Northland Networks Funds Arkansas Acquisition
Northland Networks, which was acquired by First National of Nebraska in 2023, has closed a number of transactions so far this year, most recently arranging two acquisition loans for CCRCs in Arkansas. Both previously owned and operated by Evangelical Lutheran Good Samaritan Society, the assets were part of the not-for-profit’s exit from 15 states and consolidation of its services to the Midwest. The CCRCs are located in Hot Springs Village and Mountain Home, Arkansas, and attract higher income seniors in their respective areas. Hot Springs Village was built between 1986 and 2006 and features a combination of 90 independent living units (including six two-unit buildings and a 78-unit... Read More »
Ohio Senior Care Community Secures Refinancing
Capital Funding Group announced the closing of a $12.5 million bridge-to-HUD loan, which supported the refinancing of an existing bridge loan. The deal supported a 175-bed skilled nursing and assisted living community in Ohio. Craig Casagrande handled the transaction, which closed July 18, 2024. Read More »
Berkadia Refinances Intergenerational Living Community
Berkadia refinanced a unique, intergenerational living community called The Pillars of Prospect Park. The 283-unit seniors housing community in Minneapolis, Minnesota is owned by Harrison Street and Oppidan. To refinance an existing construction loan, Managing Directors Austin Sacco and Steve Muth of Berkadia secured bridge financing through a national bank, with a three-year term, three years of interest only and an attractive spread. Built in 2020, the property is situated near downtown Minneapolis, the University of Minnesota Medical Center, and Midland Hills Country Club. It features an intergenerational living model which includes senior living, student living, and a children’s... Read More »
CBRE Closes Three Bank Financings
The dog days of summer have brought a slew of bank financings from CBRE this August. First was a refinance for The Springs at Lancaster Village, which is owned by a joint venture between The Springs Living and Amstad Farms Land Company. Built in 1983 with expansions in the 1990s, the community has 115 independent living and 74 assisted living units, with an array of amenities. It was acquired by The Springs Living in 2020 for $31.5 million, or $165,800 per unit, with Amstad, a long-standing friend and family relationship of Springs, providing the original capital for the deal. Amstad is not your typical seniors housing investor, being one of the largest potato producers in the Pacific... Read More »
National REIT and Atria Secure Financing for California Class-A Community
JLL arranged a $52 million refinancing for Atria Newport Beach, a 168-unit senior living community in the Newport Beach enclave of Orange County, California. The Class-A asset was built in two phases with the north building fully renovated in 2023, while the south building was purpose-built and opened in 2021. The three-story buildings are home to independent living, assisted living and memory care units. The borrower is a partnership between a national REIT and Atria Senior Living. MidCap Financial provided the floating-rate first mortgage loan. Aaron Rosenzweig and Dan Baker handled the transaction. Read More »Schedule a demo
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