Memory care refinance
A recently built 43-unit memory care community in Vancouver, Washington refinanced with an $11.87 million Freddie Mac loan, which came out to $276,100 per unit. Developed and managed by Koelsch Senior Communities, the property is the third in Vancouver, ninth in the state of Washington and 23rd community overall in seven states for Koelsch, which was founded in 1958. Cathy Voreyer of Wells Fargo Multifamily Capital handled the transaction. Read More »High-acuity community to be built
Aron Will, together with Jim Sellers and Tim Prouty, of CBRE arranged a $25.03 million construction loan for a joint venture between The Freshwater Group and Kayne-Anderson to build a 129-unit/135-bed senior care community in Tucson, Arizona. The loan, placed through a regional bank, featured a three-year floating rate term which then converts to a three-year mini-perm loan. Kayne-Anderson will provide institutional equity for the project, while Watermark Retirement Communities will operate the finished community, which will consist of five buildings with assisted living, memory care and skilled nursing services. For the assisted living, it will be fully licensed Directed Care, the highest... Read More »HHC and HUD
Housing and Healthcare Finance (HHC) recently closed three HUD loans for a publicly traded REIT, to refinance three of its skilled nursing facilities in New England. A 105-bed facility received a $5.45 million loan, a 104-bed facility refinanced with a $10.65 million loan and a 95-bed facilities got a $12.64 million loan. All of the loans featured interest rates in the mid-threes. Read More »New senior care operator in Texas
A new entrant in the post-acute care market made their first acquisition: a portfolio of four skilled nursing facilities in Texas for an undisclosed price. Formed in June 2015 by Michael Wallace, formerly President of Daybreak Ventures, Shady Shores Communities purchased the four facilities, with 424 beds, from three separate owner/operators. The mostly Medicaid census averaged 70% occupancy across the portfolio. Shady Shores is also in the process of developing three other facilities in Texas. To finance the acquisition, Oxford Finance provided a four-year $7 million senior secured term loan and a $1 million revolving line of credit. Mr. Wallace is wasting no time growing the business,... Read More »Big Rock, Big Project
Big Rock Partners is at it again. Already developing a $75 million senior living project in Celebration, Florida and a $25 million project in Port Royal, South Carolina, the real estate investment management firm is set to begin construction of Atria at Villages of Windsor, a 318-unit senior living community in southern Palm Beach County. The 22.5-acre site, which Big Rock purchased for $10 million, happens to be the largest, and one of the last, entitled senior housing parcels in the county, where existing senior living communities were built on average 21 years ago. Designed by Gensler and to be constructed by Moss & Associates, the 425,000-square foot community will feature 186... Read More »Schedule a demo
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