Brookdale Secures Giant Fannie Mae Financing
JLL Capital Markets secured a $344.2 million agency lending for the Brookdale Senior Living Portfolio, comprising 47 senior living communities across 14 states with 5,102 independent living, assisted living and memory care units. The properties range from 42 to over 300 units. JLL represented the borrower, Brookdale Senior Living, to originate the seven-year, fixed-rate loan under its Master Credit Facility Agreement with Fannie Mae. Proceeds were used to repay $312.5 million of variable rate debt due September 2027. The loan will be serviced by JLL Real Estate Capital, LLC. JLL’s Capital Market’s Debt Advisory team representing the borrower was led by Managing Director Allison... Read More »
It Takes a Village to Find Construction Funding
Construction financing is still not easy to find these days, although it is better than one year ago, so it takes a lot of patience and persistence for the developers, advisors and ultimate lenders to get the job done. One project in Dublin, California (Bay Area), called The Whitford is now set to get off the ground with an $80 million financing package provided by Live Oak Bank and Nuveen Green Capital, with Tremper Capital Group facilitating the transaction. The borrower, a joint venture between Harbert Senior Housing Fund II and Harbert South Bay Partners, was looking for non-recourse financing to build a 140-unit, Class-A assisted living/memory care community, which limited the... Read More »
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 »Schedule a demo
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