JLL Capital Markets Arranges JV Equity for Construction Project
At a time when construction financing is hard to come by, JLL Capital Markets announced that it worked on behalf of Centric Development LLC to arrange joint venture equity for a seniors housing development project in Fredericksburg, Virginia. Located across the street from Spotsylvania Regional Medical Center, the project is a 153,000-square-foot building on a 16.2-acre parcel that will contain 106 assisted living one- and two-bedroom units and 36 memory care units. It is set to open in 2025 and will include luxury finishes. The JLL Capital Markets Advisory team was led by Managing Director Joel Mendes, Senior Managing Director Anthony T. Fertitta Jr. and Associate Billy... Read More »
Dwight Capital Announces Latest Activity
Dwight Capital and its affiliate REIT, Dwight Mortgage Trust, financed over $118.35 million in seniors and healthcare financing during the first quarter of 2023. Among those transactions, Dwight closed a $31.2 million HUD refinance for Riverfront Rehabilitation and Healthcare Center, a 180-bed skilled nursing facility in Pennsauken, New Jersey. The SNF features a beauty salon, gym, lounges, landscaped outdoor spaces and waterfront views. The HUD loan refinanced an existing bridge loan that was provided by Dwight Mortgage Trust in June 2022. Managing Director of Healthcare Finance, Adam Offman, originated this transaction. Some other notable transactions from the quarter included a $40... Read More »
BWE Refinances Newly Built AL/MC Community
Bellwether Enterprise Real Estate Capital (BWE), a national mortgage banking company, closed the refinance of a newly-built assisted living/memory care community in Levittown, New York. Taylor Mokris and Ryan Stoll of BWE originated the $26.66 million loan through a regional bank on behalf of the borrower, a regional developer and owner of seniors and affordable housing. Opened in November 2020, Village Green features both assisted living and memory care options. It was around 80% occupied at the time of the transaction. With the time to refinance approaching, the BWE Seniors Housing and Care team ran a competitive process to source multiple bank quotes on behalf of their client.... Read More »
Ziegler’s Advanced Pricing Saved Millions
Not many borrowers are refinancing their debt in today’s high-interest rate environment, but if you made the decision to forward price in January of 2022, you were in a great position. That is what Ziegler did for Presbyterian Retirement Communities, which is part of Westminster Communities of Florida, the largest operator of CCRCs in Florida and the 11th largest not-for-profit in the country. Ziegler forward priced $142.6 million of tax-exempt bonds in January 2022 for delivery in May 2023. The bonds have a weighted average maturity of 17 years and an overall yield to maturity of 3.35%. It is doubtful they could achieve any rate close to that today. The total savings on the refinance will... Read More »
Carnegie Capital Secures Bank Refinance
A regional owner/operator borrower engaged JD Stettin of Carnegie Capital to source a loan to pay off its maturing bridge acquisition debt on a portfolio of four skilled nursing facilities with 309 beds in southern Oklahoma. The current owner had been operating the assets for a number of years before exercising on a purchase option to buy them over two years ago. A HUD takeout was part of the plan, but the portfolio needed more time to stabilize. Portfolio-wide EBITDAR was near break-even prior to debt service, and state approval of the new Medicaid reimbursement rates wasn’t issued prior to closing the new loan. Carnegie sourced multiple term sheets from banks, credit unions,... Read More »Schedule a demo
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