Forefront Living Building New Plano Campus
Chicago-based investment bank Ziegler closed $197 million in tax-exempt and taxable bonds to fund the ground-up construction of Outlook at Windhaven Forefront Living. Set in Plano, Texas, the community will consist of 153 independent living units, 32 assisted living units and 24 memory care units. Its owner, Forefront Living, a Texas not-for-profit organization formerly known as Presbyterian Communities and Services, will also operate the community. The bonds consist of $109.5 million Series 2022A tax-exempt bonds, $88.2 million Series 2022B tax-exempt mandatory paydown securities, and $1.3 million in Series 2022C taxable bonds that were sold publicly to institutional investors. The... Read More »CareTrust REIT Provides “B” Piece Loan
CareTrust REIT announced that it has extended a $22.25 million “B” piece secured loan for the acquisition of five skilled nursing facilities in California, with White Oak Healthcare Partners structuring the financing package. The portfolio comprises approximately 600 beds, and a private investment firm was the buyer. The “B” piece of the secured term loan carries a three-year maturity with two, one-year extensions and an annual SOFR-based interest rate with a minimum floor of 8.5%. White Oak also structured $53.4 million in financing to fund the deal. The borrower and operator were undisclosed, but both have long established relationships with CareTrust. This follows the REIT’s... Read More »Blueprint Capital Markets Finances Lloyd Jones Acquisition
We recently learned that Blueprint Healthcare Real Estate Advisors not only represented the REIT owner of an Indiana community that it sold, but Blueprint Capital Markets, run by Alex Florea, secured acquisition financing for the buyer, Lloyd Jones. Rittenhouse Village of Valparaiso, a 90-unit assisted living/memory care community built in 2009 in Valparaiso, Indiana. The property appears on National Health Investors’ most recent property list, with Discovery Senior Living serving as the operator/lessee, revealing NHI as the seller in this transaction. The historically profitable community was negatively impacted by the pandemic but started to rebound operationally. Blueprint Capital... Read More »Monarch Advisors Primes Oregon Community for Permanent Refinance
Monarch Advisors, an affiliate of Senior Living Investment Brokerage, closed a new loan to refinance and expand a 38-unit memory care community in the Portland, Oregon area. The local owner engaged Monarch to source $8.75 million of senior debt for the transaction. Alec Blanc of Monarch secured a commitment from a regional bank that specializes in senior housing nationally. The loan retired the existing bank debt on the property and provided cash at closing to fund a 16-unit expansion. At less than 60% of the as-stabilized value, the community will be well-positioned for a permanent mortgage upon completion and lease-up. The rate floats at Prime with typical financial covenants and... Read More »Fortress Investment Group Acquires Scottsdale Property
CBRE National Senior Housing arranged the sale and acquisition financing for Andara Senior Living, an independent and assisted living community in Scottsdale, Arizona. This transaction was CBRE’s third financing of the community, having previously arranged acquisition financing on behalf of the current seller (real estate investment firm Reliant Group) in 2012 and an agency refinance in 2018. Reliant decided to turn over its asset into the hands of a joint venture between Colonial Oaks Senior Living and Fortress Investment Group. Built in 2010, the community consists of 170 total units spread across a campus of two, three-story residential wings interconnected by a covered walkway. Through... Read More »Schedule a demo
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