Financing Enables Construction to Resume on NJ Active Adult Development
Procida Funding & Advisors secured a $140 million loan for The Plaza Grande, an active adult development in Cherry Hill, New Jersey, with 507 units. Madison Realty Capital and Pearlmark provided the financing. Madison Realty previously provided a construction loan for the project in 2021. Additionally, Procida Funding has worked with Madison Realty on several construction loans. The flexible, customized financing supports the completion and leasing of The Plaza, which has been 20 years in the making. Development began in 2004 under Turnberry Homes as part of a plan to repurpose the former Garden State Park racetrack. But development was halted with around 250 units unfinished, until... Read More »
Locust Point Raises Large Credit Fund
Locust Point Capital announced the final close of its third seniors housing credit fund, and it topped the firm’s predecessor vehicle by 56%. That performance reflected strong interest from the firm’s existing limited partners, as well as from a group of new institutional investors. Locust Point Private Credit Fund III totaled $668 million in capital commitments, and with it, the credit investment firm will target sub-$50 million transactions within its core strategy of providing structured credit solutions to experienced seniors housing owner/operators. Fund III also reflects Locust Point’s continued investment in its technology and operating infrastructure, enabling the firm to... Read More »
Regional Bank Funds Illinois SNF Deal
Jeremy Warren of Montgomery Intermediary Group had to utilize some creativity to close an acquisition loan for a skilled nursing facility in southern Illinois. Owned by a highly motivated seller, the 50+ year old facility features 112 beds. That seller was unable to provide official financial statements for the facility, making finding a lender and closing the financing a more difficult prospect. But Warren found a regional bank based near the facility that was willing to get involved because of the experience and regional presence of the buyer, an Illinois-based operator with a significant portfolio in the state. There was a large disparity between the appraised loan-to-value and... Read More »
Tremper Capital Group Takes Out Two Construction Loans
The closings from Tremper Capital Group kept on coming, with a couple more refinances of construction loans on seniors housing properties. The first was closed for a 124-unit assisted living/memory care community on the Florida panhandle. Built in 2021, the community experienced a strong lease-up, with occupancy exceeding 90%. This community is part of an ongoing, programmatic development joint venture between the regional owner/operator, a prominent private equity firm and several high-net-worth individuals. Their eventual goal is to sell the panhandle property, but they needed more time for operations to fully stabilize. So, the JV took out the previous bank construction loan with... Read More »
Diversified Closes Revolving Credit Facility
Diversified Healthcare Trust announced the closing of a new $150 million secured revolving credit facility. The facility is secured by 14 seniors housing communities with 2,632 living units managed by Five Star Senior Living, the operating division of AlerisLife Inc. DHC has already paid its 2025 notes in full with refinancing and asset sale proceeds, so this revolving credit facility provides the company with enhanced liquidity and financial flexibility to support its general business needs. The revolving credit facility has an initial term of four years, with two six-month extension options, subject to certain conditions, and bears interest at a rate equal to SOFR plus a spread of 250 to... Read More »Schedule a demo
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