Greystone Refinances Indiana CCRC
A not-for-profit CCRC in Elkhart, Indiana received a HUD refinance courtesy of Greystone. Lisa Fischman originated the $23.9 million loan, which came with a 30-year term and amortization. Bringing on the refinance was a recent expansion of the 220-unit property that offers independent living, assisted living, skilled nursing, short-term rehab services and, most recently, memory care services. The community was founded in 1977 and features amenities such as a wellness center, chapel, two restaurant-style dining venues and a two-acre landscaped park. The new memory care expansion comprises four houses, with nine units in each, all surrounding a central atrium. There was a previous... Read More »
Hill Valley Healthcare Announces Tidewater Transaction
The team at Meridian Capital Group consisting of Ari Adlerstein, Ari Dobkin and Josh Simpson secured acquisition financing for a portfolio of three skilled nursing facilities in Virginia. Located along the Chesapeake Bay coast in Warsaw, West Point and Hampton, the facilities feature 80, 60 and 130 beds, respectively. Built between 1975 and 2001, they were all previously owned and operated by Riverside Health System, a not-for-profit based in Newport News, Virginia. Hill Valley Healthcare, a national skilled nursing operator, was able to acquire the facilities with the help of a $21.7 million loan from a commercial bank, plus a $3.5 million A/R line and... Read More »
Berkadia Refinances Wisconsin Seniors Housing Community
Berkadia took out bank debt on a seniors housing community in Appleton, Wisconsin with a new Freddie Mac financing. Chris Cain arranged the transaction on behalf of the community’s Oregon-based owner/operator, Touchmark. In operation for around 40 years, the community provides independent living, assisted living and memory care services, which were added in a recent $25 million, 48-unit expansion project that also saw renovations made to the existing building. The bank loan that helped bank roll that project has now been replaced with a $32.3 million Freddie Mac loan, with a 10-year term and five years of interest only at 70% loan-to-value. Touchmark was also able... Read More »
HJ Sims Helps Finance Houston-Area Community
A to-be-built seniors housing community in Houston, Texas just received non-recourse PACE (Property Assessed Clean Energy, not the Program of All-Inclusive Care for the Elderly) financing, courtesy of HJ Sims. Consisting of 74 assisted living units, 22 memory care units and 12 independent living cottages, the community is being developed by StoneCreek Real Estate Partners and Civitas Senior Living, the latter of which will operate it upon opening in Summer 2022. The project is a redevelopment of the Copperfield Racquet and Health Club and is set on 6.6 acres. The PACE program finances 100% of the energy efficiency, renewable energy, water conservation, resilience improvements and the... Read More »
Interview With Alex Florea, Blueprint’s New Head of Capital Markets
Ben Swett, Editor of The SeniorCare Investor, sat down with Alex Florea, the new Head of Capital Markets at Blueprint Healthcare Real Estate Advisors, to discuss the current challenges facing borrowers in the seniors housing and care lending market. Read More »Schedule a demo
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