Kentucky and Tennessee SNFs Secure Financing
MONTICELLOAM announced the closing of a $22 million senior secured working capital facility, complementing the firm’s recent $400 million bridge financing for 29 Southeastern skilled nursing facilities. The working capital facility has a three-year initial term and will cover the day-to-day operating expenses of over 2,900 skilled nursing beds across Kentucky and Tennessee. The transaction was closed on behalf of a returning client. This $22 million transaction contributed to a record year for the firm in 2024, with the highest volume of asset-based loan originations in the firm’s history. Read More »
Sonida Acquires in Ohio
Cushman & Wakefield facilitated the sale of a seniors housing community in Cincinnati, Ohio. Built in 2022, Airy Hills at North Bend Crossing features 50 assisted living and 32 memory care units. However, the community was never opened due to foreclosure on the construction borrower. In 2019, Northmarq secured $18.2 million of construction debt from a regional bank, with a three-year, interest-only loan. In addition, the project received $5.5 million of PACE equity and another $5.3 million of equity to round out the capital stack. It did not help that the community sits adjacent to the 121-unit Wellington at North Bend Crossing Community that was developed by the same entity. Sonida... Read More »
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 »Schedule a demo
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