Regions Bank Originates Loan for L.A. Construction Project
The Regions Bank Healthcare Real Estate team, including Chris Honn and Amber Crosby, originated a $21.7 million construction and mini-perm loan for a joint venture between a Southeast-based developer/operator, an Arizona-based partner/operator and a Midwest-based private equity firm. The project, located in Los Angeles County, is expected to include 80 units, comprising 58 assisted living and 22 memory care units. The loan amount is approximately $271,250 per unit. It has a floating rate across a five-year initial term, four years of interest only and a staged reduction in loan repayment recourse. At or prior to maturity, Regions may also provide an agency permanent debt solution for the... Read More »
HHC Finance Refinances Two Idaho Communities
Housing & Healthcare Finance (HHC Finance), which recently announced that it is now part of and will be known as NewPoint Real Estate Capital going forward, closed a $19.5 million HUD refinance for Homestead Senior Living in Rexburg, Idaho. The loan refinanced conventional debt with a much higher rate and allowed the borrower to get an interest rate in the low-mid two’s. Homestead has 178 units of assisted living, memory care and independent living services across two campuses in Rexburg and nearby St. Anthony. Both properties were built in the early 2000s and have undergone several expansion projects over the last 15 years. Helios Healthcare Advisors brokered the deal, and Charles... Read More »
Ziegler Provides Financing for Ohio Not-For-Profit
Ziegler announced it has priced Series 2022 bonds on behalf of Ohio Living, a not-for-profit owner/operator of twelve seniors housing communities in Ohio. Nine of the properties are full-service life plan communities offering independent and assisted living units, along with skilled nursing beds. Proceeds from the bonds will be used to refund Series 2013A bonds and pay costs of issuance associated with the financing. The bonds will realize net present value savings on the Series 2013A refunding in excess of $15 million, or greater than 30%. The Series 2022 Bonds consists of tax-exempt fixed interest rate serial bonds and a final term bond. They have a 19-year maturity that “wraps” around... Read More »
Carnegie Capital Secures Refinance of AL Community
JD Stettin of Carnegie Capital helped secure the refinance of a small assisted living community in a secondary market near Charlotte, North Carolina. The community was built in the 1980s and features under 30 units of assisted living. It operated well throughout the pandemic, and around half of its census comprised Medicaid residents. There was a triple-net lease on the property that was set to expire prior to the loan’s maturity. With the help of Mr. Stettin, the community’s mom & pop owner secured a roughly $1.5 million loan from a local bank with a sub-4% interest rate fixed for a five-year term. It came with no prepayment penalty for the life of the loan and paid off all secured... Read More »
CIT Arranges Refinancing in Arizona
CIT Group Inc.’s Healthcare Finance team recently arranged a $34 million refinancing of the Enclaves at Chandler, a 162-unit community in Chandler, Arizona. Built in 2018, the Enclaves features 89 independent living units, 49 assisted living units and 24 memory care units. It’s located in an attractive location with strong demand for seniors housing services. Spectrum Retirement Communities LLC, a developer and owner/operator of seniors housing based in Denver, Colorado, was the borrower. Read More »Schedule a demo
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