Chicago Pacific Founders Secures Acquisition Financing
CBRE arranged acquisition financing for The Arbors of Gulf Breeze on behalf of CPF Living Communities. Aron Will and Tim Root arranged a five-year fixed rate loan through the Freddie Mac Optigo lending platform. Built in 2018, The Arbors consists of 132 units with 51 independent living, 58 assisted living and 23 memory care units in Gulf Breeze, Florida, 2,000 feet from Gulf Breeze Hospital (the area’s only five-star hospital and part of the Baptist Health Care network). The community was stabilized and 96% occupied at closing. It will be managed by Grace Management, CPF’s wholly owned management affiliate. Brad Clousing, Daniel Geraghty, Jeff Binder and Jason Punzel of Senior Living... Read More »
Intergenerational Community Secures Refinance
BMO’s Healthcare Real Estate Finance group acted as the lead arranger and administrative agent on a term loan refinancing for an intergenerational community in Minneapolis, Minnesota, on behalf of Harrison Street and Oppidan. Built in 2020, The Pillars of Prospect Park comprises 282 independent living, assisted living, memory care and student housing units. The community also features a child-care/learning center with capacity for about 100 children. Ebenezer manages the community. This was the fifth community developed together by Oppidan and Ebenezer. In August, Berkadia announced its role in arranging the refinance of The Pillars. To take out an existing construction loan, Austin Sacco... Read More »
Convivial Secures Bond Financing
Ziegler announced the closing of Convivial St. Petersburg, LLC’s Series 2024 revenue bond anticipation notes. The Series 2024 notes are comprised of $23.4 million of tax-exempt Series 2024A notes sold publicly to institutional investors and a total of $6 million of subordinate tax-exempt and taxable notes purchased by an affiliate of the developer and manager of the project. Convivial will use the proceeds of the Series 2024 notes to fund the land acquisition, certain pre-development expenditures and marketing costs of a planned CCRC on 5.27 acres in St. Petersburg, Florida. The CCRC is anticipated to consist of two residential buildings with 170 independent living units, 48 assisted... Read More »
Live Oak Closes Three Bridge Loans
Live Oak Bank has been actively lending this Fall, so far, announcing three closings in recent weeks. The bank first closed a $13.5 million bridge loan for Bakerson Companies. The bridge-to-agency loan features a three-year initial term and 24 months of interest-only payments. Loan proceeds were used to recapitalize part of the all-cash purchase of a 172-unit independent living, assisted living and memory care community earlier this year in the Charlotte, North Carolina MSA. Also in September, Live Oak closed a $47.5 million bridge loan for a Florida-based seniors housing owner. The loan provides bridge-to-sale financing and features a three-year initial term, 24 months of interest-only... Read More »
MONTICELLOAM Closes SNF Portfolio Financing
MONTICELLOAM, LLC, a specialized multifamily and seniors housing bridge lending platform, and its affiliates announced the closing of $59.25 million in bridge and working capital financing for a portfolio of skilled nursing facilities in the Chicago area of Illinois. Karina Davydov originated the loan, which carries a two-year term with two six-month extensions. A growing regional operator was the borrower and financed its acquisition of three skilled nursing facilities with more than 700 licensed beds. Proceeds from the $52.25 million bridge loan were used for the acquisition, while the $7.0 million working capital revolver will be used to support the day-to-day operations across the... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
