CCRC Development Secures Construction Financing
Capital Funding Group closed a $179.8 million construction loan on behalf of Erickson Senior Living. The financing will support the first phase of construction for Emerson Lakes, a CCRC currently under development in the Lakewood Ranch community in Sarasota County, Florida. CFG closed the financing on September 22, 2025. Developed and managed by Erickson Senior Living, phase one of this project will include one community building and three residential buildings with 319 independent living units. Once all project phases are completed, Emerson Lakes will be an 87-acre campus featuring 1,015 IL units and 130 continuum care units. This financing is the second construction loan CFG has executed... Read More »
Ziegler Prices Bonds for Repeat Client
Ziegler announced the pricing of $41.71 million Series 2025A bonds for repeat client Maryfield, Inc. doing business as Pennybyrn. Pennybyrn is a North Carolina not-for-profit corporation incorporated in 1947 by the Congregation of the Poor Servants of the Mother of God, an order of the Roman Catholic Church. Now sponsored by the Roman Catholic Diocese of Charlotte (NC), Pennybyrn owns and operates a CCRC on 72 acres in High Point, North Carolina. Pennybyrn currently operates 222 independent living units (173 apartments and 49 cottages), 48 assisted living units (24 standard care and 24 memory support) and 125 skilled nursing beds (24 rehabilitation and 101 long-term care). Proceeds of the... Read More »
Private Lender Provides Debt
Kennedy Funding, a New Jersey-based direct, private lender, provided debt to fund the purchase of a seniors housing community in Inverness, Florida, about 75 miles north of Tampa. Crown Court sits on 0.7 acres and features 55 units of assisted living. It was in need of significant renovations, and the loan partially funds the improvements. The debt was closed quickly to allow the buyer to start on the project. VSEVA, a Florida LLC, bought the community for $3.725 million, or $74,500 per unit. Vera Healthcare will continue operating the community after taking over in December 2024. The property was renamed Vera Assisted Living – Inverness Downtown, and there are plans to expand with an... Read More »
Forbright Bank Announces Several Financings
Forbright Bank had a busy end to the summer, announcing a series of closings for a mix of seniors housing and skilled nursing properties across the country. The largest individual transaction was a $50 million term loan that refinanced the existing debt on three skilled nursing facilities in Florida. Forbright underwrote the bridge-to-HUD loan for a near-term HUD takeout to be facilitated by its HUD team. The bank also provided a $3 million revolver to support the facilities’ working capital needs. Forbright also partnered with HJ Sims to provide a $38 million bridge loan to fund the acquisitions of three skilled nursing facilities in Chicagoland. Forbright financed a few other... Read More »
Joint Venture Receives Acquisition Financing
BMO’s Healthcare Real Estate Finance group announced its role in providing acquisition financing to IRA Capital and Principal Asset Management for their purchase of an 89-unit seniors housing community in Gilbert, Arizona. American Care Concepts and Reichmann International Realty Advisors developed American Groves Senior Living in 2021 and have owned it since then. Each of the 89 units can transition between independent and assisted living in response to changing resident needs. Currently, occupancy is 100%, and we imagine the property operated at a healthy margin. IRA Capital and Principal Asset Management announced that they paid $44.5 million, or $500,000 per unit, for the... Read More »Schedule a demo
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