Joint Venture Secures Refinancing
CBRE National Senior Housing closed a HUD 232/223(f) refinance for Cordia at Grand Traverse Commons on behalf of a joint venture between Cordia Senior Living and Cypress Partners. CBRE had previously arranged financing for the community in 2017 and 2021. Cordia at Grand Traverse Commons is a 110-unit independent living and assisted living community in Traverse City, Michigan. The community has a Home for the Aged license exemption, therefore, it is unlicensed and all of the beds/units are considered board and care. It will continue to be operated by Cordia. The community is within the Village at Grand Traverse Commons, one of the largest historic preservation and adaptive reuse... Read More »
Christwood Secures Financing
Ziegler closed a $33.78 million tax-exempt bond issue for Christwood, a Louisiana-based not-for-profit. The Series 2024 bonds were issued through the Louisiana Local Government Environmental Facilities and Community Development Authority and are not rated. Christwood operates a CCRC in Covington, Louisiana. Built in 1996, Christwood sits on 117 acres and currently comprises 161 independent living residences (of which there are 143 apartments and 18 cottages), 34 assisted living units, 29 cognitive care units and 30 skilled nursing beds. The proceeds of the Series 2024 bonds will be used to refinance the not-for-profit’s outstanding debt, finance certain improvements at the community... Read More »
Wisconsin AL Community Changes Hands
On the heels of his closing in Minnesota, Bob Richards of Senior Care Realty headed over to Wisconsin to sell a small assisted living community in Dane County. Built in the mid-1990s, the community featured 20 units and a mostly Medicaid census. But occupancy was 100%, and the community operated at a strong margin above 30%. That is impressive, considering its size. It ended up being too small for the regional owner/operator’s typical model, so it sold to an East Coast owner/operator with a growing Wisconsin portfolio. The purchase price came to $1.8 million, or $90,000 per unit. VIUM Capital helped finance the acquisition for the buyer, which has now purchased four small assets in the... Read More »
Ziegler Secures Bond Financing
Ziegler announced the closing of RiverWoods Exeter’s Series 2024 bonds totaling $39.68 million of par amount for the senior living finance practice. RiverWoods is a not-for-profit that owns/operates a three campus CCRC in Exeter, which is within the Seacoast Region of New Hampshire. These campuses reside on a contiguous parcel of over 200 acres. The operations of The Woods, The Ridge and The Boulders campuses began in 1994, 2004 and 2010, respectively. Across its three campuses, RiverWoods includes 393 independent living units, 71 assisted living units and 78 nursing beds for a total of 542 units. Riverwoods is also affiliated with two other CCRC’s managed by a supporting corporation, the... Read More »
Large SNF Portfolio Secures Financing
MONTICELLOAM closed a $400 million bridge loan for a 29-facility skilled nursing portfolio with over 2,900 beds across Kentucky and Tennessee. A MONTICELLOAM firm affiliate acted as the agent, with Huntington National Bank as joint lead arranger. The borrower was an experienced owner/operator with a large skilled nursing portfolio. This announcement follows other recent MONTICELLOAM transaction sizes of $87.15 million, $87 million and $18 million. Read More »Schedule a demo
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