Two Years After Acquisition, Queens SNF Refinances with Greystone
Greystone just couldn’t get out of Queens this summer (must have hit the Van Wyck). After providing nearly $60 million in HUD financing for a 302-bed skilled nursing facility in the borough last month, Fred Levine of Greystone’s Monsey, New York office closed yet another transaction for a Queens SNF. Located in Flushing, the facility features 227 beds and was recently renovated to include a brand-new rehab room and therapy offerings. It was acquired in 2015 by Sapphire Care Group, with the help of a highly-leveraged bridge-to-HUD loan arranged by Greystone too. With the renovation completed and operations improved, the owner sought to refinance with a $29 million HUD loan, originated by... Read More »
Chicago Pacific Founders All-In in Las Vegas
For the third time in the firm’s three-year history, Chicago Pacific Founders is acquiring a senior living community in the Las Vegas market, with the help of financing arranged by Aron Will of CBRE. Located about 13 miles west of the Strip (and 3.5 miles northwest of Spring Valley Medical Center), the community features 160 units of about 80% independent living and 20% assisted living. Built in 1999, it will be operated by Grace Management, which believes it can improve on the census and operations. Mr. Will originated a $13.5 million Fannie Mae loan, with a seven-year term and 3.5 years of interest only, on behalf of CPF’s private equity arm, CPF Living Communities. One of CPF’s other... Read More »
Ziegler’s June Surge
Ziegler impressed in June, closing over $350 million in tax-exempt bond financing for two CCRC clients. Buckner Senior Living was on the receiving end of the larger closing, a $232.5 million fixed-rate bond issuance to fund the development of its 325-unit entrance fee CCRC in the North Park neighborhood of Dallas. The luxury community is expected to cost around $136 million to build, or about $418,000 per unit. With that high cost comes a number of amenities like a roof-top garden, top-floor “Sky Lounge,” heated indoor pool and a salon/spa, among others. Placed on a three-acre parcel, the community will feature 189 independent living, 38 assisted living, 26 memory care, 48 skilled nursing... Read More »Capitol Seniors Housing Builds Its Portfolio
Washington, D.C.-based Capitol Seniors Housing headed up the coast to build a brand-new assisted living/memory care community in Shrewsbury, New Jersey, an affluent suburb of New York City. The firm utilized an existing operating partner, Chelsea Senior Living, which already operates 10 senior living communities in the Mid-Atlantic on behalf of CSH, to third-party manage the new 85-unit community. To finance the project, Aron Will of CBRE arranged a $16.75 million, non-recourse loan with a floating-rate term from a regional bank. The five-year term includes 48 months of interest only. Construction cost is estimated at $29.3 million, or about $345,000 per unit. That is $100,000 per unit... Read More »
All Business For Berkadia
The closings keep on coming from Berkadia, which recently facilitated two Freddie Mac financings and a bridge-to-HUD loan for several clients. Heidi Brunet and Chris Honn teamed up to arrange a 10-year, $30 million Freddie Mac loan to refinance a 120-unit independent living community in the Columbus, Ohio area. Recently built in 2015, the community was nearly stabilized, prompting the new client to pay off its existing construction debt with this transaction. Ms. Brunet also assisted an older senior living community to refinance with a 10-year, $44 million Freddie Mac loan. Located in South Florida, the property consists of four buildings with 268 independent living and 55 assisted living... Read More »Schedule a demo
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