Where There’s a Will, There’s a Way…To Construction Financing
Aron Will of CBRE brought together a joint venture between Harrison Street Real Estate Capital and Belmont Village Senior Living, and a national bank to arrange construction financing for the development of a brand-new assisted living/memory care community in Lincoln Park, Illinois. The project got its start in 2016, when Cain Brothers arranged the sale of a property adjacent to the former Children’s Memorial Hospital campus, which is currently undergoing a $350 million redevelopment run by McCaffery Interests and Hines Interests. The massive project will include 540 apartments in two 11-story buildings, 60 luxury condos and 162,000 square feet of retail space. Across the street, however,... Read More »Ridge Care Senior Living Looking To Grow In South Carolina
Already a force in West Virginia and North Carolina, Ridge Care Senior Living is expanding its assisted living/memory care portfolio into South Carolina with a brand-new 100-unit (60 AL and 40 MC) community in the beach town of Pawleys Island. Expected to open in Summer 2018, the community is expected to cost around $20.5 million, or over $200,000 per unit, to develop, which is close to the average for the regional cost for like-communities of $208,000 per unit, according to our in-house database. SunTrust Bank, through its Aging Services practice, provided an $11.3 million loan to fund the construction. Ridge Care, which currently manages 13 senior living communities on behalf of a small... Read More »
Aztec Group Refinances Florida Memory Care Communities
We don’t hear much in the seniors housing and care business from Florida-based investment and merchant bankers Aztec Group, Inc., but the firm recently refinanced two memory care communities in Tampa and Oviedo, Florida. Each community, under the Memory Lane Cottages brand, comes with 20 private suites, with bathrooms in all, and stable operations. They are owned by a joint venture between Mayan Properties, which is affiliated with Aztec’s CEO Ezra Katz, Facility Investments, LLC, and National Healthcare Associates, Inc., a healthcare consulting firm based and operating out of the Northeast. The refinance totaled $5.1 million, with about $3 million going towards the Oviedo property and the... Read More »Capital One Provides Financing To PruittHealth
Since the start of July, Capital One has closed a flurry of deals for seniors housing and care borrowers, and has crisscrossed the country doing so. The bank has so far provided a $27.2 million HUD refinance for three skilled nursing facilities in Tennessee, a $12 million HUD loan for a Portland, Oregon-area SNF, $77.7 million in financing for a portfolio of nine Pacifica Companies-owned seniors housing communities, and a $41.1 million first mortgage, plus a $5 million senior credit facility, on behalf of Oregon-based Prestige Care to both acquire four senior care properties and refinance three others in the Pacific Northwest. The activity continued for Capital One, when it recently helped... Read More »HJ Sims Secures Financing For D.C. CCRC
A CCRC in northwest Washington, D.C. is ready to expand, and in a big way. Currently featuring 127 independent living units, seven assisted living units and 60 skilled nursing beds, not-for-profit Ingleside at Rock Creek faced a growing wait list and limited health care services. So, a couple of years ago, ownership decided it was time to grow, with a plan to add 105 IL units, 32 memory care units, 34 skilled nursing suites, 21 assisted living units and therapy/rehab spaces. Expected to break ground soon, the project will nearly double the CCRC’s units, even though most of the existing AL units will be taken offline to complete it. HJ Sims arranged the construction financing, through a mix... Read More »Schedule a demo
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