Ziegler Finances Wingate Healthcare Acquisition
Ziegler successfully closed $42.5 million in rental senior housing bonds, consisting of both taxable and tax-exempt bonds, to support Wingate Healthcare’s acquisition of two senior living communities in New England. The Pittsfield, Massachusetts community has 125 beds in 118 units, while the Providence, Rhode Island community has 96 beds in 93 units. Both offer assisted living and memory care services and were previously operated and leased by an affiliate of Wingate, which should make for an easier ownership transition. Wingate will also reposition the properties, including converting the previously closed skilled nursing beds at the Providence property into early-stage memory care units... Read More »
Live Oak Bank Closes Two Refinances
A couple of senior living communities refinanced with the help of the team at Live Oak Bank . In the first deal, KSL Seniors, a developer/owner focused on the western United States, secured a five-year loan with a floating interest rate to refinance its newly built 71-unit assisted living/memory care community in Greely, Colorado. Opened in Q4:19, the property is operated by Cadence Senior Living and offers common areas and amenities with an appeal to not only the community’s residents, but their extended families. The loan totaled $8.1 million and took out a construction line of credit. It also allowed KSL to recapture a line of credit capacity to pursue future projects. Then, Live Oak... Read More »
Lancaster Pollard’s Recent Fannie Mae Activity
Lancaster Pollard secured two Fannie Mae financings for senior living clients across the country. The first was an $11 million fixed-rate loan provided to a senior living community in Dover, Pennsylvania (York County). Featuring a mix of independent living, assisted living and memory care services, the one-story community has amenities such as gazebos, walking paths, a café and therapy suite offering occupational, physical and speech therapies. Miles Kingston, Doug Harper and Casey Moore led the transaction. Then, Messrs. Moore and Harper were joined by Grant Goodman to arrange a $7.2 million loan for a memory care community in Edmonds, Washington (Seattle MSA). Operated by Northwest Care... Read More »
Ventas Seeking Investment Partners
In what we would call a change in strategy for a healthcare REIT, Ventas is launching a new “growth platform,” called the Ventas Life Science and Healthcare Real Estate Fund, L.P. They are calling it a “perpetual life vehicle” that will focus its investments in core and core-plus life science, medical office and seniors housing real estate. It will officially launch late this quarter, and it will have $700 million in assets under management, and they have third-party equity commitments for about $650 million, so far. Ventas will be the fund sponsor and general partner, expecting to hold a 20% ownership stake and participating in the future cash flows. Ventas EVP... Read More »
Maryland Senior Care Portfolio Refinances With Harborview
Harborview Capital Partners announced it has arranged to finance a portfolio of four skilled nursing facilities and one assisted living community in Maryland. A New Jersey-based owner recently purchased the properties and was seeking a cash-out refinance. Working with Ephraim Kutner, Jonathan Kutner and Eli Kutner of Harborview, they obtained an $81 million loan from a national lending partner. The financing came with an aggressive LIBOR-based fixed interest rate and a four-year term. With the transaction, the borrower was able to cash-out in excess of $20 million, with limited recourse. Read More »Schedule a demo
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