KeyBank Provides Construction Financing
KeyBank Community Development Lending and Investment (CDLI) provided construction financing to a to-be-built affordable seniors apartment community in Pittsburgh, Pennsylvania. The package consisted of a $27 million construction loan and a $14.4 million private placement permanent loan to finance the adaptive reuse of the First & Market office building. First & Market building will introduce 93 units, complete with accessibility features, sustainable building practices, and proximity to public transit, healthcare and other downtown amenities. The sponsor, Beacon Communities, broke ground on the project last month. All 93 units will be restricted to the 62+ senior population and... Read More »
Radiant Senior Living Secures LifeCo Loan
Berkadia announced the closing of an $11.35 million refinance with a life insurance company for La Conner Retirement Inn, a seniors housing community in La Conner, Washington. The community, owned by Radiant Senior Living, features 67 independent living and assisted living units. Steve Muth, Ed Williams, Garrett Sacco and Alex Rosenfeld handled the transaction on behalf of Berkadia. The loan features a multi-year term with an attractive fixed interest rate, an initial period of interest-only payments, a long-term amortization schedule, and a conservative loan-to-value ratio. Read More »
Roers Companies Secures Refinancing for MN Active Adult Community
Thorofare Capital, an affiliate of asset management platform Callodine Group LLC, provided a $42.9 million bridge loan to refinance Risor of St. Louis Park, a 170-unit active adult community in St. Louis Park, Minnesota. The borrower, Roers Companies, will use the financing primarily to retire an existing construction loan on the Class-A property. Completed in November 2023, the community is 78% leased. Scott Loving, William Hintz, Scott Streiff and Gary Marchiori of JLL arranged the loan. Read More »
Luthercare Secures Bond Financing
Ziegler announced the closing of Luthercare’s $31.52 million Series 2025A and 2025B bonds (together the “Series 2025 bonds”). Luthercare is a Pennsylvania-based not-for-profit that currently operates two communities in Lancaster County, Pennsylvania: Luther Acres and St. John’s Herr Estate. They collectively feature 678 units. Luther Acres is on 55 acres in Lititz and comprises 357 independent living units, 70 personal care units and 86 skilled nursing beds. St. John’s Herr Estate is on 48 acres in Columbia and includes 125 independent living units and 40 personal care units. Residents of St. John’s Herr Estate have priority access to the skilled nursing beds at Luther Acres, which... Read More »
Colliers Mortgage Closes HUD Loan in Maryland
Christopher Fenton and Catherine Eby of Colliers Mortgage, in partnership with Health Financing Consultants, closed a $10.4 million HUD loan for the refinance of The Cottages of Perry Hall in Parkville, Maryland. The 64-unit seniors housing community features private residential units within four 16-unit cottages and provides assisted living and memory care. The project is situated on 3.2 acres. Occupancy was around 95%. The new loan, which replaced a combination of bank and mezzanine debt on the property, carries a 35-year term/amortization and was arranged for Charter Senior Living. Read More »Schedule a demo
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