Live Oak Bank Closes Loan Trifecta
For anyone who has wondered which banks are actively lending in this capital markets environment, Live Oak Bank has been on a tear in the last few weeks, closing more than six transactions recently. The latest three were bridge loans closed on behalf of seniors housing owners in three states in the Southeast. First was an $8.5 million bridge loan for a joint venture between Manor Lake Development and Buligo Capital Partners. The loan features a three-year initial term and 24 months of interest-only payments before the borrowers expect to refinance with an agency. Loan proceeds were used to recapitalize partnership notes for an 82-unit assisted living/memory care community in the Atlanta,... Read More »
Helios Arranges Country Place Corporate Credit Facility
Helios Healthcare Advisors helped arrange a corporate credit facility secured by a portfolio of assisted living/memory care communities across four locations in Alabama on behalf of Country Place Senior Living, a portfolio company of a Hong Kong-based alternative investment manager. Helios secured the facility through a regional lender based in Atlanta, Georgia, for general corporate purposes and to complete renovations on a portfolio of five assisted living and memory care communities that Country Place acquired in Texas this year. The facility was secured on the four Alabama assets, which were stabilized and had no property-level debt, thereby helping Country Place to access the... Read More »
Two Seniors Housing Communities Secure Acquisition Financing
CBRE arranged acquisition financing for two seniors housing communities in Houston, Texas, on behalf of Bridgewood Property Company. The Aspenwood Company, Bridgewood’s wholly owned management platform, will continue to manage the communities. Aron Will and Michael Cregan originated the $25 million, three-year floating rate loan with full-term interest only via a regional bank. Built in 2015, The Village of the Heights sits on 1.75 acres and comprises 103 assisted living and memory care units. Built in 2013, The Village of Meyerland features 125 assisted living and memory care units on 3.11 acres. Read More »
Greystone & VIUM Capital Top HUD Rankings
The HUD LEAN rankings for HUD’s fiscal year 2024 ended September 30 are out, and the program saw 220 loans close, totaling nearly $3.2 billion for a nearly 10% increase over FY2023’s total volume. Closings only accelerated in the second half of HUD’s fiscal year, and the next 12 months could see another increase in activity. Topping the charts, both in terms of deals and dollar volume, was Greystone, with 52 deals and $708.3 million of volume. Greystone led the way in FY2023, too, with 39 deals and nearly $700 million of volume, and in FY2022 with 35 deals. VIUM Capital ranked in the second spot in both categories, with 34 deals and $344.8 million of volume. This is a return to the second... Read More »
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 »Schedule a demo
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