CBRE Secures Bridge Financing For Orange County Community
Bridge lending may be in a period of relative inactivity not seen for some time, but CBRE got creative working with a multifamily bridge lending program to refinance a brand-new senior living community in Orange County, California. The luxury community in Laguna Niguel features 176 independent living/ assisted living flex units and 22 units for memory care on an irreplaceable 11.6-acre site. It was built in 2018 and consists of numerous amenities, including a 15,000-square foot rooftop with a lounge, sunroom, open-air art studio and putting green. Atria Senior Living operates the community under its “Signature” brand on behalf of the joint venture owners Fremont Realty Capital and... Read More »
Cain Brothers Finances North Carolina CCRC Expansion
A CCRC in Greensboro, North Carolina is about to embark on a massive expansion with the backing of a bond financing underwritten by Cain Brothers, a division of KeyBanc Capital Markets. Founded over 100 years ago as the first Masonic retirement community, the not-for-profit WhiteStone, which is owned by The Masonic and Eastern Star Home of North Carolina, is set on a 43-acre campus. It has been managed by Life Care Services since 2006. LCS Development is handling the expansion, which will feature 67 additional independent living units, a 36-unit assisted living/memory care building and an extensive renovation of the existing 20-year-old skilled nursing facility which will convert many... Read More »
People’s United Bank Closes Two More Financings
Continuing the series of closings from People’s United Bank that we first covered last week, the bank then closed a $9 million construction loan to cover renovations at a newly merged senior living community in Connecticut. An existing customer of People’s United Bank for many years, Pierce Memorial Baptist Home is a rental CCRC in Brooklyn, Connecticut that features independent living, assisted living, short-term rehab and long-term care services. It recently merged with Connecticut Baptist Homes (CBH) but will continue to maintain a separate state license and cost reports, as per the state. A plan to renovate and convert an empty SNF wing to a 10-unit AL/memory care building, as well... Read More »
Truist Refinances Colorado CCRC
Truist closed its first CCRC deal in the state of Colorado, acting as sole lender of a $50 million refinance of a property in Boulder, near Denver. Set in a residential part of Boulder, the not-for-profit CCRC was founded by the Rocky Mountain Conference of the United Methodist Church on 20 acres of land. It opened in 1960 with 100 apartments and has grown to care for more than 350 seniors. A 98-unit independent living expansion was also completed in 2019, along with several capital improvement projects, all totaling about $90 million. Truist arranged a $50 million refinance for the community, which will provide significant cash flow savings, liquidity and flexibility to ownership.... Read More »
Despite COVID-19, HUD Lean Records Strong 2020 Fiscal Year
This was not another ordinary fiscal year for HUD ended September 30, but the LEAN program still ended with nearly $4.4 billion in closings. That follows more than $3.7 billion in closings in the fiscal year 2019, which itself represented a slight increase over 2018’s volume. To reach such a high under the current circumstances, with in-person property inspections virtually impossible for months and HUD employees adjusting to working at home like so many of us, took great flexibility and a lot of hard work to get done. Greystone was head and shoulders atop the list this fiscal year, both in terms of transactions closed and in dollar volume. The firm closed 75 loans totaling more than... Read More »Schedule a demo
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