CIBC Springs Ahead with Deal Flow
CIBC has been hard at work this Spring, successfully closing several acquisition financings for senior care clients across the country. The largest was a $51.5 million term loan that supported the purchase of four skilled nursing facilities in Illinois totaling 586 beds. Historical performance trended positively over the last two years across the portfolio, and going forward, occupancy is expected to be in the high-70% range, with continued improvement in operating margins. The borrower received the term loan plus a $2.5 million capital expenditure non-revolving line of credit and an $8 million working capital revolving line of credit. Dan Forrer handled the transaction for CIBC Bank USA.... Read More »
Ziegler Closes Two Bond Transactions
Ziegler announced the closing of two separate bond transactions. First, it closed Mennonite Village’s $86.22 million Series 2026AB bonds through the Hospital Facility Authority of the City of Albany, Oregon. Mennonite Home of Albany, Inc., doing business as Mennonite Village, is an Oregon-based not-for-profit owner/operator in Oregon. It operates a CCRC that is situated on a 275-acre campus in Albany, in the Willamette Valley. The campus began as a 24-unit nursing home in 1947, and today consists of 299 independent living cottages, 18 independent living apartments in a building known as Ashwood Court II, 42 skilled nursing beds in Mennonite Home, 96 assisted living apartments in Quail Run,... Read More »
Not-for-Profit to Expand Its California CCRC
Ziegler announced the closing of Odd Fellows Home of California’s $101.7 million Series 2026AB bonds through the California Statewide Communities Development Authority. This financing marks Ziegler’s first with Odd Fellows Home of California. Odd Fellows Home of California, a California not-for-profit public benefit corporation, owns/operates two senior living communities that provide residential living, assisted living and skilled nursing. One community is in Saratoga, California, doing business as Saratoga Retirement Community (SRC), and the other community is in Napa, California, doing business as The Meadows of Napa Valley (The Meadows). The borrower has been operating its... Read More »
Joint Venture Secures Refinance for Full-Continuum Community
CBRE National Senior Housing refinanced Harvard Square by Cogir, a full-continuum seniors housing community in Colorado owned by funds managed by affiliates of Fortress Investment Group and operated by Cogir Senior Living. Built in 1982 and significantly renovated several times over the last 10 years, the community has 41 independent living, 144 assisted living and 40 memory care units on a 6.5-acre site. It is set about eight miles southeast of downtown Denver. Aron Will and Adam Mincberg of CBRE National Senior Housing arranged the financing through a national debt fund, originating a three-year, floating-rate loan. The transaction represents the third successful financing of the... Read More »
Class-A AL/MC Communities Trade on Long Island
BWE Investment Sales’ Seniors Housing Team announced its involvement in the sale of Village Green Senior Living and Village Walk Senior Living, both in high barrier-to-entry locations on Long Island. BWE represented the seller, The D&F Development Group, in the disposition of the Class-A assets, which had the goal of building, leasing up and selling the communities. The buyer was a joint venture between Atria Senior Living, Fundamental Advisors and Scribner Capital. Built in 2020, Village Green is in Levittown and offers 57 units of assisted living and 46 units of memory care across three levels. Village Walk is in Patchogue and was completed in 2018. It totals 146 beds,... Read More »Schedule a demo
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