MidCap Refinances Georgia Community
MidCap Financial took out construction debt on a recently completed senior living community in Gainesville, Georgia with a new floating-rate mortgage. Owned by Manor Lake Development LLC, the community opened in 2019 with 88 assisted living and memory care units. It features studio, one-bedroom and companion suites ranging from 421 to 558 square feet. Residents can also receive rehabilitation services, instructor-led daily exercise, concierge services and more. The property leased up quickly under management by Manor Lake. JLL Capital Markets’ Joel Mendes and Trent Niederberger worked on behalf of the borrower to secure the $18.5 million loan from MidCap, which came with a floating... Read More »Regions Bank Provides Acquisition Loan for Thriving Idaho Community
We recently learned that in December, Regions Bank Healthcare Real Estate Group closed a $2.85 million three-year balance sheet loan for the acquisition of an 81-unit independent living community in Chubbuck, Idaho. Per unit, the loan amount comes to $35,185 and includes interest only for the term, can be extended for up to two years and can be increased in the future based upon property performance. Chris Honn handled the transaction for Regions. Comprising 82 units and one single-family home, Cottonwood Cove was built in 1987 and has 117,828 square feet on five acres. A western United States-based private equity firm purchased the community for $3.75 million, or $45,000 per unit, at an... Read More »
California Owner/Operator Refinances
Regions Bank Healthcare Real Estate Group recently closed a $9.5 million non-recourse balance sheet loan to refinance an 81-unit assisted living/memory care community in the Irvine, California MSA. The community is owned by a private Southern California-based owner/operator and was approximately 84% occupied at closing. The loan amount comes to approximately $113,100 per unit. There is a floating rate, an initial term of three years with an interest only period, and a one-year extension option. The loan is designed to be replaced with agency debt, based on property performance, and the amount may be increased during the term. Loan proceeds were used to repay a Fannie Mae loan,... Read More »
MidCap Provides Liquidity for AlerisLife
MidCap Financial announced that it recently closed financing for AlerisLife (formerly Five Star Senior Living). The $95 million floating rate first mortgage loan is secured by 14 high-quality senior living communities totaling 1,477 units in the Southeast, Midwest, and Northeast. The communities are all owned by AlerisLife and operated by their Five Star Senior Living brand. MidCap’s loan enhances AlerisLife’s liquidity position and provides funds for capital improvements across the portfolio. Read More »Lloyd Jones Expands Senior Housing Presence with Help From CBRE
CBRE National Senior Housing arranged acquisition financing for Lloyd Jones’ acquisition of River Bend Assisted Living and Memory Care in Rochester, Minnesota. Aron Will, Austin Sacco and Matthew Kuronen of CBRE worked on the deal. Built in 2014, the Class-A community has 89 assisted living and memory care units on 2.8 acres about 1.5 miles away from the original Mayo Clinic in Rochester. There are landscaped walking paths with direct access to scenic Zumbro River trails, and Lloyd Jones plans to enhance the property through technology and amenity improvements. In addition, it will implement an acuity mix shift, converting 16 out of the total 18 memory care units to transitional... Read More »Schedule a demo
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