Lancaster Pollard Arranges Two Financings
Lancaster Pollard keeps the closings coming, arranging two transactions for senior care facilities in Georgia and California and showing some variety in the process. First, Conner Girdley led the way on a construction financing for a to-be-built community with 131 units of assisted living and memory care in Cobb County, Georgia. The borrower, Brickmont Assisted Living, obtained $24.5 million in tax-exempt bond financing though the Section 142(d) program, which provides financing to assisted living communities that set aside at least 20% of their units for residents whose income is 50% or less of the area median gross income. The Cobb County Board of Commissioners unanimously approved the... Read More »
Harborview Capital Partners Arranges HUD Refinances
Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, recently announced a few HUD transactions. First, on behalf of a repeat client, Ephraim Kutner and Jonathan Kutner arranged a $7 million HUD loan for a 96-bed skilled nursing facility in Lake County, Illinois. The non-recourse loan came with a 35-year amortization schedule. Then, Harborview took advantage of the low-interest rate environment to refinance several previously placed HUD loans for their clients. The Harborview team achieved substantial rate reductions on loans exceeding $53 million for skilled nursing facilities totaling more than 450 beds in Illinois and New Jersey. That reduced annual... Read More »
Long Island 55+ Developer Gets Equity Investment
A brand-new age-restricted town home community is going up in the Long Island hamlet of Mount Sinai, thanks in part to $18 million of joint venture equity secured by Evan Pariser, Rob Hinckley, Nicco Lupo and Sophie Cohen of JLL Capital Markets. Sculptor Capital Management Inc., formerly known as Och-Ziff Capital Management Group, provided the equity. Ornstein Leyton Company (OLC) is developing the community, which will feature 91 for-sale homes. It is OLC’s fifth active adult community branded under “The Vineyards.” In 2018, Messrs. Pariser and Hinckley (when they were with HFF) also helped raise equity for the development of another community in Center Moriches, New York (also Long... Read More »
M&T Realty Refinances Seattle-Area Senior Living
M&T Realty Capital Corporation closed the refinance of an 87-unit seniors housing community in the Seattle suburb of Bothell, Washington. Managing Director Steve Muth, in collaboration with Christopher Tesla in M&T’s Seattle office, went through Freddie Mac’s OptigoSM program, which provides cash loans, bond credit enhancements, tax-exempt loans, and other financing options to affordable housing properties. The $12.3 million loan was structured with a 10-year term and fixed rate, with a full term of interest-only payments. It closed at 49% loan-to-value, putting the value of the community above $25.1 million, or $288,500 per unit. Read More »
Helios Helps with Short-Term Refinance
With a maturing mortgage looming, the owners of a recently expanded assisted living/memory care community in Evansville, Indiana decided to refinance with the help of Mario Wilson and Bill Janis of Helios Healthcare Advisors. Originally purchased in 2012, the community underwent a complete renovation and re-opened in 2015 as Evansville’s first stand-alone memory care community. Shortly after lease-up, ownership decided to then add traditional assisted living units and services. However, their first mortgage was set to mature, and with an incomplete expansion project, the owners needed a short-term refinance solution. So, Helios arranged a 24-month, interest-only loan that took out the... Read More »Schedule a demo
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