Ziegler Closes Bonds for PA CCRC
Ziegler announced the closing of Garden Spot Village’s $67.27 million Series 2024 Tax-Exempt Fixed Rate bonds. The obligated group consists of Garden Spot Village and its subsidiary, GSV, LLC, and Garden Spot’s parent organization is the not-for-profit Garden Spot Communities. Garden Spot Village is a CCRC with 621 independent living homes consisting of 306 apartments and 315 cottage-style homes, 65 personal care units, 40 memory support units and 75 skilled nursing beds across 220 acres in New Holland, Pennsylvania. GSV also owns and leases Center for Health, an ambulatory health care building that sits at the entrance to the campus. WellSpan Health leases the Center, providing a... Read More »
CFG Secures Financing in Six Transactions
Capital Funding Group financed over $54 million across six transactions from late July through mid-August. The financings supported six skilled nursing facilities across the country and were executed on behalf of nationally recognized borrowers. First, CFG closed a $12.4 million HUD loan for the refinancing of a 99-bed SNF in California, which closed July 25. CFG provided the initial bridge financing for the real estate transaction, and the term loan is now being exited with permanent HUD financing. Then, CFG secured a $4.5 million mezzanine loan to refinance a 120-bed SNF in Florida. On the same day, CFG closed a $14.8 million senior loan to take out existing acquisition debt for a... Read More »
Berkadia’s HUD Bonanza
Berkadia announced another tranche of closings with more than $92.7 million in financing for nine seniors housing communities in four states. Steve Muth and Ed Williams first helped finance the acquisition of a 78-unit assisted living community in Great Falls, Montana, with a $12.6 million loan provided to a Northwest-based owner/operator. The non-recourse loan featured a 12-month, interest-only term. The community had sustained a stable occupancy rate over the past year, and Berkadia plans to submit a HUD application shortly after the closing. The borrower had previously collaborated with Berkadia on a similar-sized deal in late 2023. Back to HUD, Williams also obtained a $16.4 million... Read More »
Senior Care Borrower Delays Agency Takeout
A Charleston, South Carolina-based owner/operator refinanced its seniors housing community in Morgantown, West Virginia, with the help of Live Oak Bank and Berkadia Commercial Mortgage. The bank closed a $39 million A/B uni-tranche loan, with Berkadia’s Seniors Housing & Healthcare Group funding the subordinate debt. The loan provides a bridge to agency debt and features a three-year term, 24 months of interest-only payments and no exit fee. Loan proceeds were used to retire existing bank debt along with partnership debt associated with the borrower’s 2021 purchase of the 175-unit, independent living, assisted living and memory care community. The community was stable... Read More »
Winterpast & Broadview Refinance in Georgia
CBRE arranged a refinancing of Vitality Living Frederica in Georgia on behalf of a joint venture between Winterpast Capital Partners and Broadview Real Estate Partners. Aron Will and Tim Root arranged the $14.8 million, three-year floating rate loan with 24 months of interest only through a regional bank. The community is between Savannah, Georgia, and Jacksonville, Florida, on St. Simons Island, the largest barrier island in the Golden Isles. It features 60 assisted living and 24 memory care units. Vitality Living, WCP’s affiliated operating partner, will continue to manage the community. Read More »Schedule a demo
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