National Real Estate Investment Group Acquires 24-Property Portfolio
Ikaria Capital Group announced the successful funding of a $270 million term loan and $30 million preferred equity investment for a national private healthcare real estate investment group to support the acquisition of a 24-property skilled nursing and seniors housing portfolio located in the Pacific Northwest. First Citizens Bank led the bank syndicate in providing the first mortgage financing for the acquisition. The portfolio encompasses facilities across multiple states, each with varying levels of acuity. There are 1,584 skilled nursing beds, 90 assisted living units and 450 independent living units. The existing management team will continue to operate the facilities and will retain... Read More »
Detroit Redevelopment Sees Senior Apartment Conversion
KeyBank Community Development Lending and Investment provided $43.6 million in construction loans and arranged $7.6 million in permanent loans for the acquisition and rehabilitation of Lee Plaza in Detroit, Michigan. The 15-story, Art Deco historical landmark will be converted to affordable senior apartments. The building will include a total of 182 units, with 117 units restricted to individuals 55 years or older and 65 units available to families. All tenants are required to earn at or below 50% and 60% of area median income. The project, which was acquired by the city and subdivided into three separate condo units, will be completed in three phases. KeyBank financed the first two... Read More »
Montana Not-For-Profit Secures Bond Financing
Ziegler announced the closing of Immanuel Living at Buffalo Hill’s $50.88 million Series 2025ABC bonds through the City of Kalispell, Montana. The Montana not-for-profit operates a senior care community in Kalispell, Montana, that is located on a 13-acre campus with 171 independent and assisted living units as well as 155 licensed skilled nursing and long-term care units (122 are currently in operation). This transaction marks the Corporation’s third financing with Ziegler. The bonds are not rated, with a final maturity of May 15, 2060. Improved covenants are a highlight of the transaction through the implementation of an Amended and Restated Master Trust Indenture. The 2025A bonds... Read More »
Leadership Changes in Forbright’s Healthcare Lending Group
Forbright Bank announced that Jonathan Grenier has been promoted to President of Healthcare Lending. Grenier previously served as a Managing Director of Forbright’s Healthcare Lending division, where he has worked since 2016. In that role, he co-led Forbright’s healthcare originations and underwriting, providing hundreds of skilled nursing and post-acute facilities, seniors housing and behavioral health providers with access to capital. Prior to joining Forbright, Grenier held various roles at EY and M&T Bank. As President of the Healthcare Lending group, Grenier will lead a team of experienced professionals. Jared Richards will lead healthcare originations and underwriting in... Read More »
BMO Provides Loan to Merrill Gardens and PGIM
BMO’s Healthcare Real Estate Finance group acted as sole lender on an acquisition term loan of $41 million on behalf of Merrill Gardens and an institutional investor for The Ackerly at Sherwood. The Class-A community comprises 130 independent living, assisted living and memory care units in Sherwood, Oregon. It will be operated by Merrill Gardens, which currently manages more than 60 seniors housing communities across 20 states. The company previously announced it acquired The Ackerly at Sherwood, as well as two others, through a joint venture with PGIM. Later, after Merrill Gardens’ announcement, Alex Florea, Kevin Lukehart and Dan Mahoney of Blueprint announced a closing which... Read More »Schedule a demo
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