PGIM Real Estate Refinances Virginia Memory Care
PGIM Real Estate closed the refinance of a memory care community in Forest, Virginia (Lynchburg MSA), the second it has closed for the client this year. Runk & Pratt built the property in 1999 to include 76 units and has added a number of unique features, such as a multi-sensory room that provides soothing and engage stimuli to its residents. There are also three enclosed courtyards and a greenhouse, along with on-site therapy. Occupancy was around 89%. Christopher Fenton and Catherine Eby of PGIM Real Estate facilitated the $13.2 million HUD financing, which came with a 35-year term and amortization. The loan replaces HUD debt that had a higher interest... Read More »
Lancaster Pollard Announces Promotions, And A Deal
Lancaster Pollard Mortgage Company, a division of ORIX Real Estate Capital, announced several promotions in its seniors housing and healthcare team. These follow other changes at the top, with Aaron Beck being the chief production offer and East team leader in the Spring, and Casey Moore, Doug Harper and Quintin Harris also expanding their leadership roles, with Messrs. Moore and Harper leading the West, and Mr. Harris leading the Midwest. Michael Blackwell joined the team and will be responsible for originating new business and maintaining existing client relationships in the Northeast. He originally came to Lancaster Pollard as an associate in 2016 and is currently a vice... Read More »
Regions Bank’s Summer Bonanza
It looks like the Regions Bank team did not take much time off this summer, closing a series of loans across the country for senior living clients, including financing the development of a senior living community in a Seattle suburb last month. We’ll start with a couple of loans that took out construction debt. First, to refinance a brand-new, two-story senior living community in a Cincinnati, Ohio suburb, Jack Boulder and Chris Honn arranged a $31.4 million bridge loan. The community features 28 independent living, 83 assisted living and 40 memory care units. It is owned by a joint venture that is primarily sponsored by a private developer/owner/operator based in the Midwest, and an... Read More »
Hunt Capital Partners Secures Financing for Ohio Property
An affordable senior apartment community is going up in Findlay, Ohio, about 45 miles south of Toledo, thanks to a combination of financing sources. Located on 3.7 acres, the community will feature 50 units for seniors who earn up to 30%, 50% and 60% of the area median income. Blanchard Valley Health System (BVHS) is building the community on its mixed-use development site that includes medical offices, market-rate apartments and single-family condos. BVHS also owns and operates an adjacent CCRC, Birchaven Village, which future residents of the senior apartment community will be able to use its services and amenities. Construction commenced in August and will be... Read More »
Newmark Knight Frank Refinances Florida Community
A brand-new senior living community that has already reached stabilization just secured a bank refinance thanks to the efforts of the Newmark Knight Frank team. Located in an affluent submarket of Jacksonville, Florida, HarborChase of Mandarin is set on a 4.1-acre parcel purchased by Vestcor Communities in 2016 for $2.5 million, and groundbreaking quickly followed. The community features 94 independent living and assisted living units, along with 20 units set aside for memory care residents. Back in 2016, development cost was estimated at $27 million, or over $235,000 per unit. The community opened in 2018 and quickly stabilized by January 2020. Even with the pandemic, occupancy remained... Read More »Schedule a demo
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