HJ Sims Arranges Financing for Two Pennsylvania Communities
HJ Sims arranged two financings for Landis Communities in Lititz, Pennsylvania. The first was $25 million for Landis Place on King, a to-be-built affordable housing project, and the second was $53 million for Landis Homes Retirement Community (LHRC), which operates a CCRC. Landis Place on King will contain 79 units, with Orrstown Bank providing draw-down capital financing for the property, with a 15-year commitment. There is a 30-year amortization period and a fixed rate of 2.35% for the first 10 years of the 15-year commitment. LHRC serves 850 residents currently as of 2021 across residential, personal care, memory support and skilled nursing units. It refinanced three... Read More »
Ziegler Closes Financing for Atlanta CCRC
Ziegler closed $124.8 million in Series 2021A/B fixed-rate bonds and $45,800,000 in Series 2021C Direct Bank Bonds for an Atlanta, Georgia-area CCRC. Opened in the early 1960s, Canterbury Court is a CCRC located in the Buckhead-Brookhaven neighborhood. It was started by the All Saints Episcopal Church and St. Luke’s Episcopal Church when they noticed a need for “persons of mature years to live in comfort, with a secure future.” Since opening its doors in 1965, Canterbury Court has grown to include 187 independent living units, 18 personal care (assisted living) units and 42 skilled nursing beds. It is undergoing a major expansion project that will replace the existing healthcare... Read More »
Ziegler Finances Community Expansion Project in Arizona
Ziegler closed a large bond financing for Friendship Village of Tempe to refinance its Series 2012 bonds and fund an expansion project known as Phase II of the campus’ master plan. Totaling $104.135 million, the bonds consist of A, B and C bonds issued through the Industrial Development Authority of the City of Tempe, Arizona. The A and B bonds are non-rated, tax-exempt, fixed-rate serial and term bonds that amortize over 35 years. They will also wrap around the Series 2019 bonds to create aggregate-level annual debt service. The Series 2021C-1 and C-2 Bonds are non-rated, tax-exempt short-term TEMPS-85SM and TEMPS-60SM Bonds, expected to be redeemed with initial entrance fees of the... Read More »
MidCap Closes Acquisition Loan for Community in Georgia
MidCap Financial announced the closing of an acquisition loan for a 92-unit assisted living/memory care community on St. Simon’s Island, Georgia. We learned of the deal at the end of September when Newmark disclosed its involvement as the broker representing the seller, a joint venture between AIG Global Real Estate and Thrive Senior Living (also the operator) that had originally developed the property in 2015. Occupancy had fluctuated between 50% and 70% in the last several years, with some key employee turnover prior to COVID contributing to the sub-par census. Winterpast Capital Partners, its affiliate Vitality Living and Broadview Real Estate Partners acquired the property, with... Read More »
CBRE Refinances Michigan Community
CBRE Senior Housing arranged non-recourse financing for a 110-unit independent/assisted living community in Traverse City, Michigan. Aron Will, Austin Sacco and Tim Root arranged the transaction on behalf of a joint venture between Cordia Senior Living and Cypress Partners. CBRE had previously arranged three-year financing for the community in 2017, which surely smoothed out the process. Initially built as an asylum in 1883, the building was converted to seniors housing by the Cordia/Cypress joint venture in 2014. It is located in the Village at Grand Traverse Commons, a large historic preservation and adaptive reuse development that began redevelopment from its asylum past into a... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
