CBRE Arranges Construction Financing
CBRE National Senior Housing arranged construction financing for The Crestmoor at Green Hills in Nashville, Tennessee, on behalf of a joint venture between Bridgewood Property Company and Harrison Street. Aron Will and Tim Root arranged the loan, which featured a five-year term and was provided by a regional bank. The community will be operated by Bridgewood’s wholly owned management company, The Aspenwood Company. The community will be situated on a 0.99-acre irreplaceable parcel directly abutting the Green Hills Mall in the heart of the Green Hills neighborhood, an affluent neighborhood in Nashville. The proposed project will consist of 117 independent living units, 45 assisted living... Read More »Ziegler Announces Multiple Financings
Ziegler announced the closing of $42.4 million of Cinderella Bank Placement bonds and a $7 million taxable revolving line of credit for Rose Villa, an Oregon not-for-profit corporation. Operating as a CCRC on 21.5 acres just southeast of Portland, Oregon, the community comprises 261 independent living units, 16 skilled nursing beds and 16 residential care (assisted living) beds. In addition, Rose Villa’s Phase III project consists of 41 new independent living units, and a replacement supportive care neighborhood opened in July 2022. The Phase III project is 100% presold. The borrower will use the proceeds of the Series 2022 bonds, and other available funds, to refinance the Series 2014A... Read More »VIUM Capital Closes Four Acquisition Loans
The acquisition loans keep coming from VIUM Capital, which closed out September with four closings totaling more than $120 million in volume. The largest bridge loan, reaching $47.73 million, financed an East Coast-based owner/operator’s purchase of seven skilled nursing facilities in Colorado. Built between 1957 and 2017 (averaging 1999), the portfolio comprises seven skilled nursing facilities and a total of 558 beds in the southwestern part of the state. Before the pandemic, the portfolio was 77% occupied and produced nearly $6.2 million in annual NOI. But throughout the pandemic, occupancy decreased to 65% and NOI dropped. In the end, the portfolio sold for $51.5 million, or $92,300... Read More »KeyBank Returns to Waltonwood Lake Boone
KeyBank Real Estate Capital secured a $53.1 million permanent loan from Fannie Mae for Singh Development, a real estate developer, for its Waltonwood Lake Boone senior living community in Raleigh, North Carolina. Built in 2018, the Class-A community comprises 181 total independent living, assisted living and memory care units. In 2019, Peter Trazzera of KeyBank originally provided a bridge loan for the community, but the new Fannie Mae financing will allow Waltonwood to recapitalize the community with a 10-year fixed rate loan and provide additional capital for future growth within their portfolio. Singh Development currently has 13 communities operating under the Waltonwood brand in... Read More »CBRE Refinances Coastal California Community
California-based owner/operator Westmont and a group of individual investors refinanced their senior living community on the central California coast. Located near San Luis Obispo, The Oaks at Nipomo opened in 2017 with 97 units of independent living, assisted living and memory care. Westmont has operated the community since its opening, and occupancy is currently above 95%, with improving operational metrics too. The CBRE National Senior Housing team of Aron Will and Adam Mincberg and the CBRE Multifamily team of Andrew Behrens and Jesse Weber arranged a $16.2 million loan through CBRE’s Freddie Mac Optigo lending platform. The fixed-rate loan came with a 10-year term and five years of... Read More »Schedule a demo
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