Montana Not-For-Profit Secures Bond Financing
Ziegler announced the closing of Immanuel Living at Buffalo Hill’s $50.88 million Series 2025ABC bonds through the City of Kalispell, Montana. The Montana not-for-profit operates a senior care community in Kalispell, Montana, that is located on a 13-acre campus with 171 independent and assisted living units as well as 155 licensed skilled nursing and long-term care units (122 are currently in operation). This transaction marks the Corporation’s third financing with Ziegler. The bonds are not rated, with a final maturity of May 15, 2060. Improved covenants are a highlight of the transaction through the implementation of an Amended and Restated Master Trust Indenture. The 2025A bonds... Read More »
Leadership Changes in Forbright’s Healthcare Lending Group
Forbright Bank announced that Jonathan Grenier has been promoted to President of Healthcare Lending. Grenier previously served as a Managing Director of Forbright’s Healthcare Lending division, where he has worked since 2016. In that role, he co-led Forbright’s healthcare originations and underwriting, providing hundreds of skilled nursing and post-acute facilities, seniors housing and behavioral health providers with access to capital. Prior to joining Forbright, Grenier held various roles at EY and M&T Bank. As President of the Healthcare Lending group, Grenier will lead a team of experienced professionals. Jared Richards will lead healthcare originations and underwriting in... Read More »
BMO Provides Loan to Merrill Gardens and PGIM
BMO’s Healthcare Real Estate Finance group acted as sole lender on an acquisition term loan of $41 million on behalf of Merrill Gardens and an institutional investor for The Ackerly at Sherwood. The Class-A community comprises 130 independent living, assisted living and memory care units in Sherwood, Oregon. It will be operated by Merrill Gardens, which currently manages more than 60 seniors housing communities across 20 states. The company previously announced it acquired The Ackerly at Sherwood, as well as two others, through a joint venture with PGIM. Later, after Merrill Gardens’ announcement, Alex Florea, Kevin Lukehart and Dan Mahoney of Blueprint announced a closing which... Read More »
CBRE Arranges Refinance for PinPoint Commercial
CBRE National Senior Housing arranged a refinance for the PinPoint Portfolio on behalf of senior care provider PinPoint Commercial. Aron Will and Michael Cregan arranged the $62.1 million, three-year, interest only loan. The loan was provided by funds managed by affiliates of Fortress Investment Group through its core real estate lending strategy. The portfolio features five seniors housing communities that total 430 assisted living (64) and memory care (22) units. The properties were originally developed by PinPoint between 2015 and 2018, with four in Texas (El Paso, Richmond, Lubbock and Amarillo) and one in Sante Fe, New Mexico. Overall occupancy was approaching 90% at the time of the... Read More »
Diversified Healthcare Trust Closes Two Mortgage Financings
Diversified Healthcare Trust closed two fixed rate mortgage financings totaling $94.3 million, secured by six seniors housing communities managed by Five Star Senior Living, the operating division of AlerisLife Inc. The financings consist of a $64 million, five-year mortgage loan and a $30.3 million, ten-year Fannie Mae mortgage loan. Proceeds from these loans, together with cash on hand, will be used to repay the remaining $100 million of DHC’s 9.75% senior notes due June 2025. The $64 million loan bears a fixed interest rate of 6.75% and is secured by four communities totaling 1,079 units with an appraised value per unit of approximately $171,000. The Fannie Mae loan bears a fixed... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
