Wisconsin IL/AL/MC Development Secures C-PACE Financing
Nuveen Green Capital partnered with repeat sponsor, North Town Partners, to provide $10.6 million in C-PACE financing as part of the $55 million project cost for a planned seniors housing community in Sheboygan, Wisconsin. C-PACE will be utilized to fund key energy and water efficiency measures. By leveraging C-PACE’s accretive capital, North Town Partners was able to fill a gap in its capital stack, lowering its overall project costs. The project is being jointly developed by DMK Development Group, North Town Partners and Charter Senior Living. Charter Senior Living Sheboygan will comprise 182 independent living, assisted living and memory care units. The community will stand three... Read More »
Bloom Exits South Carolina’s Seniors Housing Market
Kandu Capital, LLC, and its operating company, Bloom Senior Living, collectively known as Bloom, sold its final seniors housing community in South Carolina. The company is seeking realignment as it exits the state after a decade-long presence in the region. The 129-unit independent living and memory care community, which is in Bluffton, sold for $13.5 million on an initial investment of approximately $3 million. Occupancy was around 63% at the time of acquisition, but performance improved between LOI and closing, with monthly revenues increasing from between $250,000 and $260,000 to over $300,000 (or over $3.6 million annualized). NOI also trended up, from roughly breakeven to around... Read More »
Tremper Capital Group Announces Two Refinances
Tremper Capital Group announced a couple of refinances at the end of the second quarter for seniors housing clients. The first was arranged on behalf of Kisco Senior Living for its 333-unit entrance-fee CCRC in Palm Beach Gardens, Florida. Built in 2004, the campus was acquired by Kisco as part of a larger CCRC deal in 2013, and since then it expanded with a 54-unit independent living building in 2018. It was well occupied, around 94%, and operated at a healthy margin. The campus was also looking to add more rental contracts for its units, which should help improve its profitability. TCG arranged a $45 million loan from BMO to refinance the property, growing the relationship between... Read More »
CBRE Arranges Fannie Mae Refinance
CBRE National Senior Housing arranged a Fannie Mae loan assumption of a portfolio of seniors housing communities on behalf of an institutional client, taking out an original CBRE-originated loan in the process. The portfolio features five assets that feature 435 independent living and assisted living units and are spread across Oregon and Washington. Through CBRE’s Fannie Mae DUS Lending Platform, Aron Will and Adam Mincberg facilitated the $64.6 million assumption of a loan that CBRE originated in 2017. Read More »
CIBC Finances Boston-Area SNF
CIBC Bank USA closed a new $13 million commercial mortgage term loan for a 120+ bed skilled nursing facility near Boston, Massachusetts. The facility is owned and operated by a high-quality, national skilled nursing operator. With an effective age of 20 years, the skilled nursing facility currently posts strong operating results with occupancy averaging 89% and EBITDAR margins of 20%. The financing was handled by Matthew Tyler and Neal Netzel with CIBC Bank USA. Read More »Schedule a demo
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