BWE Finances Affordable Seniors Housing Communities
Bellwether Enterprise Real Estate Capital LLC (BWE) announced three loan closings totaling over $25 million to refinance and preserve three affordable senior living communities in Nashville, Tennessee, Baltimore, Maryland, and Pikesville, Maryland. Jon Killough, Executive Vice President in BWE’s Montgomery, AL, office, and John Roberts, Vice President in the firm’s Dallas, TX, office, originated the Nashville deal, and Victor Agusta, Executive Vice President in BWE’s Raleigh, NC, office, originated the Maryland loans. The three affordable seniors housing properties within this transaction are: A $21 million bridge loan originated on behalf of Envolve Communities to acquire and finance... Read More »
Carnegie Capital Finances Massachusetts SNF Acquisition
JD Stettin of Carnegie Capital financed the acquisition of a 130-bed skilled nursing facility in the Springfield area of Massachusetts with a $7 million first mortgage and a $2 million line of credit for a sponsor and the operator. Built in the late-1980s and renovated in 2005, the facility was around 82% occupied but was underperforming. This is the second opportunistic acquisition between the two entities, and the operator owns another facility nearby. The loan covered 70% of the $10 million, or $76,900 per bed, purchase price. It came with a fixed interest rate of 6.5% and a term of seven years, with two years of interest only. Read More »
Lument Arranges Acquisition Loan and Three Refinances
Lument closed four bridge loans totaling more than $78 million to acquire and/or refinance four memory care communities totaling 311 units in Texas and Wisconsin. Managing Directors Doug Harper, Chris Mauger, and Casey Moore led the transaction for Lument. The deal’s sponsor was Silverado, a large and experienced owner/operator of dedicated memory care communities in California, Kansas, Nevada, Maryland, Texas, Illinois, Virginia, Washington, and Wisconsin. Silverado had been managing Barton Springs, a 56-unit community in Austin, Texas, and was able to acquire the property with an $18.6 million loan (which includes the initial principal and an earn out). Lument also secured $21.1 million... Read More »
CBRE Refinances San Diego-Area IL Community
CBRE’s National Senior Housing team refinanced an independent living community in California. Built in 2021, The Plaza at Lantern Crest comprises 113 units and sits on 3.8 acres in Santee (San Diego MSA). The four-story community features a plethora of amenities including an indoor swimming pool, fitness center, physical therapy office, outdoor theater, a restaurant and 1950’s diner, a bowling alley, a full-service bar and a tea room. Aron Will, Bill Chiles, Matt Kuronen and Michael Cregan of CBRE arranged a $38.3 million, 10-year loan with five years of interest only through its Freddie Mac Optigo lending platform on behalf of the borrower, The Grant Companies. Founded in 1989, The Grant... Read More »
CBRE Refinances California Independent Living Community
CBRE’s National Senior Housing team announced it refinanced an independent living community in California. Built in 2021, The Plaza at Lantern Crest comprises 113 units and sits on 3.8 acres in the town Santee (San Diego MSA). The four-story community features a plethora of amenities including an indoor swimming pool, fitness center, physical therapy office, outdoor theater, a restaurant and 1950’s diner, a bowling alley, a full-service bar, and a tea room. Bill Chiles, Matt Kuronen and Michael Cregan of CBRE arranged a $38.3 million, 10-year loan with five years of interest only through its Freddie Mac Optigo lending platform on behalf of the borrower, The Grant Companies. Founded in... Read More »Schedule a demo
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