JLL Capital Markets Closes Major Refinance
JLL Capital Markets arranged a $175 million refinancing for a six-property seniors housing portfolio totaling 821 units across the Southeast. Featuring a mix of independent living, assisted living and memory care units, five of the properties were recently built and the sixth, a second phase to its adjacent sister property, is currently under construction. The high-quality communities feature plentiful amenities, including fitness centers, dining rooms, lounge areas, bars, putting greens, outdoor patios, walking paths and more. No other details on the transaction were disclosed, but the JLL Capital Markets Debt Advisory team representing the borrower was led by Managing Director Allison... Read More »
Ziegler Arranges Bond Financing for North Carolina CCRC Expansion
Ziegler closed a large bond financing for The Forest at Duke, a not-for-profit CCRC in Durham, North Carolina. The campus, located on approximately 47 acres just south of Duke University, received $95.57 million in funding, split between a $66.07 million Series 2022A1 long-term bond and a $29.5 million Series 2022A2 intermediate-term bond. Both are draw-down, bank-held bonds issued through the North Carolina Medical Care Commission, with the A1 piece featuring a 15-year commitment and accreting swap and the A2 piece being repaid with initial entrance fees from an expansion project. First opened to residents in 1992, the CCRC currently serves over 360 residents across 154 apartments, 81... Read More »
Marcus & Millichap Refinances Georgia Community
Marcus & Millichap Capital Corp. arranged an $8.3 million loan to refinance Brookside Commerce, an assisted living community in Commerce, Georgia, approximately 70 miles northwest of Atlanta. Built in 1998, the 62-unit community includes 12 independent living units and is 3.5 miles from Northridge Medical Center, a full-service community hospital. It was acquired in September 2019 with another community in Stone Mountain, Georgia, for a combined $9.75 million, or $104,000 per unit. At the time, it was 93% occupied and had been recently renovated. A New York-based private equity firm was the buyer and secured a bridge loan through CBRE’s multifamily bridge lending program, MF1 Capital,... Read More »
NHI Arranges Texas SNF Portfolio Refinancing and Exercises Virginia Beach Acquisition
National Health Investors has funded the refinance of a skilled nursing facility portfolio in the state of Texas. The $42.5 million senior loan was provided to an affiliate of Capital Funding Group, and the properties are leased by subsidiaries of The Ensign Group. The five-year loan has an annual interest rate of 7.25% with two one-year extensions. The REIT also announced that it exercised its option to acquire Bickford of Virginia Beach, a 60-unit assisted living/memory care community in Virginia Beach. The acquisition was primarily funded with the satisfaction of a $14 million construction loan due from Bickford Senior Living. The community was added to an existing master lease with... Read More »
Morning Pointe Receives $106 Million Refinance for Seniors Housing Portfolio
Tennessee-based affiliates of Morning Pointe Senior Living announced that they have received $106.2 million in financing for an eight-property seniors housing portfolio. Located across Kentucky (1) and Tennessee (7), the portfolio comprises a total of 567 units. Completed between 1997 and 2021, the seniors housing communities offer assisted living and memory care services, featuring a mix of studio, alcove, one- and two-bedroom floorplans. Neal Raburn of Greystone originated the Freddie Mac Optigo loans on behalf of the borrower. The fixed-rate, non-recourse financing was structured through Freddie Mac’s Index Lock program and carries a 10-year term with a 30-year amortization period. With... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
