Greystone Secures Fannie Mae Loan for LCS Community
On the same day that Tyler Armstrong of Greystone arranged a bank loan for LCS to refinance a 169-unit senior living community in Waco, Texas, he also secured a $40.387 Fannie Mae refinance for another LCS-owned community in League City, Texas (Houston MSA). Built in 2018 by LCS Development, The Delaney at South Shore features 204 units and nearly 205,000 square feet of independent living, assisted living and memory care. Mr. Armstrong structured a fixed-rate, non-recourse loan with a 10-year term, 30-year amortization and five years of interest only. Read More »
Walker & Dunlop Refinances Nebraska Communities
Walker & Dunlop provided HUD refinancings for two assisted living communities in Nebraska: Fallbrook Assisted Living and Memory Care in Lincoln and Oxbow Living Center in Ashland. Kevin Giusti and Mikko Erkamaa led the W&D teams in both deals on behalf of the borrower, MJ Senior Housing. Both transactions refinanced floating-rate debt and provided cash proceeds. Opened in 2019 with 71 units of assisted living and memory care, Fallbrook received a $13.3 million loan. Oxbow, which was built more than 16 years ago with 79 AL and MC units in three stories, received a $7.6 million loan. Read More »
Lument Handles Sale & Two Financings
The Lument team pulled double duty for the sale of two assisted living communities in Florida, representing the seller in the deal and arranging acquisition financing on behalf of the buyer. Savannah Court of Lake Wales and Savannah Court of Haines City, which both feature 45 units of assisted living, were acquired by Innovation Senior Living. Both serve Medicaid-waiver residents, and Innovation has plans to add 15 licensed beds to each community, in addition to growing census and investing in renovations. The additional beds will allow the communities to accept more Medicaid waiver residents into double occupancy rooms. Innovation funded the purchase with a single loan in a cross-pool... Read More »
Greystone Secures Two Bank Refinances
Greystone placed a $22.5 million loan with a regional bank to refinance TREEO South Ogden, a 143-unit independent living community in Utah. Tyler Armstrong of Greystone closed the transaction on behalf of Leisure Care. The community was built in 2015 by One Eighty with the help of $3.65 million in mezzanine financing arranged by HJ Sims. The new mortgage comes with a floating rate, five-year term and 30-year amortization. It was structured with one year of interest-only payments and a mid-200s basis point loan spread over SOFR. Mr. Armstrong also placed a $30 million loan with a national bank for LCS to refinance The Delaney at Lake Waco, a 169-unit senior living community in Waco, Texas.... Read More »
Walker & Dunlop Refinances Wisconsin AL Community
Walker & Dunlop arranged a $14.7 million HUD loan to refinance Reena Senior Living, an 80-unit assisted living/memory care community in Fort Atkinson, Wisconsin (between Madison and Milwaukee). The community consists of a three-story assisted living building that was built in 2016 and a one-story memory care addition that was built in 2019. Kevin Giusti and Matthew Lund of Walker & Dunlop arranged the loan on behalf of the borrower, Tukka Properties, a Wisconsin-based senior living developer that has partnered with Lifesprk Senior Living, which acquired Tealwood Senior Living in 2021. Read More »Schedule a demo
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