BMO Has Georgia On the Mind
Solomon Development is building a new senior living community near the heart of Atlanta, Georgia (in Decatur, to be exact) with the help of the BMO Harris Healthcare Real Estate Finance group. Featuring 96 assisted living, 71 independent living and 33 memory care units, the project is located on a 3.5-acre lot with easy access to local shops and amenities. It is estimated to cost approximately $67 million, or around $335,000 per unit, to build, which is far above the $220,000-per unit average for seniors housing properties in the state, according to our in-house senior living development database dating back to 2013. BMO is financing approximately two-thirds of that cost with $44.2 million... Read More »MidCap Financial’s Latest HUD Financing
Brett Patrick, Managing Director at MidCap Financial Housing Capital, recently arranged $7.95 million in 35-year HUD financing on behalf of a skilled nursing facility in Sun City West, Arizona (Phoenix MSA). The loan took out existing bank debt on the facility, which was built in 1985. There are 137 beds in the one-story building, which breaks down to 68 semi-private units and one private unit. Occupancy stood at 84% (over the current national average of 81%, according to NICMAP), with a 60% Medicaid census. Read More »All OK in Otay Ranch
The team at Cushman & Wakefield is helping a senior living development get off the ground in the newly developed master-planned community of Otay Ranch in Chula Vista, California (San Diego MSA). Expected to break ground at the end of the month, the project will feature 85 assisted living and 26 memory care units in two stories. A joint venture between Douglas Wilson Companies and Milestone Retirement is developing the community on a 4.5-acre site, which it hopes to open by the fall of 2018. Rick Swartz, Aaron Rosenszweig and Jim Dooley of Cushman & Wakefield represented Douglas Wilson Companies in arranging $22 million in construction debt from Wells Fargo as well as over $8.3... Read More »
Two Oregon Originations for Grandbridge Real Estate Capital
Two Portland, Oregon-area seniors housing communities received financing from Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance Group, headed by Richard Thomas and Meredith Davis. Starting in Portland proper, the team closed a $12 million non-recourse loan for a 58-unit assisted living/memory care community that at one point was the last acquisition of Sunwest Management before the company filed for bankruptcy protection. The original TIC investors then sold the community in late 2015 to Chicago-based Focus Healthcare Partners. Artegan began managing the 10-year old community, which was 85% occupied and earning over $630,000 in EBITDA at the time of the sale. Focus... Read More »Lancaster Pollard Lands Financing For Nonprofit Clients
Lancaster Pollard showed its strength in agency funding, closing over $40 million in financing to help a couple of not-for-profit clients expand their services. First, in Osceola, Wisconsin, Brad Competty led the way in closing a $7.1 million HUD refinance on behalf of Christian Community Homes, a senior care provider in western Wisconsin (Minneapolis-St. Paul MSA). Originally built in 1981 as a skilled nursing facility, CCH expanded its Hudson, WI campus over the years to include senior apartments (opened in 1986), assisted living (1993) and memory care (2009). More recently, in 2011, the organization expanded on a new campus in Osceola with a 40-bed skilled nursing facility and a 20-bed... Read More »Schedule a demo
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