CBRE Secures Construction Loan For Oregon Project
Construction lending may be slow at the moment, but Aron Will, Austin Sacco and Adam Mincberg of CBRE arranged financing for a to-be-built seniors housing community in Happy Valley, Oregon. A joint venture between The Springs Living and Harrison Street Real Estate Capital is building the community, which is set on a 6.95-acre site about 10 miles southeast of downtown Portland. Across the 210 units, half will be reserved for independent living, with the other half split between assisted living and memory care. There will also be numerous amenities, including an indoor pool, a movie theater, and a private dining room. CBRE secured a $60.4... Read More »
Housing & Healthcare Finance Announces HUD Activity
Housing & Healthcare Finance (HHC Finance) closed over $83 million in HUD loans during the month of February. The firm kicked off its activity with a $24 million loan for a large 280-bed skilled nursing facility in New Jersey. That was followed by two more HUD loans totaling $46 million closed for SNFs in Maryland and Illinois. Finally, HHC Finance took out previous HUD debt for a long-term customer in Connecticut with a new $13 million loan closed through the (a)7 program. Each loan came with interest rates in the low-2s and terms ranging from 30 to 35 years. HHC Finance rounded out its February activity with over $115 million of loan modifications closed for clients in Missouri,... Read More »
PGIM Refinances Virginia Seniors Housing Community
PGIM Real Estate’s Seniors Housing and Healthcare Group refinanced a 57-unit seniors housing community in Lynchburg, Virginia with a new HUD loan, providing the owner with substantial annual loan payment savings. That makes for a happy client. Family-owned and operated Runk & Pratt was the borrower, closing its second transaction with PGIM in the last 10 months. The community was built in the 1980s and boasted 95% occupancy. It previously had a HUD mortgage holding an interest rate of 4.25%. However, Christopher Fenton and Catherine Eby arranged a new $13.2 million loan that both extended the borrower’s loan maturity and lowered the interest rate to 3.03%. That results in annual debt... Read More »
Texas-Based Operator Acquires Dallas-Area SNF
Jeff Rhodes, Bill Janis and Mario Wilson of Helios Healthcare Advisors arranged acquisition financing for a 120-bed skilled nursing facility in the Dallas metro area. This was the only operation for the current Texas-based operator, which is acquiring the facility from the out-of-state landlord. Newly built in 2014, the facility maintained above average occupancy at the time of the sale. Helping its operations was its location in an affluent suburb near a handful of major hospitals. It also consistently achieves strong clinical ratings. The Helios team arranged a $12.53 million bridge loan from a regional lender to help cover the $13.06 million, or $108,800 per... Read More »
Carnegie Capital Closes Loan With Congressional Bank
JD Stettin of Carnegie Capital secured a bank refinance for a Pennsylvania seniors housing community. Congressional Bank provided the $16.5 million loan, which came with a three-year term and 30 months of interest only. This was the second financing Mr. Stettin has closed for the sponsor, a major national healthcare development fund. A top-tier national operator managed the building, which opened within the last several years with 65 assisted living and 30 memory care units. The loan refinanced the property during its continued lease-up, which was extended due to the pandemic. This capped a busy month for Carnegie Capital during which it announced its new joint venture with Evans Senior... Read More »Schedule a demo
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