CBRE Finances Orange County Senior Living Development
A senior living community is being built in California’s Orange County thanks to a bank loan arranged by CBRE. Located in North Tustin, the 100-unit community will feature 72 assisted living and 28 memory care units on a 7.5-acre infill site. The local market has high barriers to entry and an average home value in excess of $1 million within a one-mile radius. It took the developer, a joint venture between Clearwater Living and an institutional investor, 15 years to get this project off the ground due to tough zoning and entitlement processes and limited developable land in North Tustin. The opportunity must be worth the wait. To fund the project, Aron Will, Austin Sacco and Adam Mincberg... Read More »
JLL Lands Financing for Luxury Chicago Senior Living Project
The JLL team has secured both construction debt and joint venture equity for a joint venture to build a new luxury senior living community in Evanston, Illinois (Chicago MSA). Located on an irreplaceable 0.77-acre infill site just north of downtown Evanston, the nine-story project will consist of a mix of private independent living, assisted living and memory care units. It’s set to open in 2021 with a host of amenities that include multiple terraces with views of Lake Michigan. The total cost is estimated to be about $75 million, or $460,000 per unit. That’s a high figure, but given the location and Class-A finishes/amenities, we think the owners will be able to increase that... Read More »
Newly Renovated Assisted Living Community Refinances with IDB Bank
Lisa Silvers, SVP of IDB Bank, headed to the Jacksonville, Florida suburb of Green Cove Springs to refinance a fully renovated assisted living community on behalf of its single-asset owner/operator. Originally built in 1993, the 49-unit community was previously owned by a local doctor, who sold it in 2015 for around $2 million, or $40,800 per unit. The buyer, who had previously third-party operated other assisted living communities in the Orlando area but was making his first acquisition, closed the community and gutted it in a $2 million renovation. The community has since stabilized at 85% occupancy, geared towards the middle market. To fund the acquisition and renovation, the buyer had... Read More »
People’s United Bank Finances New Jersey Development
People’s United Bank announced that its Healthcare Finance Division provided a credit facility to support Brightview Senior Living’s development of a new senior living community in Wayne, New Jersey (New York City MSA). Being built on the 9.6-acre site of a vacant retail structure, Brightview knocked that building down to replace it with a 190-unit community that will consist of 97 independent living, 58 assisted living and 35 memory care units, with 200,000 total square feet. People’s had an existing relationship with Brightview, allowing for a smooth closing of a $61 million credit facility to fund the community’s construction. Already operating more than 40 communities in eight states... Read More »
Another Financing From Monticello Asset Management
What a six months it has been for Monticello Asset Management. In that time span, the firm and its affiliates have closed around $450 million in five-, seven- and 10-year fixed-rate loans, all of which were non-recourse. And in February alone, Monticello announced $278.7 million in first lien debt financings across seven transactions, plus a number of supplemental working capital loans. Now, Monticello has kicked off March with a loan totaling $35.9 million to fund the acquisition and renovation of four assisted living/memory care communities in Florida and South Carolina. Totaling 345 units, the communities averaged more than 20 years in age. About $2.7 million will be spent to renovate... Read More »Schedule a demo
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