Ziegler Closes Financing for Colorado Operator
Ziegler announced the closing of Series 2021 bonds for Christian Living Neighborhoods (CLC), a Colorado not-for-profit that provides housing, healthcare and community outreach programs for over 1,000 seniors and their families. CLC owns and operates three communities under the Christian Living Neighborhoods brand, comprising 782 units. Proceeds of the bonds will be used to refinance existing Series 2011 and 2021 bonds, fund $11.8 million of capital expenditures at its Someren Glen property in Centennial, fund a deposit to the common reserve fund and pay the cost of issuance. The bonds will be non-rated with a maturity date in 2042, and will help better position CLC to pursue long-term... Read More »
New SNF Consulting Firm Formed
Let’s just admit it. The skilled nursing sector could use a lot of advice right now, especially on the labor front. Our old friend, Daren Cortese, who sold his Brinton Woods nursing home company back in April 2020 (good timing), has just launched his newest venture. It is called Nursing Facility Solutions LLC and is based in Baltimore, Maryland. Daren has seen the good, the bad and the ugly in his 30-year experience in the skilled nursing business, and we suppose he wants to put that knowledge to good use for the industry during these tough times. He will be focusing on financial management services, which include acquisition analysis and valuation support, as well as budgeting, strategic... Read More »
CBRE Arranges Acquisition Financing for Alabama Community
CBRE Senior Housing’s Aron Will, Austin Sacco and Tim Root have arranged acquisition financing for a 113-unit senior living community in Tuscaloosa, Alabama on behalf of a joint venture between Winterpast Capital Partners and Broadview Real Estate Partners. The $9.5 million, non-recourse, four-year loan has a full-term of interest only and an extension option through a regional bank. Pine Valley Retirement Community comprises 98 independent living units (including 38 patio homes) and 15 assisted living units, and features an activity room, garden and a beauty salon. The venture intends to put $2.4 million into it for capital improvements following the closing of the deal. Vitality Living,... Read More »
Greystone Arranges Financing for Texas Community
Greystone’s Tyler Armstrong originated a $28.3 million loan to refinance a 96-unit seniors housing community in North Richland Hills, Texas owned by StoneCreek Real Estate Partners. The Freddie Mac Optigo non-recourse financing has a 10-year term, 30-year amortization schedule and five-year interest-only period. With it, StoneCreek will take out a $15.6 million construction loan provided by Origin Bank in 2017. Built in 2019 and operated by Civitas Senior Living, StoneCreek of North Richland Hills provides independent living, assisted living and memory care units across its five-acre property. Despite opening just a couple of years ago, it already boasts an occupancy of 98%. Units range... Read More »
Ziegler Refinances Two AL Communities
Columbia Pacific Advisors refinanced two of its seniors housing communities, enlisting Ziegler as its exclusive financial advisor to close the transactions. The communities in question are The Landing at Lake Worth in Lake Worth, Florida, and The Linden at Stonehaven Square in Tulsa, Oklahoma. Each 134-unit community offers assisted living and memory care services. Chicago Pacific Advisors developed the Florida property in late 2018 and the Oklahoma property in late 2017 as part of its strategy to expand into the southern United States. To refinance existing the construction loans, Ziegler’s Senior Housing & Care Finance Practice closed two bridge debt placements totaling $37.75... Read More »Schedule a demo
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