Protea Refinances Class-A Asset
JLL Capital Markets arranged a $35 million construction-takeout refinancing for a seniors housing community in California. Built in 2019 and expanded in 2021, Ocean Hills Senior Living comprises 216 units in Oceanside. Working on behalf of Protea Capital Partners, JLL placed the five-year, fixed-rate loan with a regional bank. Ocean Hills offers a mix of independent living, assisted living and memory care units in studio, one- and two-bedroom layouts. The AL/MC phase of the property was delivered in 2019, with the IL portion opening in 2021. Initially hampered by the pandemic, occupancy rates have steadily increased. The campus reached initial stabilization in Q4:23. There was... Read More »
Publicly Traded REIT Divests to Cougar Capital Management
Berkadia announced the financing and sale of a senior living community in South Setauket, New York. Mike Garbers, Cody Tremper, Ross Sanders and Dave Fasano closed the sale transaction on behalf of a publicly traded REIT. Berkadia provided both investment sales and mortgage banking services for the 196-unit independent living and assisted living community. The community will be rebranded as The Village at South Setauket and undergo extensive capital expenditure projects. Willow Ridge Senior Living will operate the community on a go-forward basis. Steve Muth and Austin Sacco secured $15.6 million in acquisition and capex financing through Old Second Bank on behalf of the buyer,... Read More »
Presbyterian Retirement Communities Obtains Bond Financing
Ziegler closed a bond financing on behalf of Presbyterian Retirement Communities, Inc., (PRC) whose obligated group is the largest group of not-for-profit CCRCs in Florida, and the 11th largest in the nation with a total of 3,863 units. (PRC) $82,270,000 Series 2024 Bonds. PRC affiliated with Florida Presbyterian Homes (FPH) in Lakeland, Florida, and the Series 2024 bonds provided for the admission of FPH in the obligated group with the refunding of its outstanding debt. Proceeds of the $82.27 million of bonds will be used to refinance the outstanding PRC Series 2014 bonds and FPH Series 2010A bonds and FPH Series 2015 bonds. In addition, the bonds will help reimburse for $50 million of... Read More »
Joint Venture Secures Refinance for Arizona Portfolio
JLL Capital Markets arranged a $96.5 million refinancing for a seniors housing portfolio in Arizona. JLL worked on behalf of the borrower, Douglaston Development and The Hampton Group Inc., to secure the bank financing. The JLL Debt Advisory team representing the borrower was led by Alanna Ellis, Brad Miner and Ace Sudah. Built between 2021 and 2024, the portfolio comprises five properties with 510 independent living, 339 assisted living and 122 memory care units in the Phoenix, Mesa, Sedona and Chandler MSA’s. The communities are in strong seniors housing submarkets, where the 75+ population represents almost 20% of the population in the surrounding areas, and include Canyon Winds... Read More »
Eskaton Receives Bond Financing
Ziegler closed the Eskaton Obligated Group’s $82.9 million Series 2024 bonds through the California Municipal Finance Authority. Eskaton and its related subsidiaries own or manage 25 senior living communities with skilled nursing beds and independent living, assisted living, memory care and affordable units. Eskaton comprises three members consisting of five communities: Eskaton Properties, Inc. (consisting of Eskaton Village Carmichael, Eskaton Land Park and Eskaton Gold River), Eskaton Village- Grass Valley and Eskaton Village-Roseville. The Series 2024 bonds have a first-time rating of “BBB” by Fitch. They consist of long-term tax-exempt fixed interest rate bonds achieving level debt... Read More »Schedule a demo
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