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 »
Greystone Refinances Pair of Supportive Living Facilities
Greystone provided $35.7 million in HUD loans to refinance two supportive living facilities in Illinois. Built in 2004 and 2005, the properties total 272 units and provide an alternative to a nursing home for low-income seniors who do not require skilled nursing care. Greystone’s Eric Rosenstock originated the financing on behalf of Grand Lifestyles. The non-recourse loans both carry 35-year terms, full-term amortization and fixed rates. The transaction follows another supportive living facility refinance that Rosenstock arranged for The Pointe at Kilpatrick, a 122-bed facility in Crestwood, Illinois. For that property, Greystone provided a $13.7 million HUD loan with a 35-year term and a... Read More »
BWE Finances New Development in Georgia
BWE, a national commercial and multifamily mortgage banking company, closed a $4.5 million long-term loan for Legacy at Walton Trail, a newly constructed affordable seniors housing development in Villa Rica, Georgia (Atlanta MSA). The loan includes an 18-year term with a 35-year amortization. The property is also financed with 9% Low-Income Housing Tax Credits and a loan from the Housing Authority of Villa Rica. Victor Agusta, Jr., Executive Vice President in BWE’s Raleigh, North Carolina office, originated the Freddie Mac Targeted Affordable Housing loan on behalf of the borrower, Walton Communities. Built on the site of obsolete public housing, Legacy at Walton Trail comprises 90 one-... Read More »Schedule a demo
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