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 »
Build Senior Living Secures C-PACE Financing
Bayview Pace provided $4.3 million in C-PACE financing for a seniors housing community in the Detroit, Michigan MSA. Hampton Manor-Taylor comprises 65 assisted living and 16 memory care units with 102 total beds. There is extra capacity for shared rooms and/or additional companion units. The community is on six acres in Taylor, Michigan. The project sponsor is Build Senior Living, which is based in Cape Coral, Florida, and has completed 21 communities totaling 1,634 units. The C-PACE funds are part of a refinancing on the already-completely Taylor community, which is substantially leased. Read More »
Focus and Arbor Expand Footprints
JLL Capital Markets announced its role in completing the sale and financing of Mariposa, a 313-unit seniors housing community in Lake Worth, Florida. We wrote on Wednesday that Focus Healthcare Partners acquired the campus and was bringing on Arbor Senior Living to operate it. Sitting on 22.5 acres, the community was built in 2018 with a three-story IL/AL building consisting of 259 units and an adjacent one-story memory care building featuring 54 units. It was more than 95% occupied, and has been at 90% and above since September 2020. That is fantastic, and credit to Discovery Senior Living, which was the previous operator. Arbor Senior Living will hopefully hit the ground running as the... Read More »
Vencap and Inspirit Secure Bridge-to-HUD Refinance
CBRE closed a bridge-to-HUD refinance for two seniors housing communities on behalf of a joint venture between Venue Capital LLC and Inspirit Senior Living. Both communities are in Ohio: The Gardens at Cuyahoga Falls features 130 units and 152 beds of assisted living and memory care in Cuyahoga Falls, and The Gardens at Liberty Park comprises 115 AL/MC units with 132 beds in Streetsboro. Aron Will, Joshua Hausfeld, Adam Mincberg and John Turner originated the bridge-to-HUD loan via CBRE’s proprietary bridge lending platform to pay off the existing loans and fund further capital improvements. The bridge loan will enable the joint venture to complete renovations to increase operational... Read More »
Owner/Operator Receives Financing for SNF Portfolio
CIBC Bank USA provided an Iowa owner/operator with $21.0 million in senior secured credit facilities, including an $18.0 million mortgage facility for the refinance of existing indebtedness on three skilled nursing facilities. The performance of the portfolio, which includes 235+ beds, has trended positively over the last year, and generated an EBITDAR margin of 12%. A $3 million revolving line of credit was also provided. Sam Dendrinos and Jeff Groenewold handled the transaction for CIBC Bank USA. Read More »Schedule a demo
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