Shell Point Retirement Community Secures Expansion Financing
Ziegler announced the closing of the Series 2024A/B bonds on behalf of Shell Point Retirement Community. The not-for-profit organization Christian and Missionary Alliance Foundations is doing business as Shell Point Retirement Community. Shell Point currently comprises 1,334 independent living units, 356 assisted living units and 180 skilled nursing beds in Fort Myers, Florida, on 700 acres. Shell Point will use the proceeds of the Series 2024A/B bonds to construct 58 independent living units to be known as Vista Cay. The Vista Cay residences will be 14 stories tall on 11.6 acres. Vista Cay will further expand the choice in residences across the existing community, broaden the... Read More »
Family Office Acquires Florida Seniors Housing Portfolio
Berkadia facilitated the sale of a four-property assisted living and memory care portfolio along Florida’s West Coast. Brooks Minford closed the transaction on behalf of two separate sellers. The buyer of all four properties, a Central Florida-based family office looking to expand its existing footprint, finalized the closings on July 23. The total purchase price was $42.55 million, or $127,400 per unit. In the first transaction, a Florida-based seniors housing and multifamily developer sold an early 2000s-build community comprising 59 assisted living and 20 memory care units. Occupancy was hovering around 85%, and it was stabilized at the time of the sale. The seller was divesting because... Read More »
Carlton Senior Living Secures Two Freddie Mac Loans
Lument secured two separate Freddie Mac loans for Carlton Senior Living, one of Northern California’s largest seniors housing providers with 11 independent living, assisted living and memory care communities in operation. The loans total $38.8 million and were secured across two separate California properties: $13.5 million to refinance a 123-unit seniors housing community in Fremont and $25.3 million to refinance a 126-unit seniors housing community in San Jose. Both loans feature a fixed interest rate, a 10-year term and 30-year amortization. Additionally, the loan for the San Jose property provides funds for renovations. Nick Hamilton and Casey Moore handled both... Read More »
Berkadia’s Recent Sales and Financing Activity
Berkadia was engaged by a publicly traded REIT in its divestment of an 85-unit assisted living/memory care community in Alpharetta, Georgia. The property, part of a three-property portfolio, was purchased by a regional owner/operator. The first two properties in the portfolio closed in May and comprise 146 assisted living/memory care units in Atlanta and Marietta, Georgia. The buyer was also a regional owner/operator. Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers handled both transactions. Berkadia has completed over $1.7 billion in sales and financings across 49 transactions in the first half of the year. That impressive volume has continued into the second half of the year,... Read More »
Delaware SNF Secures Refinancing
Capital Funding Group closed a $23.6 million bridge-to-HUD loan, which supported the refinancing of an existing bridge loan executed by CFG. The deal supported a 169-bed skilled nursing facility in Delaware. CFG closed the deal June 27, 2024, on behalf of a nationally recognized borrower. Andrew Jones originated the transaction. This financing follows CFG’s closing of a HUD financing package totaling $42 million. CFG closed the deals on June 5, 2024, on behalf of a nationally recognized borrower. The package included three loans supporting the refinancing of existing bridge loans for three skilled nursing facilities: a $9.8 million HUD loan to support an 80-bed facility in Idaho, a $21.6... Read More »Schedule a demo
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