HJ Sims Refinances Louisiana Senior Housing Community
After already closing over $530 million of HUD loans in Louisiana, Sims Mortgage Funding is returning to the state to refinance Metairie Manor, nearly a decade after previously refinancing the property. Metairie Manor is a 287-unit, Section 8 funded, affordable senior housing community, owned and managed by affiliates of the Archdiocese of New Orleans. This represents the 11th refinancing Sims has closed for the Archdiocese and its management affiliate, Christopher Homes, Inc. Sims previously helped refinance Metairie in 2012 when it paid off its HUD Section 202 Direct Loan. That refinancing produced about $250,000 in annual debt service savings that have been used to fund various... Read More »
Monticello Announces Refinancing of Arkansas SNF Portfolio
MONTICELLOAM, LLC and its affiliates (Monticello) announced a big refinance for an experienced client in Arkansas. The $70 million, five-year loan is secured by a portfolio of seven skilled nursing facilities and 953 total beds. That represents the bulk of the borrower’s holdings in the state, which numbers approximately 1,200 beds. The seven facilities average over 30 years in age. This transaction comes a month after Monticello and Greystone announced they intend to form a joint venture to become a one-stop-shop provider of capital finance products and services for the senior housing and healthcare industry. The products offered will include first mortgage floating rate bridge loans,... Read More »
Cambridge Realty Provides HUD Loan to AL Community
Cambridge Realty Capital Companies has provided a $3.11 million HUD loan to Maple Creek of Lakewood, a 75-bed assisted living facility located in Lakewood, Washington. The fully amortized, 30-year loan was provided for the Oregon-based owner’s managing members, Maple Creek Venture, LLC and Dr. Christian A. Mason. Those borrowers are using the loan to purchase the property, which offers one-bedroom, private studio, private room with shared bath, and shared room/shared bath options. Read More »
Oregon CCRC Expanding with Bond Financing
Friendsview, a Quaker-affiliated not-for-profit CCRC in Newburg, Oregon, is set to break ground on a new expansion and redevelopment project next month. To fund the project, the Type-A, entrance-fee-based community is set to receive $124.22 million in funding from bonds issued through the Yamhill County Hospital Authority and underwritten by Ziegler. Greystone acted as the development consultant for the project, providing all necessary planning services to implement the project. Bond financing is expected to be used toward three segments of Friendsview’s redevelopment project – Springbrook Meadows North, Sutton Terrace at University Village... Read More »
HJ Sims Refinances Michigan Provider
It took a couple of tries, but HJ Sims arranged $41.9 million in financing for Sunset Retirement Communities, a multi-campus, not-for-profit senior living provider in Michigan. The company has grown its holdings over the past decade, starting development on its Jenison campus in 2009 and completing it in 2015. Then, after completing a market study in March 2020, Sunset determined to add a Phase III with 62 independent living apartments, 20 IL villas and amenity spaces. That was not an ideal time to begin filling a new community. After approaching potential lenders in May 2020, Sunset delayed the financing in order to focus on its existing operations. However, HJ Sims continued to explore... Read More »Schedule a demo
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