Ziegler Secures Two Financings
Ziegler announced the closing of Masonicare’s Series 2024 Taxable Loan totaling $17 million for the Senior Living Finance Practice. The loan closed December 16, 2024. Masonicare finalized an affiliation with United Methodist Homes (of Connecticut), which owns/operates five communities in Connecticut and owns The Long Hill Company, which has current operations in Texas, Oklahoma and Oregon. Together, UMH and Long Hill care for approximately 2,000 residents. The combined organization will feature over 4,000 owned and managed units, which would make it one of the largest not-for-profit senior living providers in the Northeast region. Masonicare entered into a purchase and sale agreement... Read More »
Berkadia’s Recent Transaction Activity
Berkadia announced the financing of four seniors housing communities totaling $29.9 million in Mississippi, Florida and Indiana, with all the deals closing since November. Berkadia also announced the sale of two seniors housing communities. In November, Steve Muth and Andrew Lanzaro leveraged HUD’s 232/223(f) program to close two loans totaling $8.9 million for a first time HUD borrower. The loan proceeds retired maturing bank debt on two Mississippi communities: a 40-unit assisted living community and a 47-unit assisted living and memory care community. At underwriting, one community was fully occupied, while the other had an occupancy rate of 86%. Both properties are located in... Read More »
Florida Trio Trades to AEW
A seniors housing portfolio that includes Watercrest Buena Vista, Watercrest Spanish Springs and Watercrest Winter Park in Florida sold to AEW Capital Management. The three communities total 416 units in The Villages and Winter Park. JLL’s Seniors Housing Capital Markets team represented the seller, Titan Development, in the transaction, which saw AEW retain the current operator, Watercrest Senior Living, as the third-party operator. JLL is also handling the acquisition financing on two of the assets for the buyer, which will close in January 2025. Completed in 2018, Watercrest Buena Vista offers 224 units in a three-story, Class-A building, including 118 independent living, 74 assisted... Read More »
Joint Venture Secures Construction Financing
Live Oak Bank announced a couple of construction loans closed on behalf of seniors housing borrowers. First, in December, Live Oak Bank provided a $40 million senior loan in partnership with a $39.6 million CPACE loan provided by Nuveen Green Capital for a joint venture between Harbert Senior Housing Fund II and Harbert South Bay Partners. The loan provides financing for the ground-up construction of a 140-unit Class A assisted living and memory care community in California and features a five-year term with 42 months of interest-only payments. We also learned that Live Oak Bank led, jointly arranged with Huntington National Bank, and closed a construction loan for a joint venture... Read More »
Northland Networks Arranges Two Acquisition Loans
Northland Networks, a member of the First National of Nebraska family, ended 2024 on a high note, closing two acquisition financings for skilled nursing clients in the last several months. One was for a 59-bed skilled nursing facility in rural southern Kentucky that was built in the late-1970s by the same family that is now selling it. The facility could improve its operations, and that will be the task of a Northeast-based real estate investment firm to turn around with an operating partner. Seth Kahn of Northland arranged an acquisition loan with a bank, structuring it with a five-year term, one year of interest only, an attractive interest rate and at 80% loan-to-value. ... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
