JLL Lands LifeCo Loan
A life insurance company provided a senior loan to refinance The Landing at Augusta Woods, a 148-unit seniors housing community in Spring, Texas. JLL Capital Markets arranged the $28 million mortgage on behalf of the borrower, Harmony Communities. Taking out existing construction debt and funding an expansion of the community, the loan came with a four-year, fixed-to-floating rate term. JLL Capital Markets’ Debt Advisory team, led by Senior Director Zane Sweet, Director Alanna Ellis and, Analysts Zach Brantley and Kyle White, handled the transaction. Opened in 2021, the community comprises a 120-unit apartment-style complex that provides independent living, assisted living and memory care,... Read More »
CFG Arranges Acquisition Financing for CA SNF Deal
It was announced that Capital Funding Group arranged acquisition financing for International Equity Partners and Cypress Healthcare Group’s purchase of three skilled nursing facilities in California. The not-for-profit Eskaton sold the facilities to exit the stand-alone SNF space, and it was represented by Ziegler in the process. The sale included the 99-bed Eskaton Care Center Manzanita in Carmichael, the 148-bed Eskaton Care Center Greenhaven in Sacramento and the 149-bed Eskaton Care Center Fair Oaks in Fair Oaks. All were built around 1980 and were losing millions on $42.1 million of 2022 revenues. The transition process required Attorney General approval, which was given in September.... Read More »
Bank Financing Provided to Class-A Community
JLL Capital Markets arranged $29 million in financing for a Class-A seniors housing community in Smithtown, New York. The borrowers are Sculptor Real Estate, which is the real estate business of Sculptor Capital Management, and Benchmark Senior Living. The three-year loan was provided by a regional bank that is a new lending partner for both Sculptor and Benchmark. Joel Mendes, Ted Flagg and Stephen Van Leer of JLL led the transaction. The community, Whisper Woods of Smithtown, has 101 units and 136 beds of assisted living and memory care. It was built in 2018 by Sculptor and Benchmark, which leased the community. Amenities include biometric medication safes and roll-in showers with... Read More »
CFG Closes HUD Deal in Arizona
Capital Funding Group closed a $10.3 million HUD refinance of an existing bridge loan, also executed by CFG, for a nationally recognized borrower. The refinancing supported a 94-bed skilled nursing facility in Arizona. Tommy Dillion of CFG originated the transaction. This financing follows the company’s recent announcement of a $3.32 million bridge-to-HUD mezzanine loan which supported a dividend recapitalization for a well-known sponsor of a 120-bed skilled nursing facility in Florida. Read More »
Cambridge Realty Capital Closes HUD Loan
Cambridge Realty Capital provided a $29.2 million first mortgage loan to refinance a seniors housing community in Sarasota, Florida. Cambridge utilized the HUD Section 232/223(f) program and Cambridge’s early rate lock program to secure this fully amortized 35-year loan for the owner, a Florida limited liability company. The community was Aravilla Sarasota, formerly known as Autumn of Sarasota, which was renovated/rebranded in 2018 and has 120 units. No other details were disclosed. Read More »Schedule a demo
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