Greystone Gets Freddie Mac Funding for To-Be-Built Community
A new seniors housing community for low-income residents is being developed in Covington, Georgia, thanks to Freddie Mac financing arranged by PJ McDevitt of Greystone. Dominium Holdings, one of the largest affordable housing development/management companies in the country, is building the community, which will feature 198 total units with one-, two- and three-bedroom layouts. The properties will be located near the Newton County Senior Center, considered to be one of the most active senior centers in the state. That can only help both the fill-up and also the residents’ experience. Completion is expected sometime in 2021. To fund the project, Dominium obtained a $15.8 million Freddie Mac... Read More »
Berkadia Brings on the Financings
Berkadia announced an impressive array of financings it closed in the past three months, ranging from HUD mortgages, to Fannie Mae/Freddie Mac deals and a couple of bridge loans, all totaling nearly $160 million in volume. The largest deal was a $107.6 million Fannie Mae master credit facility closed for a portfolio of eight senior living communities in South Carolina, Mississippi and Louisiana. Ed Williams and Rafael Nobo (serenaded with Happy Birthday last July on a flight from Chattanooga) secured the 10-year, fixed rate financing, with an interest-only period, on behalf of the portfolio’s Louisiana-based developer, owner and operator to refinance the properties, consolidate debt into... Read More »
ALP Community Obtains Financing from Monticello
Monticello Asset Management, a specialized private real estate and asset-based lender, asset manager and servicer, just provided $40 million in 10-year, first lien debt for an assisted living community in the Bronx, New York. The 256-bed community participates in the Assisted Living Program, which was introduced in the state around 30 years ago. In short, the ALP program provides a higher level of care (close to skilled nursing) in an assisted living setting for Medicaid residents. It’s a win for the state, which can reimburse nearly skilled nursing level care at a lower rate, and for the providers, which can take in Medicaid residents at a significantly higher rate. Even with the higher... Read More »
Capital Funding Secures Bridge Financing for Illinois Portfolio Acquisition
A portfolio of six skilled nursing facilities located throughout Illinois sold with the help of bridge financing secured by Capital Funding, LLC. Totaling 594 beds, these facilities are operated by Crown Healthcare, a family-owned company that owns and operates skilled nursing and senior living properties across five states, with its primary focus in the Ohio market. The bridge loan, originated by Craig Casagrande, funds 100% of the acquisition costs. In addition, Capital Funding financed the operations of a seventh skilled nursing facility and also provided about $5.5 million in working capital. Ultimately, they expect to refinance the debt through HUD. This deal follows Capital Funding’s... Read More »
Cushman & Wakefield Refinances Southwest Florida CCRC
Cushman & Wakefield Senior Housing Capital Markets, in collaboration with Bridge Structured Finance, successfully refinanced a large CCRC in Venice, Florida (near Sarasota) on behalf of its owners, joint venture partners Bridge Investment Group and Freedom Management. Over four years ago, C&W originally arranged a $52 million secured term loan and a revolving line of credit from Capital One to both recapitalize the property and provide for future renovations. Built in phases from 1999 to 2015, the property currently features 436 independent living, 19 assisted living and 36 memory care units across four main buildings, in addition to 47 separate villas. Residents have both... Read More »Schedule a demo
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