BWE Secures Freddie Mac Refinance
BWE, a national commercial and multifamily mortgage banking company, arranged a $1.28 million loan through Freddie Mac’s Targeted Affordable Housing program to refinance an 81-unit affordable housing community for seniors. Cottonwood Senior Apartments in Placerville, California, restricts all units in the building to residents earning at or below 40% of the area median income (AMI). The fixed-rate loan has a 15-year term with three years of interest-only payments and a 30-year amortization. The borrower intends to use the loan to pay off an existing line of credit. Jon Killough, Executive Vice President in BWE’s Alabama office, and John Roberts, Vice President in the firm’s Dallas, Texas,... Read More »
New Active Adult Community Refinances Its Construction Debt
JLL Capital Markets arranged $47 million in financing for Amaranth at North Brunswick, an active adult community in North Brunswick, New Jersey, that was recently constructed. The community has 222 units, and experienced strong lease-up. It is a luxury community with amenities such as a demonstration kitchen, yoga room, dog park and dog day spa. To retire the property’s existing construction loan, Nuveen Real Estate provided the seven-year, fixed rate loan for the borrower, Kaplan Companies. JLL’s team was led by Michael Klein, Matthew Pizzolato and Michael Meisner. Read More »
Institutional Sellers Divest Three Tennessee Properties
Tennessee has been a popular acquisition destination in seniors housing in the last couple of months, with six deals featuring nine properties since mid-May. Brooks Blackmon of Blueprint Healthcare Real Estate Advisors took part in a couple of recent Tennessee transactions. He and Kyle Hallion teamed up on the sale of a 48-unit assisted living community in Chattanooga, working on behalf of a repeat institutional REIT seller. Originally built in 2000, the community had historically operated strongly and showed well. Blueprint conducted a targeted marketing campaign and received several competitive offers within 30 days of initial marketing. An undisclosed party acquired the property as part... Read More »
CBRE Refinances West Coast Community
CBRE arranged the refinance of The Springs at Tanasbourne, a Class-A seniors housing community in Hillsboro, Oregon, on behalf of a joint venture between an institutional partner and The Springs Living. Aron Will, Matt Kuronen and Michael Cregan of CBRE National Senior Housing arranged the financing. The community was originally developed in 2009 by Springs and is situated within the affluent west-Portland submarket of Hillsboro. It features 148 independent living, 70 assisted living and 12 memory care units. CBRE originated a $57.5 million, five-year loan with five years of interest only through its Fannie Mae DUS lending platform. Read More »
VIUM Capital Announces Q2 Financing Activity
VIUM Capital closed 11 financings totaling over $350 million in the second quarter of 2023, including bridge, HUD and tax-exempt bond financings for 57 separate properties in 10 states. One of the bridge loans was arranged to finance a family partner buy-out of a 329-bed skilled nursing portfolio in Missouri. The loan totaled $13.25 million and should be ready to be submitted to HUD in six to nine months. Another bridge loan, totaling $20 million, funded the acquisition of an assisted living portfolio in Oregon and its subsequent conversion to memory care. There were 140 units across 10 small communities. One of the HUD highlights was a $17.874 million loan arranged for a... Read More »Schedule a demo
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