Financing for Covenant Living Communities and Services
The Colorado Health Facilities Authority plans to issue $148.6 million of bonds to pay for certain costs linked to long-term care facilities operated by Illinois-based not-for-profit organization Covenant Living Communities and Services. Covenant operates a continuing care system of retirement communities, assisted living communities and skilled nursing facilities on behalf of the Board of Benevolence of The Evangelical Covenant Church. The authority will loan the proceeds from the Series 2025A revenue bonds to Covenant, which will use them for the payment of the costs of acquiring, constructing, remodeling, renovating and equipping long-term care facilities. The proceeds will also be used... Read More »
Focus Healthcare Partners Secures Acquisition Financing
BMO’s Healthcare Real Estate Finance group closed on a $36.25 million facility for Focus Healthcare Partners to finance the acquisition of a seniors housing community in Bethesda, Maryland. Focus will bring on Solera Senior Living to manage the community. Built in 2019, Brightview Bethesda Woodmont comprises 92 assisted living and 21 memory care units and will be rebranded as Modena Reserve at Bethesda. Occupancy was around 86% when Focus acquired the community. Newmark handled this transaction and arranged the five-year acquisition financing, with a three-year interest-only period, from BMO. Read More »
Connecticut SNF Secures Bridge Loan
Greystone provided a $33 million bridge loan to refinance a 190-bed skilled nursing facility in Connecticut. The facility provides long-term care and rehabilitation, Alzheimer’s and dementia care, wound care & IV therapy, and therapeutic recreation. The bridge loan carries a two and a half year term with an extension option, and the borrower intends to pursue permanent financing from HUD. The financing was originated by Fred Levine. Read More »
Westminster Secures Bond Financing
Ziegler announced the closing of Westminster’s $83.94 million Series 2025 bonds issued through the New Hope Cultural Education Facilities Finance Corporation. Westminster is a Texas-based not-for-profit organization that owns Westminster, a CCRC in Austin. The CCRC sits on nine acres and includes 367 independent living, 36 assisted living and 38 memory care units as well as 85 skilled nursing beds. Life Care Services has provided management services to the community since 1981. Proceeds of the Series 2025 bonds will be used, together with other available funds, to finance the costs of campus improvements (the Phase IV project), refinance the outstanding Series 2016 bonds and pay the costs... Read More »
Berkadia’s Recent Activity
Berkadia Seniors Housing & Healthcare handled two separate transactions in Michigan and Tennessee. First, Berkadia sold and secured financing for Clinton Creek Assisted Living and Memory Care. The community is in the Detroit MSA and was 90% occupied at closing. It was financed with a bridge-to-HUD loan, representing 67% of the purchase price. Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers handled the sale, while Jay Healy and Andrew Lanzaro completed the financing. Next, Fasano, Sanders, Tremper and Garbers were brought on to facilitate the sale of a 16-property seniors housing portfolio. The portfolio comprises over 1,200 units across nine states. The final asset in... Read More »Schedule a demo
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