CBRE Closes Large Florida Refinancing
CBRE Senior Housing’s Aron Will, Austin Sacco and Adam Mincberg closed a large refinancing for a seniors housing community still in early-stage lease up in the Miami, Florida market. The community is also large and considered to be upscale. Working with a debt fund, CBRE secured a $78 million loan, which came with a three-year term and a floating interest rate. There was also a full term of interest only. Given the property is still in lease-up, we assume that this loan took out previous construction debt, but no other details were disclosed. Read More »
Affordable Housing Deal Gets Multiple Financing Sources
Community Preservation Partners and Hampstead Development Partners turned to KeyBank to secure capital to acquire and renovate an affordable senior apartment community in New Haven, Connecticut. Originally built in 1973, the Section 8 community consists of 121 units, split between 106 one-bedroom and 15 two-bedroom units. Plus, there is one ground-level retail bay, which includes a KeyBank branch, in the nine-story building. Going forward, the property will have a Housing Assistance Payments (HAP) Contract covering 112 units for 20 years, and the other nine units will also operate as tax-credit units. KeyBank Community Development Lending and... Read More »
Greystone Handles HUD Refinance of Wisconsin SNF Portfolio
Fred Levine of Greystone arranged a total of $34.96 million in HUD loans for a portfolio of five skilled nursing facilities spread across southeastern Wisconsin. Totaling 558 beds, the facilities are located in Antigo, Burlington, Manitowoc and Kenosha. The in-state borrower, Champion Care, purchased them in 2017 and will continue with ongoing property improvements. So, to refinance existing debt and help support those improvements, they obtained 30-year debt with a low fixed interest rate from HUD. Read More »
Construction Costs Go Up for Indiana Senior Living Project
Rising construction costs have stymied a number of senior living construction projects (much to the relief of thousands of operators looking to quickly recover their occupancies), but one development is still going ahead, albeit with a $3 million increase in financing. Evergreen Real Estate Group is building a 120-unit Medicaid assisted living community in Goshen, Indiana, which will feature 49 studio and 71 one-bedroom units, with Gardant Management Solutions serving as operator. Development costs were originally estimated to be $28 million, or $233,300 per unit. The plan was approved in late 2019, and the Goshen City Council approved the issuance of up to $22 million in tax-exempt... Read More »
Ziegler Closes “Green Bond” Financing
Ziegler announced that it will soon issue the first ever “Green Bond” financing for a senior living development. And it is for quite a sum. Enso Village, located in Healdsburg, California, is set to open in 2023 with 221 independent living units, 30 assisted living units and 24 memory care units on a 16-acre campus. It is being sponsored by the San Francisco Zen Center, a network of affiliated Sōtō Zen practice and retreat centers in the Bay area, and The Kendal Corporation, a national not-for-profit provider of senior living services. Greenbrier Development is building the campus, which has already achieved 94% reservations two years out from opening. Quite impressive. Enso Village will... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
