Joint Venture Secures Refinancing
Harrison Street and Dial Retirement Communities secured a refinance for their seniors housing property in Batavia, Illinois (Chicagoland), thanks to the team at Newmark. The Landings, which opened in Spring 2021, features 142 units of independent living, assisted living and memory care. It was very well occupied, at 96% with a waitlist. The borrowers wished to refinance the construction loan on the property and obtained a new bank loan with a three-year term, full term of interest only and amortization. It was also a non-recourse loan, but the amount was not disclosed. There was a competitive interest rate. Read More »
Four SNFs Receive Refinancing in Virginia
Capital Funding Group closed a $132.24 million bridge loan on behalf of a nationally recognized borrower. The deal supported the refinancing of four skilled nursing facilities comprising 731 beds in Virginia. Craig Cassagrande and Catherine Mansel handled the transaction, which closed 47 days from receipt of the signed term sheet. This transaction follows CFG’s even-larger closing of a $207.1 million bridge-to-HUD term loan on behalf of landlord sponsor, 980Investments. The deal supported the partnership buyout of a portfolio of thirteen skilled nursing facilities featuring 1,423 beds in Florida. CFG also provided $15 million in accounts receivable financing to support the working... Read More »
KeyBank Finances New Ohio Project
A new affordable seniors housing community is going up in Columbus with construction financing now in hand. KeyBank Community Development Lending and Investment arranged the $93 million in construction financing, which consisted of a $43.3 million construction loan, $23.8 million in low-income housing tax credit financing, and a $25.9 million Forward Fannie mortgage-backed securities (MBS) as collateral for a tax-exempt bonds permanent loan. Known as The Caravel, the community will consist of 234 units for residents aged 55 and older who earn at or below 50%, 60% and 70% of the area median income (AMI). Kittle Property Group is developing the property in partnership with Homeport, a... Read More »
CA Seniors Housing Community Secures Refinancing
Northwest Visalia Senior Housing LLC obtained a $29.5 million loan for the refinancing of Quail Park at Shannon Ranch, which comprises 120 units of independent living, assisted living and memory care in Visalia, California. Northmarq secured the 10-year loan, with the first five years being interest-only, through Poppy Bank of California. The funds were utilized to pay off a bridge loan that Northmarq also arranged back in 2021. The principal of Living Care Lifestyles, the Kaweah Health System of Visalia and multiple local investors comprise the ownership group of Quail Park. Living Care also manages the community. Managing Director Stuart Oswald led Northmarq’s Seattle Debt and... Read More »
Texas SNF Secures Financing
Berkadia arranged financing for a 104-bed skilled nursing facility in Eagles Pass, Texas. A Fort Worth, Texas-based owner/operator had successfully operated the property since 2019 and financed its purchase of the leased fee interest of the property with the loan. Berkadia’s Jay Healy closed a $13 million bridge-to-HUD loan with an 18-month, interest-only term that covered 100% of the purchase price. It is anticipated that Berkadia will close the subsequent HUD refinance in the first half of 2025. Read More »Schedule a demo
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