A financing fit for a Queen
A CCRC in the Queen Anne neighborhood of Seattle has plans to add more independent living units as well as a two-story assisted living/memory care building, and is partnering with Ziegler to help finance it. The not-for-profit community opened in 1961 and currently features 124 IL units, 45 AL units and 50 skilled nursing beds, in addition to an intergenerational childcare center. To expand their efforts, Ziegler closed a $57.46 million un-rated, fixed rate bond issue for the CCRC. The financing will also fund additional capital improvements at the community, refund the outstanding Series 1994 bonds, pay a portion of interest on the bonds, fund subaccounts of a debt service reserve fund,... Read More »
Consistent Cambridge
Cambridge Realty Capital Companies has specialized in the small- to mid-sized loan in the first half of 2016. The lender closed a total of $61.6 million in six HUD financings in the six-month period. In that time, the largest closing was a $13.5 million loan for a 121-bed assisted living community in Aurora, Illinois, and the smallest was a $7.6 million loan to refinance a Chicago skilled nursing facility. That consistency has led to more than $5.0 billion in closed transactions for the firm since the 1980s. Read More »
The Key to success
A life insurance company provided an $85 million permanent loan to Tradition Senior Living for its 311-unit senior living community in Dallas, Texas. Opened in 2014, the community includes 202 independent living units, 85 assisted living units and 24 memory care units. Monique Bimler of KeyBank Real Estate Capital’s Healthcare Mortgage Banking Group arranged the 10-year fixed-rate loan, which amounted to more than $273,000 per unit. This is not the first time Tradition has relied on KeyBank. Since 2012, KeyBank has worked with Tradition on its capital raising efforts, including originating (led by Grant Saunders and Peter Trazzera) the initial construction loan and agenting the syndication... Read More »
HFF in Port St. Lucie
We wrote earlier this week of Watercrest Senior Living Group’s latest development activity, with more than $80 million in its immediate pipeline across the state of Florida. Its largest project, a 128-unit senior living community in Port St. Lucie set to open in the fall of 2017, recently received construction financing with the help of Holliday Fenoglio Fowler, L.P. (HFF). The $32 million, or $250,000 per unit, development should feature 102 assisted living and 26 memory care units on its 5.3-acre campus located about 50 miles north of West Palm Beach. HFF arranged $11.15 million in joint venture equity capital from a third party, in addition to securing a $21 million construction loan... Read More »
Greystone goes to Freddie Mac
Greystone provided more than $49.4 million in Freddie Mac loans to refinance two assisted living/memory care communities in Carmichael, California and Denver, Colorado. First, Oakmont Senior Living received a $25.15 million loan, with a 10-year fixed rate and 30-year amortization, for its newly constructed 71-unit AL/MC community in Carmichael. Then, Spectrum Retirement Communities obtained a $24.25 million loan to refinance its 97-unit AL/MC community in Denver. The Freddie Mac Capital Markets Execution loan carried a seven-year term and three years of interest-only. Scott Kavel and Cary Tremper led the way for Greystone on these transactions. Also from Greystone, Mike Garbers and Cody... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
