Pacific Northwest Owner/Operator Acquires in Washington
JLL Capital Markets arranged the sale of a senior living community in Vancouver, Washington (Portland MSA). Built in 1989 and expanded in 1994, Van Mall Retirement comprises 191 independent and assisted living units available in one- and two-bedroom layouts. Jay Wagner, Rick Swartz, Aaron Rosenzweig, Alanna Ellis, Dan Baker and Dean Ferris handled the transaction. JLL represented the seller, Lytle Enterprises, and procured the buyer, a regional Pacific Northwest owner/operator. JLL also procured acquisition financing from a regional bank on behalf of the buyer. The purchase price was $28 million, or $146,600 per unit. Read More »
Ziegler Prices Bonds for North Carolina CCRC
Ziegler announced the pricing of Carolina Meadows, Inc.’s Series 2024 bonds. Carolina Meadows is a North Carolina not-for-profit that was incorporated in 1983 to develop, own and manage a CCRC in Chatham County, North Carolina, just south of Chapel Hill. The community comprises 476 independent living units, 78 assisted living units (with 95 beds in operation) and 79 skilled nursing units (with 86 beds in operation). It is the 20th largest not-for-profit single-site CCRC in the United States, according to the 2023 LeadingAge-Ziegler 200. Carolina Meadows plans to develop, own and operate a replacement skilled nursing facility that will total approximately 122,000 square feet. The... Read More »
BWE Secures Refinance for Virginia IL/AL/MC Community
BWE secured $47 million to refinance a seniors housing community in Richmond, Virginia. Built in 2015, Discovery Village at the West End comprises 219 units of independent living, assisted living and memory care. There is a 124-unit independent living building and a 95-unit assisted living and memory care building. Discovery Senior Living manages the community, which was 93% occupied at the time of the refinancing. Ryan Stoll and Taylor Mokris of BWE arranged the financing on behalf of a large private equity investor. There was strong interest in the financing opportunity from a variety of capital sources. Read More »
Pace Secures Financing for Minnesota CCRC
Pace Loan Group closed a $7.1 million PACE loan on a 134-unit new construction, market-rate senior living community in St. Francis, Minnesota. The 20-year loan complements a $30 million qualified tax-exempt loan on the project using Series 2023A bonds with Sunrise Bank as the senior lender. The project team also included Pope Architects and Bauer Design Build. Vista Prairie at Eagle Point comprises 59 independent living, 43 assisted living and 24 memory care units as well as eight skilled nursing beds. Construction began in June and is expected to be completed by 2025, with a total project cost of $46.58 million, or approximately $350,000 per unit. Vista Prairie Communities, which... Read More »
Ziegler Closes Acquisition Financing for CCRC Group
Ziegler announced the closing of New Jersey-based FellowshipLIFE’s Series 2024 bonds and taxable term loan in an aggregate par amount of $42.5 million for the Senior Living Finance Practice. FellowshipLIFE, a not-for-profit provider of seniors housing, has an obligated group (subject of this financing) that currently consists of only Fellowship Village and is rated “BBB-” by Fitch Ratings. In connection with this financing, the obligated group will purchase a CCRC in Freehold, New Jersey, and bring it into the obligated group, which will result in no change to the current rating. Before the acquisition, the obligated group only included the Fellowship Village CCRC in Basking Ridge, New... Read More »Schedule a demo
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