Blue Moon/LCS Refinances Texas Development
Three and a half years after entering into a joint venture to develop a 207-unit senior living community in Katy, Texas, Blue Moon Capital Partners and LCS have turned to CBRE to refinance the property. Situated on 10.35 acres, the community was developed using the Blue Moon Senior Housing I LP Fund, a $250 million fund for which Blue Moon secured a $175 million capital commitment from Hawkeye Partners, LP in December 2014. Now, the fund is fully invested in 12 assets totaling 1,824 units in nine states. Featuring independent living, assisted living and memory care units, the project also represented the first between Blue Moon and LCS, which took over as manager of the property under its... Read More »
Lancaster Pollard Arranges Two Western Financings
Lancaster Pollard Mortgage Company arranged Fannie Mae financing for a couple of clients, totaling nearly $56 million. Ross Holland, Doug Harper and Casey Moore led the larger transaction, closed on behalf of The Ridge Senior Living to refinance two of its communities in Salt Lake City and Holladay, Utah. The $49.1 million in financing also provided cash out for The Ridge. Then, in Vacaville, California, Messrs. Harper and Moore were joined by Grant Goodman to arrange a $7.85 million loan for a brand-new, 50-unit memory care community owned by Vaca Valley Living. The transaction included an interest-only feature and recapitalized existing debt, in addition to providing equity out for the... Read More »
CBRE Refinances Luxury Texas CCRC
Four years after he arranged construction financing for a to-be-built rental CCRC in Houston, Texas, Aron Will of CBRE is refinancing the property on behalf of its owners, joint venture partners Bridgewood Property Company and Harrison Street Real Estate Capital. Located in the affluent Houston neighborhood of River Oaks, the property opened in 2017 with 198 units, the majority being independent living, with assisted living and memory care units too. Bridgewood’s wholly-owned management affiliate, Retirement Center Management, operated the community since inception. In 2015, Mr. Will had arranged a $49.7 million floating-rate loan, with a six-year term, 48 months of interest only and an... Read More »
Propero Funds Mission Development
Lancaster Pollard’s Propero Seniors Housing Equity Fund III helped fund the construction of a new independent living community in Reno, Nevada. Mission Senior Living is building the community, which will feature 130 total units when it opens in the summer of 2020. A combination of equity provided by Propero and a bank loan funded the $22 million, or $169,200 per unit, construction project. The Propero structure allowed Mission to minimize the amount of upfront capital needed for the development and provides a clear path to ownership. Read More »
Maximus Healthcare Gets Mezzanine Financing
Contemporary Healthcare Capital has been on a roll lately, closing mezzanine loan after mezzanine loan for clients across the country. Its latest transaction saw the firm refinance a 165-bed skilled nursing facility in Newfane, New York owed by Maximus Healthcare Group, LLC. Maximus had announced its intent to acquire the aging facility in November 2014, closing the deal in January 2016 at a purchase price of $7 million, or $40,000 per bed. The facility was built in 1963 and was acquired by Eastern Niagara Hospital in 1997. When Maximus took over, the facility was losing money, with occupancy at 83%, and the hospital was looking to sell off its ancillary assets. Since acquiring it, Maximus... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
