Monarch/REDICO Joint Venture Secures Refinancing
Marathon Asset Management’s Commercial Real Estate platform originated a $154.5 million mortgage loan to a joint venture between Monarch Alternative Capital LP and REDICO to fund the refinance of The American House Florida Portfolio. Marathon’s Joseph Griffin originated the senior acquisition loan. Aron Will and Adam Mincberg of CBRE arranged the financing, marking CBRE’s second financing of this portfolio within a three-year time span. The portfolio comprises six purpose-built seniors housing communities with 817 units (409 independent living, 306 assisted living and 102 memory care). Five were built between 2015 and 2018 in strong Florida markets. REDICO has been invested in the... Read More »
CIBC Provides SNFs Financing
CIBC Bank USA provided a $67 million term loan to finance the acquisition of five skilled nursing facilities and the refinance of 21 skilled nursing and assisted living facilities located throughout Wisconsin. CIBC also provided an aggregate $21 million of working capital via multiple revolving lines of credit to 53 skilled nursing/assisted living facilities primarily located in Wisconsin. The borrowing group had recently received substantial reimbursement support from the state. Peter Kane and Michael Velazquez handled the transaction for CIBC Bank USA. Read More »
Local Operator Secures Acquisition Financing
JLL Capital Markets arranged $39.98 million in acquisition financing for a portfolio of three seniors housing communities totaling 344 units in Eugene and Springfield, Oregon, on behalf of a local operator. JLL secured the three-year, floating-rate financing from a regional bank. The JLL Seniors Housing Capital Markets team representing the borrower was led by Senior Director Alanna Ellis and Associate Alex Sheaffer. The portfolio comprises Evergreen Senior Living, Timber Pointe and Woodside Senior Living, which together offer 43 independent living, 245 assisted living and 56 memory care units. All of the properties were built between 1996 and 2006 and were fully renovated in... Read More »
Joint Venture Secures Refinancing
CBRE arranged a refinancing of a six-property seniors housing portfolio on behalf of a joint venture between Monarch Alternative Capital LP and REDICO. American House Senior Living Communities, an affiliate of REDICO, will continue to manage the portfolio. Aron Will and Adam Mincberg originated a $154.5 million loan, marking CBRE’s second financing of this portfolio within a three-year time span. Marathon Asset Management, a New York-based lender focused on creative capital solutions, provided the loan. The portfolio comprises six purpose-built communities encompassing 817 total units (409 independent living, 306 assisted living and 102 memory care) in performing Florida markets... Read More »
Washington D.C. Area Community Secures Construction Financing
BWE arranged financing for The Reserve at Falls Church, a 215-unit senior living community in the West Falls mixed-use neighborhood. Ryan Stoll and Taylor Mokris facilitated the construction financing for this project, which is being financed by a syndication of commercial banks including Live Oak Bank and Huntington Bank. The loan features a five-year initial term with 48 months of interest-only payments. The Reserve will offer independent living, assisted living and memory care across 15 stories. It’s being developed by NexCore Group and its seniors housing operator, Experience Senior Living. NexCore partnered with an affiliate of Nuveen Real Estate to capitalize the project. This marks... Read More »Schedule a demo
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