Convivial Secures Bond Financing
Ziegler announced the closing of Convivial St. Petersburg, LLC’s Series 2024 revenue bond anticipation notes. The Series 2024 notes are comprised of $23.4 million of tax-exempt Series 2024A notes sold publicly to institutional investors and a total of $6 million of subordinate tax-exempt and taxable notes purchased by an affiliate of the developer and manager of the project. Convivial will use the proceeds of the Series 2024 notes to fund the land acquisition, certain pre-development expenditures and marketing costs of a planned CCRC on 5.27 acres in St. Petersburg, Florida. The CCRC is anticipated to consist of two residential buildings with 170 independent living units, 48 assisted... Read More »
Live Oak Closes Three Bridge Loans
Live Oak Bank has been actively lending this Fall, so far, announcing three closings in recent weeks. The bank first closed a $13.5 million bridge loan for Bakerson Companies. The bridge-to-agency loan features a three-year initial term and 24 months of interest-only payments. Loan proceeds were used to recapitalize part of the all-cash purchase of a 172-unit independent living, assisted living and memory care community earlier this year in the Charlotte, North Carolina MSA. Also in September, Live Oak closed a $47.5 million bridge loan for a Florida-based seniors housing owner. The loan provides bridge-to-sale financing and features a three-year initial term, 24 months of interest-only... Read More »
MONTICELLOAM Closes SNF Portfolio Financing
MONTICELLOAM, LLC, a specialized multifamily and seniors housing bridge lending platform, and its affiliates announced the closing of $59.25 million in bridge and working capital financing for a portfolio of skilled nursing facilities in the Chicago area of Illinois. Karina Davydov originated the loan, which carries a two-year term with two six-month extensions. A growing regional operator was the borrower and financed its acquisition of three skilled nursing facilities with more than 700 licensed beds. Proceeds from the $52.25 million bridge loan were used for the acquisition, while the $7.0 million working capital revolver will be used to support the day-to-day operations across the... Read More »
Large Florida CCRC Secures Bond Financing
Ziegler announced the closing of the Series 2024C bonds for The Christian and Missionary Alliance Foundation, d/b/a Shell Point Retirement Community. Shell Point currently comprises 1,334 independent living units, 356 assisted living units and 180 skilled nursing beds on 700 acres in Fort Myers, Florida, across seven neighborhoods: The Island, Palm Acres, The Woodlands, Eagles Preserve, The Enclave, The Estuary and Waterside. Shell Point will use the proceeds of the Series 2024C bonds, together with other funds, to construct a “Town Center” for the community in the Island neighborhood. It will be used to house Shell Point’s administration building and its current Island amenities, as... Read More »
PGIM Acquires Class-A Community in Florida
Berkadia announced the sale and financing of a Class-A seniors housing community in the Orlando, Florida MSA, Oakmonte Village at Lake Mary. Ross Sanders, Dave Fasano, Cody Tremper and Mike Garbers represented the seller while Austin Sacco and Steven Muth handled the mortgage banking advisory services. The transaction closed in September. The buyer was a joint venture between PGIM Real Estate and Grand Living. Built in phases between 2009 and 2015, Oakmonte Village comprises 351 independent living, assisted living and memory care units in Lake Mary, Florida. The community sits on 25 acres and spans across one three-story IL building, one three-story AL building, one single-story MC... Read More »Schedule a demo
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