CBRE Returns for Two More Financings
The closings keep on coming for the team of Aron Will, Austin Sacco and Tim Root from CBRE National Senior Housing, which just announced two financings totaling nearly $50 million. The team first arranged $4 million in supplemental financing on behalf of Chicago Pacific Founders (CPF) for its 160-unit senior living community in Las Vegas, Nevada. Two years ago, CBRE had originated the original $13.5 million in acquisition financing for the property. Featuring both independent living and assisted living services, the community has been operated by CPF’s subsidiary Grace Management since the deal. Provided through Fannie Mae, the non-recourse loan came with a seven-year, fixed-rate term and... Read More »
HHC Finance Wraps Up HUD Fiscal Year with Two Closings
Housing & Healthcare Finance (HHC Finance) had an impressive fiscal year for HUD LEAN closings, wrapping up 26 transactions that totaled $336.4 million in volume, good enough for fifth place in both categories. It got to that level with two last closings for skilled nursing clients. The first transaction saw the firm arrange $15.8 million for a 174-bed skilled nursing facility in Georgia. Originally built in the mid-1960s but thoroughly renovated over the years, the facility was occupied in the low- to mid-90s. Then, HHC Finance went to Missouri to close a $4.7 million HUD loan for a 99-bed SNF. Also on the older side (having been built in the early 1980s), this facility was around 80%... Read More »
HUD Lean Volume Hits an All-Time High
The HUD LEAN program had quite a fiscal year 2019, topping $3.7 billion in transaction volume across 288 transactions. The transaction number may be 1% down from the 292 closings in FY2018, but the dollar volume is up 3.6% to reach a record high for the program. HUD used to be the “lender of last resort,” but given the attractiveness of the debt (where else can you get a sub-3% rate for a 30+ year term?), it’s no wonder the program is growing like gangbusters. ORIX Real Estate Capital/Lancaster Pollard put their combined resources to work this year, closing an impressive $903.8 million in HUD closings, with 78 total transactions. That kind of dollar volume hasn’t been seen before, even... Read More »
NorthMarq Closes Construction Financing in Cincinnati
When at first you don’t succeed, try again. That was one borrower’s motto when a financing placement attempt fell through with one lender, so they decided to go to Noah Juran of NorthMarq to get the deal done. To fund the construction of a senior care facility on the borrower’s existing senior living campus in Cincinnati, Ohio, Mr. Juran secured an $18.2 million construction loan through Stearns Bank, plus $5.5 million of equity from an undisclosed source. The debt, which features a three-year, interest-only term, comes in at 64% loan-to-cost. That puts the development cost at $28.4 million, or $346,300 per unit. Set to open in either late-2020 or early-2021, the project will include a mix... Read More »
Greystone Announces Three Financings and One New Hire
Running the agency gamut at the start of October, Greystone announced three financings it closed through Fannie Mae, Freddie Mac and HUD. First up, the firm refinanced an independent living community in Pearland, Texas (Houston MSA) with a 10-year, $37 million Fannie Mae loan. Cary Tremper originated the transaction on behalf of Integrated Real Estate Group (IREG) and their operating affiliate Integrated Senior Lifestyles. IREG opened the community in 2017, with 214 units that include one-bedroom, two-bedroom and three-bedroom options, plus eight villas. There are also a host of a la carte services and amenities. Development cost reached $35.1 million, or $158,100 per unit. Then, Greystone... Read More »Schedule a demo
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