HJ Sims finances a good start
A project already with a few false starts recently received bond financing to fund pre-development costs for a new 182-unit CCRC in Greenville, North Carolina. Back in 2005, not-for-profit developer Retirement Living Associates (RLA) began marketing its impending development, an entrance fee CCRC with 150 independent living units, 12 IL cottages, eight assisted living units and 12 skilled nursing beds. In fact, the company obtained over 280 depositors, 47 of which submitted 10% deposits, by 2007. However, the Great Recession threw a rather large wrench in those plans, and the project was only revived at the end of last year. Now, to fund the start of this development, HJ Sims sold $14.825... Read More »
Blue Moon teams with LCS
After announcing two large development projects funded by Hawkeye Partners’s Scout Fund II last year, Boston-based Blue Moon Capital Partners will go to the well once more to build another large senior living community, this time in Katy, Texas. The project, which will cost $51.23 million, or $247,500 per unit, features 207 units of independent living, assisted living and memory care, and will be the first with joint venture partner LCS. Previously, Blue Moon teamed up with Gerald H. Phipps, Inc. and Ascent Living Communities to build a $56 million, 156-unit senior living community in Lakewood, Colorado, and with The Damone Group and Cedarbrook Senior Living to develop a 180-unit senior... Read More »Bridge to success
Capital Funding Group closed three bridge-to-HUD loans for three turnaround opportunities totaling over $25 million, all of which helped finance acquisitions. First, Gary Sever originated a $10.8 million loan, provided by Capital Lending and Mortgage Group, to facilitate the acquisition of two skilled nursing facilities (with 151 and 64 beds, respectively) by affiliates of the ARBA Group for $9.5 million. The funds also allow ARBA to renovate both facilities. Next, Mr. Sever originated an $8.16 million loan from Capital Funding, LLC for ARBA to acquire a 365-bed (though with 265 functional beds) skilled nursing facility in Fort Worth, Texas for $9.6 million. Built in 1974, the facility was... Read More »Walker and Dunlop back at it
Not resting on its laurels following the recent $1.27 billion Freddie Mac financing it closed, Walker & Dunlop announced another financing, this time structuring a $68.2 million construction loan for a 318-unit senior living community to be built in Palm Beach County, Florida. The loan featured a floating rate of about 300 basis points over LIBOR and covered about 70% of the over-$100 million (about $314,500 per unit) development. Ventas will provide equity capital and will be the principal owner of the community in partnership with the developer, Big Rock Partners. Designed by Gensler and to be constructed by Moss & Associates, the 425,000-square foot community will feature 186... Read More »
CBRE sells MorningStar trio
For over $400,000 per unit, a joint venture between MorningStar Senior Living and Arcapita, a Bahrain-based global investment manager, purchased (in two transactions) a portfolio of three newly built assisted living/memory care communities in Colorado. One of the properties, a community in Jordan with 55 AL units and 29 MC units, opened in July 2014 and was already 80% occupied at the time of the sale. It sold for approximately $34.5 million, or $411,000 per unit. While the other two properties, located in Colorado Springs, included a 48-unit MC community that opened in September 2014 and an already stabilized community with 45 AL units and 19 MC units that opened in late 2013. Combined... Read More »Schedule a demo
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