Chicago Pacific Founders & Grand Park Capital Secure Refinance
JLL Capital Markets secured $115 million in bridge financing for a seniors housing portfolio on behalf of Chicago Pacific Founders and Grand Park Capital. The refinance consists of a three-year, non-recourse loan, secured through Ally Bank to take out existing debt. The financing markets responded favorably to the strength of the ownership and asset-level performance, and the loan closed as proposed and on schedule. The four-asset Town Village Portfolio is primarily comprised of independent living and totals 852 units across Alabama, Tennessee, Oklahoma and Michigan. Built between 2000 and 2002 and having undergone renovations by the sponsors since, the assets are strategically... Read More »
Northland Networks Funds Arkansas Acquisition
Northland Networks, which was acquired by First National of Nebraska in 2023, has closed a number of transactions so far this year, most recently arranging two acquisition loans for CCRCs in Arkansas. Both previously owned and operated by Evangelical Lutheran Good Samaritan Society, the assets were part of the not-for-profit’s exit from 15 states and consolidation of its services to the Midwest. The CCRCs are located in Hot Springs Village and Mountain Home, Arkansas, and attract higher income seniors in their respective areas. Hot Springs Village was built between 1986 and 2006 and features a combination of 90 independent living units (including six two-unit buildings and a 78-unit... Read More »
Ohio Senior Care Community Secures Refinancing
Capital Funding Group announced the closing of a $12.5 million bridge-to-HUD loan, which supported the refinancing of an existing bridge loan. The deal supported a 175-bed skilled nursing and assisted living community in Ohio. Craig Casagrande handled the transaction, which closed July 18, 2024. Read More »
Berkadia Refinances Intergenerational Living Community
Berkadia refinanced a unique, intergenerational living community called The Pillars of Prospect Park. The 283-unit seniors housing community in Minneapolis, Minnesota is owned by Harrison Street and Oppidan. To refinance an existing construction loan, Managing Directors Austin Sacco and Steve Muth of Berkadia secured bridge financing through a national bank, with a three-year term, three years of interest only and an attractive spread. Built in 2020, the property is situated near downtown Minneapolis, the University of Minnesota Medical Center, and Midland Hills Country Club. It features an intergenerational living model which includes senior living, student living, and a children’s... Read More »
CBRE Closes Three Bank Financings
The dog days of summer have brought a slew of bank financings from CBRE this August. First was a refinance for The Springs at Lancaster Village, which is owned by a joint venture between The Springs Living and Amstad Farms Land Company. Built in 1983 with expansions in the 1990s, the community has 115 independent living and 74 assisted living units, with an array of amenities. It was acquired by The Springs Living in 2020 for $31.5 million, or $165,800 per unit, with Amstad, a long-standing friend and family relationship of Springs, providing the original capital for the deal. Amstad is not your typical seniors housing investor, being one of the largest potato producers in the Pacific... Read More »Schedule a demo
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