Cushman & Wakefield’s Latest Closing in South Carolina
A new senior living community obtained bank financing from Truist Financial, with the help of Cushman & Wakefield. Richard Swartz, Tim Hosmer and Chris Remeika led the transaction, which featured a $37.1 million loan, coming out to about $200,000 per unit. Opened in 2018, the 186-unit community is located in the Daniel Island area of Charleston, South Carolina, overlooking the 5th fairway of the Daniel Island Club Beresford Creek course. It features 90 assisted living, 48 memory care and 48 skilled nursing units. Charlotte, North Carolina-based Maxwell Group developed the property, while Wellmore Living operates it. This is the third South Carolina community managed by Wellmore, with... Read More »
Greystone Finances Community Redevelopment in Miami Beach
A 12-story senior apartment community in Miami Beach, Florida is undergoing a major redevelopment thanks in part to HUD construction financing arranged by Greystone. Originally built 40 years ago and operating with a Section 8 contract, the affordable community has 250 one-bedroom units. Its owner, Elderly Housing Development and Operations Corporation (EHDOC), and equity partner Stratford Capital, will begin a $78 million project to substantially rehabilitate the building. The 20-month project will include exterior façade and common area renovations, new kitchens and bathrooms in the units, a new roof, elevator modernizations and a paint refresh. All will be completed without displacing... Read More »
Dwight Capital Acquires Love Funding
The HUD market seems to be the steadiest in the senior care lending world since the onset of COVID-19, after a few hiccups and delays earlier this year. Recently, there was a shake-up in the lending market, as Dwight Capital acquired Love Funding, the HUD lending subsidiary of Midland States Bank. Love Funding’s platform will be rebranded and integrated within Dwight Capital, while Midland States Bank will retain the existing Love Funding servicing portfolio. Read More »
Senior Capital Advisors Secures Construction Financing For Florida Property
Bruce Gibson of Senior Capital Advisors successfully closed construction financing for a to-be-built senior living campus with a unique addition to it. Located in the Westchester suburb of Miami, Florida, The Contemporary will feature 85 units of independent living along with MedSquare Place, a 33,000-square foot medical office component on the first floor of the building. We have always been a fan of adding services like these to senior care campuses, which not only add a convenience to the seniors living there but also provide some revenue diversification for the building. The added visibility for the community by patrons of the MOB doesn’t hurt either with its... Read More »
Lancaster Pollard Closes Hawaii SNF Refinance
Lancaster Pollard Mortgage Company followed up its HUD refinance of an assisted living/memory care community in Minnesota for a deal in a much more hospitable year-round climate. Doug Harper and Casey Moore of Lancaster Pollard headed to Honolulu, Hawaii (lucky guys) to arrange permanent financing for a senior living community located on the slopes of Punchbowl Crater, an extinct volcanic cone in downtown Honolulu. Owned by MW Group, Ltd., the community was built in 2003 and renovated in 2017. It currently consists of 68 independent living, 20 assisted living and 20 memory care units, and is one of six seniors housing and care properties in Hawaii operated by The Plaza Assisted... Read More »Schedule a demo
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