Institutional JV Secures Refinancing
CBRE National Senior Housing refinanced Mirabelle, a Class-A seniors housing tower in South Miami, Florida, on behalf of an institutional joint venture. The Arbor Company will continue to manage the community, which was built in 2019 and features 22 stories and 212 units, including 142 independent living, 45 assisted living, 12 connected living and 13 memory care units. Set in an affluent submarket, the community also boasts an array of high-end amenities like a pool terrace, wine room with a 22nd floor view, and full-service hair and nail salon. Aron Will and Adam Mincberg helped the borrower in arranging a $63.5 million, three-year, interest-only loan, with other attractive terms. Read More »
Ziegler Closes Bond Financing
Ziegler announced the closing of Series 2024 bonds for Southwest Florida Retirement Center, Inc., a not-for-profit that owns/operates an entrance fee based CCRC, Village on the Isle. Ziegler has served as a strategic partner for the community since the late 1980s. Village on the Isle opened in 1982 and is situated on a 16-acre campus on the barrier island of Venice, Florida, less than one mile east of the Gulf of Mexico. The community currently comprises 234 independent living, 48 assisted living, 16 memory care and 64 health care units. Southwest Florida will use the proceeds of the Series 2024 bonds to construct 54 new independent living units to be known as Emerald Terrace – Tides... Read More »
Seniors Housing Portfolio Secures Refinancing
BMO Healthcare Real Estate closed a $156.5 million bridge loan for the recapitalization of five seniors housing communities totaling over 700 units in Washington, Oregon and Colorado. The near-stabilized portfolio is owned, operated and originally developed by Bonaventure Senior Living, a family-owned company based in Salem, Oregon. Bonaventure’s seniors housing portfolio is comprised of 28 communities and 3,900 units in Washington, Oregon and Colorado. Read More »
Berkadia’s Recent Activity
Jay Healy of Berkadia announced a series of financing closed on behalf of seniors housing clients in North Carolina and the West Coast. The largest was a $29 million HUD loan closed for a Scottsdale, Arizona-based owner/operator. The loan facilitated the release of a 117-unit assisted living/memory care community in Bakersfield, California, that was part of a collateral package for a bank loan secured by multiple properties. The borrower began operating the 1998-built community in May of 2019 when occupancy was 79% and subsequently purchased it from the REIT landlord in April of 2022. Occupancy at the time of the HUD closing had increased to the low 90% range. Healy also closed two bridge... Read More »
SNF Portfolio Receives Financing
CIBC Bank USA provided a $15 million working capital revolving line of credit for a portfolio of skilled nursing facilities in Maryland. Historical performance trended positively over the last year, as the facilities improved census and operating leverage. Going forward, occupancy and operating margins are expected to further improve. Dan Forrer handled the transaction for CIBC Bank USA. Read More »Schedule a demo
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