Affordable Seniors Project Secures Construction Financing
KeyBank Community Development Lending and Investment provided a $13 million construction loan to finance the construction of Hawthorne Heights, an 86-unit affordable seniors housing project in Gainesville, Florida. KeyBank Commercial Mortgage Group (CMG) also arranged a $6.53 million Freddie Mac permanent loan for the project. Hawthorne Heights will serve seniors aged 62 and up with five apartment homes specifically set aside for individuals with special needs. The five-story building will be constructed on a 2.9-acre site. The development will set aside three apartments for households earning 22% of the area median income, nine apartments for households earning 40% or below the AMI and 74... Read More »
Ziegler Closes Bonds for Indiana Not-For-Profit
Ziegler closed Greenwood Village South’s $27.85 million Series 2025A bonds, $7.4 million Series C-1 (TEMPSSM-50) bonds, and $10.6 million Series C-2 (TEMPSSM-85) bonds issued through the Indiana Finance Authority for the Senior Living Finance Practice. The transaction also includes $25 million of Series 2025B Bank Direct Placement bonds, which closed with the Series 2025A, C1, and C-2 bonds (together totaling $70.85 million and collectively referred to as the Series 2025 bonds). Westminster Village Greenwood, Inc., doing business as Greenwood Village South (GVS), is an Indiana not-for-profit that owns/operates a Type-B CCRC in Greenwood, Indiana, just south of Indianapolis. The community... Read More »
Berkadia Arranges Bridge Loan
Steven Muth, Austin Sacco and Garrett Sacco of Berkadia Seniors Housing & Healthcare recently utilized Berkadia’s bridge lending program to secure $10 million in bridge financing for a repeat client Pacific Northwest sponsor. The loan proceeds were used to retire existing debt on a 60-unit memory care community in Sequim, Washington, while also returning equity to the sponsor. At underwriting, the community was 87% occupied with a LTV of 57.5%. The 24-month, interest-only bridge loan was structured to meet HUD’s debt seasoning requirements, with Berkadia anticipating permanent HUD financing for the facility in early 2027. Read More »
South Carolina IL/AL Community Gets New Owner
Following its involvement in the sale of Church Hill Village in Newtown, Connecticut, to National Development and Benchmark Senior Living (plus Harrison Street’s sale of a Long Island portfolio), Newmark handled another transaction featuring another high-end asset. Developed by Bayshore Retirement Living in 2019, The Bayshore on Hilton Head Island comprises 126 independent living and assisted living units in Hilton Head Island, South Carolina. It also expanded in 2023 with 26 additional IL villas. Occupancy has consistently been strong, and we imagine the operating margin was quite healthy, too. Life Care Services was the in-place operator. The ultimate buyer was not disclosed, but... Read More »
Helios Arranges Refinance of Arkansas Community
Helios Healthcare Advisors arranged a $11.63 million refinance for a 191-unit/231-bed portfolio of assisted living and memory care communities in Arkansas on behalf of a regional owner/operator. Spread across four locations in the Ouachita Mountain region of Arkansas and primarily serving a Medicaid population, the portfolio is a sub-set of the borrower’s larger operation. It experienced challenges associated with rising costs and little to no reimbursement rate relief from the Living Choice Medicaid waiver program. The ask did not pencil out at the time it initially went to market and there was pressure from the borrower’s lender, which had inherited the credit through a recent... Read More »Schedule a demo
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