BMO Harris Provides Loan For 15 MOBs
BMO Harris Bank’s Healthcare Real Estate Finance group has closed a $123 million loan to an affiliate of The Inland Real Estate Group of Companies, Inc. The loan provided recapitalization financing for 15 medical office buildings, totaling more than 419,000 square feet across six states. Read More »
SLIB and Monarch Advisors Collaborate on Kentucky Closing
Alec Blanc of Monarch Advisors announced an acquisition financing for a couple of assisted living communities in Kentucky. Located in Bardstown and Elizabethtown, just under 30 miles from each other, the communities combine for 84 units. Occupancy was around 80% in 2020. They were previously owned by a California-based owner/operator, but the buyer/borrower, WalkLight Senior Living, was looking to make its first-ever acquisition, although the owners are experienced in operations. They also saw an opportunity to potentially raise rates at the locations to improve operations. Daniel Geraghty and Bradley Clousing of Senior Living Investment Brokerage handled the sale. Monarch secured a... Read More »
Palm Springs Community Receives Construction Financing
CBRE Senior Housing’s Aron Will, Austin Sacco and Tim Root have arranged construction financing for a luxury LGBTQ-targeted active adult community in Palm Springs, California. The $42 million loan was arranged on behalf of a joint venture between a group of high-net-worth investors and KOAR International, Inc. This nine-acre community is the first of its kind, as no other LGBTQ-orientated active adult communities exist in the market today. It will feature 122 units and a movie theater, card room, game room, salon, massage rooms, fitness center, craft rooms and a community room with additional dining. Outdoor amenities include a putting green, rose garden, resort-style pool... Read More »
Ziegler Continues Active Month with Virginia Financing
Ziegler is continuing its active month with the arrangement of $71.33 million of Series 2021A and 2021B bonds for a life plan community in Williamsburg, Virginia. Williamsburg Landing, founded in 1982, consists of 317 independent living apartments, 72 assisted living units, 24 memory care units and 73 skilled nursing units. Prior to this loan, Williamsburg Landing had 14 separate debt obligations provided by three banks totaling nearly $100 million. These new bonds will refinance nine of the existing bank obligations in an effort to simplify their capital structure. The proceeds of the bonds will be used to refund nine existing bank obligations, pay swap termination payments,... Read More »
Ziegler Arranges Two More Financings
Ziegler has closed two financings for communities in Wisconsin and Virginia. First, Ziegler arranged $38.68 million of Series 2021 fixed-rate revenue bonds for the construction of a new seniors housing community in Muskego, Wisconsin. The financing was provided to PHW Muskego, Inc., a not-for-profit affiliate of Presbyterian Homes and Services. They are non-rated, tax-exempt serial and term bonds with a 40-year maturity. Proceeds of the bonds will be used to finance the construction of Stair Crest community, fund a debt service reserve fund, fund 18 months of interest on the bonds and pay costs of issuance associated with the loan. Stair Crest is set to contain 80 independent living units,... Read More »Schedule a demo
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