Creativcap Secures Two Construction Financings
With interest rates rising and inflation not slowing down, the seniors housing construction market is definitely becoming a riskier venture. However, Scott Kavel of Creativcap successfully arranged two construction financings for a couple of clients where the lenders decided to hold the entire exposure on their balance sheets, despite participation interest. These must be high-quality projects in strong markets with “best-in-class” operating partners to justify that confidence level. First, Mr. Kavel arranged a $70 million construction/permanent loan for a to-be-built 157-unit independent/assisted living community in California. Building the community in an opportunity zone, the buyer... Read More »
Northmarq Arranges Large Refinance for South Carolina Community
Northmarq’s Seattle office arranged a $39 million refinance of Merrill Gardens at Carolina Park, a 158-unit independent living, assisted living and memory care community located in Mt. Pleasant, South Carolina. The high-quality community sits on 14.8 acres with monthly rent starting at $4,200 a month. Built in three phases from 2018 to 2021, the main building was completed in 2018 with 130 units, 28 cottages were delivered in 2019, and in 2021, a swimming pool and fitness center addition were completed. Built in 2021, the community is only 16 miles north of Charleston providing quick access to the city’s attractions and restaurants. The loan entails a 5-year fixed rate and 18 months of... Read More »
Highland Meadows Health & Rehab Refinances
Greystone has provided $12.75 million in bridge financing for the acquisition of Highland Meadows Health & Rehab. Now owned and operated by HACO Health Solutions LLC, this 120-bed skilled nursing facility sits on 7 acres in the greater Dallas area. Originally built in 2015, the five-star facility has a plethora of amenities and services. Such services include physical, occupational, speech therapies, specialized programs such as ortho, stroke recovery, post-surgical and cardiac rehabilitation. Greystone is a private national commercial real estate finance company. This financing is the company’s third in Texas since the start of 2022, although the other two were not in seniors... Read More »
Northmarq Refinances Seattle Senior Living Campus
Northmarq has completed a $33 million refinancing of The Gardens at Town Square. This 168-unit seniors housing community in Bellevue, Washington features independent living, assisted living and memory care. The loan comes with a 10-year fixed rate term and a 30-year amortization, with one year of interest-only payments. This ultimately retired $20.4 million in existing agency debt and returned equity to the borrower. Northmarq arranged the financing for the borrower and operator, ERA Living. Northmarq has an annual transaction volume of $33 billion and a loan servicing portfolio of more than $70 billion. Read More »
VIUM Capital Closes Three Bridge Loans
VIUM Capital announced a healthy spree of bridge loan activity for skilled nursing clients in the last couple of months. All of the loans were interest only during the term, which ranged from two to three years. The largest was a $74.51 million bridge-to-HUD loan to support the acquisition of 11 skilled nursing facilities in Arkansas (10) and Mississippi. The portfolio was being sold by three different sellers, but VIUM closed all transactions under one bridge loan in less than 60 days from executed term sheet. Next, VIUM arranged a $36.27 million bridge loan to refinance a portfolio of five skilled nursing facilities in Louisiana. The not-for-profit borrower had various tax-exempt bond... Read More »Schedule a demo
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