JLL Refinances California Active Adult Community
JLL Capital Markets closed the refinancing of a 172-unit, garden-style active adult community in Chatsworth, California. The borrower was Universe Holdings, and they received $30.315 million in fixed-rate funds through Freddie Mac for 10 years. Nantucket Creek was built just over 35 years ago and has one- and two-bedroom units ranging in size from 623 feet to 1,100 feet. The community has a clubhouse, fitness center and many other amenities, and at closing the occupancy was about 97%. That strong census may be why a 35-year-old building was able to get financing for $176,000 per unit. The JLL team representing the borrower included Charles Halladay, Jonah Aelyon and Elie... Read More »
Newpoint Announces Mid-Year HUD Volume
HUD released production data for the first half of its fiscal year last month, and despite the current rising rate environment, LEAN transaction volume showed that activity has remained fairly consistent when comparing the first half of the past five fiscal years. And Newpoint Real Estate Capital, which acquired Housing & Healthcare Finance in December 2021, reported a strong six months too, securing the second-most initial endorsements with $238 million across 15 transactions representing 3,147 beds/units. For HUD’s H1:2022, there were 148 initial endorsements totaling roughly $1.7 billion, down slightly from $1.8 billion for H1:2021 and $2.2 billion in H1:2020. However, the number... Read More »
Ziegler Finances South Florida Acquisition
Ziegler announced its role as exclusive financial advisor in raising financing of $20.525 million on behalf of Comprehensive Care Capital (an affiliate of The Rosdev Group) to acquire two senior housing communities located in Boca Raton and Lantana, Florida. The communities, Banyan Place – Boca and Banyan Place – Lantana offer independent living, assisted living and memory care services. Banyan Place – Boca consists of 130 independent living, assisted living and memory care units, while Banyan Place – Lantana has 39 licensed memory care beds. CCC’s operating affiliate, Forte Healthcare, led by Yosef Nathan, will manage the Boca and Lantana communities as part of this transaction. ... Read More »
Low-Cost Financing by Sims as Rates Rise
As interest rates are rising, one lucky borrower was able to lock in a 2.25% interest rate for 35 years. And that loan won’t be funded until construction is completed on an expansion project. This sounds better than HUD financings of a year ago. HJ Sims announced the closing of a $32.2 million bank financing for a CCRC in Pontiac, Illinois called Evenglow Lodge. The loan proceeds will be used for the construction of 76 new assisted living units, the demolition of the existing assisting living building, as well as new common space and other space used by the health center. Phase one is the assisted living project, which broke ground in 2021. Phase two will consist of the construction of 24... Read More »
Ziegler Arranges Oregon Construction Financing
Ziegler served as financial advisor in a debt placement totaling $24 million for Onelife Senior Living to finance the construction of its to-be-built Esther Assisted Living Community. The Esther will be located in Springfield, Oregon and will comprise 103 assisted living units. This will be the fifth AL/memory care community owned by Onelife in the state. Ziegler closed the construction/bridge loan with Locust Point Capital. Upon stabilization, Onelife will then hope to place permanent, fixed-rate agency financing. Eric Johnson led the transaction for Ziegler. Read More »Schedule a demo
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