deal. Amstad is not your typical seniors housing investor, being one of the largest potato producers in the Pacific... Read More »
National REIT and Atria Secure Financing for California Class-A Community
JLL arranged a $52 million refinancing for Atria Newport Beach, a 168-unit senior living community in the Newport Beach enclave of Orange County, California. The Class-A asset was built in two phases with the north building fully renovated in 2023, while the south building was purpose-built and opened in 2021. The three-story buildings are home to independent living, assisted living and memory care units. The borrower is a partnership between a national REIT and Atria Senior Living. MidCap Financial provided the floating-rate first mortgage loan. Aaron Rosenzweig and Dan Baker handled the transaction. Read More »
Tennessee Class-A AL/MC Community Secures Financing
BWE secured $11 million in C-PACE financing for a Class-A seniors housing community in Tennessee. Built in 2022, Cloverland Park is a 100-unit, three-story assisted living and memory care community in Brentwood. The funds will be used to pay down and extend the community’s senior loan. Charles Bissell arranged financing with GreenRock Capital for this transaction. Read More »
Capital Funding Group Reports Strong H1
Capital Funding Group has financed over $440 million from January through June of this year. This financing includes 18 healthcare bridge loans, five multifamily bridge loans and eight HUD loans. Notable transactions included a $65 million bridge loan for the refinancing of a nine-property seniors housing portfolio in Ohio, a $43 million HUD financing package for three skilled nursing facilities in Washington and Idaho, and a $36.2 million bridge-to-HUD loan for the refinancing of five SNFs in North Carolina. Additionally, CFG secured a $23.6 million bridge-to-HUD loan for the refinancing of a SNF in Delaware, a $20 million bridge-to-HUD loan for the refinancing of SNF in Maryland,... Read More »Schedule a demo
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