HJ Sims Underwrites Large Bond Issue For Massachusetts CCRC
In the largest fixed-rate public bond issue for a single-site CCRC, HJ Sims served as underwriter with Bank of America Merrill Lynch on a $239.97 million financing on behalf of Hebrew SeniorLife. Located about 10 miles southwest of Boston in Dedham, Massachusetts, the CCRC was founded in 2009 and features 256 independent living units (including villas and cottages), 91 assisted living/memory care units and 268 skilled nursing beds. Sims has had a relationship with Hebrew SeniorLife since 1992 and also with the CCRC since its initial financing back in 2007. The new bonds will refund the CCRC’s outstanding debt and pay issuance costs, and are secured by a mortgage on the retirement... Read More »
Aron Will Closes Two More Financings
Heading into the Thanksgiving holiday, Aron Will of CBRE certainly had a bountiful month, closing nearly $80 million in two transactions. First, working on behalf of joint venture partners Harrison Street Real Estate Capital and The Springs Living®, Mr. Will arranged a $66.4 million construction loan to fund the construction of a 216-unit senior living community in Lake Oswego, Oregon (Portland MSA). A pair of national banks provided the floating rate loan, which came with a four-year term and 48 months of interest only. Using a conservative loan-to-value for the project, that would result in a per-unit value most likely above $400,000. The property’s location in one of the most affluent... Read More »
Cushman & Wakefield Arranges $45 Million Recapitalization
Cushman & Wakefield successfully recapitalized a 90-unit senior living community in downtown Watertown, Massachusetts (Boston MSA) in a transaction totaling $45 million. Rick Swartz, Jay Wagner, Jim Dooley and Caryn Donahue represented joint venture owners Washington Capital Management and LCB Senior Living, which is also the operator of the property. Developed in 2014 at an in-fill location in the Greater Boston area, the community features independent living, assisted living and memory care services. In addition to the many walkable amenities in the neighborhood, there is also a café, exercise room, barber/beauty salon, restaurant-style dining and an outdoor dining patio. So, for... Read More »
KeyBank Finances Luxury Independent Living Development
A new independent living community is going up on the Princeton University Healthcare campus, with the help of construction financing arranged by Grant Saunders, Peter Trazzera and Jake Hollinger of KeyBank Real Estate Capital’s Healthcare Group. Featuring 260 total units, including 15 studios, 145 one-bedrooms and 100 two-bedrooms, the project is being developed by SBLP Senior Living Fund I, a fund that invests in the development of seniors housing projects. A joint venture between South Bay Partners, a Dallas-based seniors housing developer, and LAMB Properties, a real estate investment vehicle owned by the Bluhm family, sponsors the fund. Upon completion, Sage Senior Living will take... Read More »
Another Financing For Next Healthcare Group
HJ Sims showed its range of services in recapitalizing two skilled nursing facilities in Florida on behalf of a private healthcare real estate investment firm, Next Healthcare Group (NHG). Sims’ involvement with the facilities goes back to 2013, when it provided a $3.4 million HUD Plus™ subordinate loan to a related company of NHG, HBS Assets, to finance the acquisition of the two facilities located in Lake City and Bushnell, Florida. Built in the 1990s, which was relatively new for other northern Florida SNFs, the facilities were well occupied (at 92%) at the time of the sale with a high 40% Medicare census and 17% operating margin. HBS Assets had paid $20.86 million, or $139,100 per bed,... Read More »Schedule a demo
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