HJ Sims Helps Volunteers of America
Volunteers of America partnered with HJ Sims to issue $39.73 million in tax-exempt bonds to refinance its 268-unit/bed CCRC in Anoka, Minnesota. Originally built in 2012 with 120 skilled nursing beds and 59 assisted/independent living units, this community added 65 IL units and 24 memory care units to the campus, in addition to converting the 59 AL/IL units to all-assisted living. The borrower is an affiliate of Volunteers of America, an interdenominational church and Christian human services organization that has been in operation since 1896. Series 2011 and Series 2014 bonds financed the development of both phases of the community, and the Series 2017 bonds will advance refund only the... Read More »Berkadia’s Banner Year Continues
Berkadia is already having a banner year for its Seniors Housing and Healthcare team, led by Chris Honn. So far in 2017, the firm has closed over $300 million in financings, the largest being a $98 million seven-year Fannie Mae loan for a 605-unit entrance-fee CCRC in Florida. Berkadia just announced its latest transaction, also with Fannie Mae. On behalf of a new client, Heidi Brunet of Berkadia arranged a $19.5 million, seven-year loan to pay off existing construction debt. The recently leased up property in question is located in Washington State and features 120 units of independent living, assisted living and memory care. This financing will also help the new client fund upcoming... Read More »A New Institutional Buyer Lands in Plymouth, Minnesota
A joint venture between The Waters Senior Living and an institutional partner has acquired a recently built assisted living/memory care community in Plymouth, Minnesota, with the help of financing arranged by Aron Will of CBRE. The Waters originally developed and has operated the property in Plymouth, a high-income suburb of Minneapolis. With 61 assisted living and 28 memory care units, the community will still be managed by The Waters. To fund the deal, CBRE secured a $16.25 million floating rate loan from a national bank, with a three-year term that is interest only. That structure seems to be the sweet spot for the prolific Mr. Will. Read More »Assisted Living Acquisition in Acworth
An undisclosed institutional buyer purchased a 92-unit assisted living/memory care community in Acworth, Georgia, with the help of an acquisition loan arranged by Aron Will of CBRE. A life insurance company provided the $22.5 million financing, which came with a five-year term, a fixed interest rate and 24 months of interest only. This community has had a brief but strong operating history. Owned by CNL Healthcare Trust, it was developed by Solomon Development for about $2.8 million under budget (altogether, approximately $19 million, or $206,500 per unit). When it opened in July 2014 with 68 assisted living and 24 memory care units, it was already 50% preleased and reached 100% occupancy... Read More »Meridian Capital Group’s Strong 2017 Start
Meridian Capital Group shot out of the gates in 2017, already with $175 million in closings to date. In addition to its impressive volume, the firm’s healthcare division, led by Ari Adlerstein, Ari Dobkin and Josh Simpson, showed off its variety, closing construction, mezzanine, bridge, balance sheet and asset-based loans for its clients. The largest of the financings was a $93 million loan to facilitate the acquisition of a 900-bed skilled nursing portfolio in the Northeast. Meridian arranged three other acquisition financings, including $9.9 million for a 120-bed skilled nursing facility in Maryland, $3 million for a 230-unit senior living community (with independent living, assisted... Read More »Schedule a demo
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