CFG Closes Five Transactions
Capital Funding Group announced the closing of five transactions totaling more than $54 million from mid-October through mid-November. The financing supported five skilled nursing facilities, one senior care community and two multifamily properties throughout the country and was executed on behalf of nationally recognized borrowers. First was a transaction that involved a $2.72 million bridge-to-HUD junior term loan for the acquisition of two skilled nursing facilities featuring a total of 194 beds in Maryland and Delaware. Andrew Jones originated the deal and the financing closed October 8. The transaction had a total senior and junior debt capital stack of $27.83 million. The... Read More »
Class-A Community Secures Refinancing
BWE secured a refinance for Keystone Villa at Douglassville, a Class-A seniors housing community in Douglassville, Pennsylvania (Philadelphia suburb), that is owned by a joint venture between ReNew REIT and Heritage Senior Living. Originally built in 2011 as a 125-unit assisted living/memory care community before a 123-unit independent living building was added in 2015, the community was 92% occupied at the time of closing and was a strong operator. ReNew purchased the property from Capital Health Group in 2019 as part of a four-community portfolio. BWE’s Ryan Stoll and Taylor Mokris secured the $57.8 million loan from a national commercial bank, featuring a non-recourse structure... Read More »
Record-Setting Bond Financing Closed
JLL and HJ Sims teamed up to close the largest tax-exempt senior living financing of 2024, and the largest not-for-profit, single-site senior living bond issue in history. The financing is helping to fund the ground-up development of a luxury seniors housing community in Irvine, California. The James will feature 350 rental units and will be the first new seniors housing community in the Irvine market in 28 years. The plan includes 210 independent living, 110 assisted living and 30 memory care units, with a mix of studio, one- and two-bedroom options. Such a high-end community will also have multiple dining venues, an indoor pool and spa, wellness gym and yoga studio, therapy rooms, hair... Read More »
Ziegler Refinances Westchester Campus
Ziegler closed a new taxable loan on behalf of Wartburg, a senior care provider in Westchester County, New York. Wartburg’s 103-unit assisted living community in Mt. Vernon had an outstanding 2015 series of Public Fixed Rate Bonds that it wished to advance refund. The sponsor also wished to raise additional new money without materially altering its annual debt service requirements. So, after analyzing various capital alternatives, Ziegler arranged an $8.4 million taxable loan that will defease the outstanding bonds via a funded escrow account, fund new money to be used for various capital expenditures, and pay for costs of issuance associated with the financing. The Ziegler... Read More »
AL Conversion Project in Plano Gets Funding
A former hotel is being converted to an assisted living community in Plano, Texas, thanks to financing secured by Eastern Union. Totaling 137 units in six stories, the 40-year-old building most recently operated as a Deluxe Inn and previously as a Comfort Inn. It was also renovated in 2005 and has been owned and operated by Maheshbhai Patel since 2022. Patel secured the financing for the project, which will result in a 140-unit assisted living/memory care community known as Parkdale Senior Living. Completion is expected in mid-2026. An undisclosed lender provided two loans totaling $20.4 million. The first loan consists of a $15.8 million construction loan, featuring 15 months of... Read More »Schedule a demo
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