Not-For-Profit Secures Financing For Michigan Facilities
Ziegler announced the closing of Sunset Manor Inc.’s $52.1 million Series 2024A and Series 2024B bonds through the Public Finance Authority. Sunset Manor is a 501(c)(3) organization that owns and operates four facilities in Jenison, Grandville and Grand Haven, Michigan. The bonds consist of four sub-series: $20.7 million in revenue refunding bonds (Series 2024A-1), $6 million in revenue bonds (Series 2024A-2), $20.4 million in revenue refunding bonds (Series 2024B-1) and $5 million in revenue bonds (Series 2024B-2). The proceeds of the Series 2024 bonds will be used to refinance its existing debt, finance $11 million for capital expenditures, and pay for costs of issuance associated with... Read More »
CareTrust Announces Latest Investments
Building on its active investment year, so far, CareTrust REIT announced a major loan origination in the form of a $260 million senior mortgage loan and a $43 million preferred equity investment in connection with the borrower’s acquisition of a 37-facility skilled nursing and seniors housing portfolio in the Pacific Northwest. The portfolio comprises 2,713 operating beds/units with 21 skilled nursing facilities and 16 seniors housing facilities located in Oregon, Washington, Alaska, Arizona, Idaho, California, Montana and Nevada. The borrower, a joint venture between a large health care real estate owner and a subsidiary of PACS Group, acquired the 37 facilities, which will be operated... Read More »
CBRE Refinances Class-A Active Adult Community
CBRE arranged a refinance for a Class-A active adult community in the Atlanta, Georgia MSA, on behalf of a joint venture between Capitol Seniors Housing and Bain Capital Real Estate. Built in 2023, Outlook Gwinnett features 180 units within an 89-acre, master-planned community called The Exchange of Gwinnett in Buford. It is managed by Greystar Real Estate Partners. Aron Will and Adam Mincberg originated the interest-only loan through a debt fund enabling the community to complete lease-up in its dynamic MSA. CBRE also financed the construction of the community in 2022. Read More »
Financing Secured For Two Seniors Housing Communities
Capital Funding Group closed two bridge loans that support two seniors housing communities. The loans total $23.45 million and the communities are in Florida and Michigan. The first transaction closed in June, and the second in July. On June 27, CFG closed an $8.95 million financing for Lithia Assisted Living, LLC, supporting the refinancing of Twin Creeks Assisted Living and Memory Care. Twin Creeks is an 80-unit assisted living/memory care community in Riverview, Florida. Then, on July 22, CFG completed $14.5 million in acquisition financing on behalf of Investor Land Holding of Brighton, LLC. The loan facilitated the acquisition of Hampton Manor of Brighton, which comprises 73... Read More »
Ziegler Closes Slew of Summer Transactions
It looks like there is no summer vacation for Ziegler’s Chris Utz, who has closed a number of transactions in recent months spanning investment sales to acquisition financings for a host of seniors housing and care properties across the country. Most recently, he arranged an acquisition loan for Comprehensive Care Capital (CCC) to acquire a 114-unit assisted living/memory care community in East Norriton, Pennsylvania (Philadelphia MSA). Previously known as Brandywine Living at Senior Suites, the community has been renamed Silver Springs at East Norriton, with CCC’s affiliate Cura Health taking over operations. CCC had created Cura Health to oversee daily operations for its seniors housing... Read More »Schedule a demo
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