Lument Closes Bridge Loan to Finance Three Senior Living Assets
Lument announced the closing of a $9 million bridge loan, which was funded directly from Lument’s balance sheet, to finance The Cottages Assisted Living and Memory Care, a portfolio of three properties in the Boise area: Alpine Meadows, The Cottages of Boise and The Cottages of Lochsa Falls. Rob McAdams handled the transaction. The transaction is structured as a single loan secured by the three assets and includes financing the acquisition of Alpine Meadows, a 34-bed assisted living community in Meridian, and refinancing existing debt of the Boise and Lochsa locations, both 32-unit assisted living and memory care communities in Garden City and Meridian, respectively. The loan terms include... Read More »
First Citizens Refinances Class-A Community
First Citizens Bank’s Healthcare Finance business provided a term loan to refinance a Class-A senior living community in a desirable location. GenCare Lifestyle Tacoma at Point Ruston comprises 159 units across six stories in Tacoma, Washington. The borrower is a joint venture led by Harrison Street. The same joint venture with PMB LLC served as the facility’s original developer in 2020, with GenCare Lifestyle, another joint venture partner, as the operator. Read More »
JLL Arranges Financing in New Mexico
JLL Capital Markets arranged refinancing for a seniors housing community in Rio Rancho, New Mexico. JLL secured the five-year, fixed-rate loan through a life insurance company. Built in 1997 and renovated in 2019, Fairwinds Rio Rancho features 220 independent living and assisted living units. It is three stories and comprises 211,213 square feet. Alanna Ellis, Jay Wagner, Aaron Rosenzweig and Alex Sheaffer handled the transaction on behalf of the borrower, Lytle Enterprises. Lytle’s portfolio consists of 18 independent living and assisted living communities that total 3,000 units, with an average property size of 157 units. Read More »
Berkadia Secures Financing on Behalf of POAH
Berkadia announced the financing and preservation of Jesse Jackson Jr. Senior Housing, a 120-unit affordable seniors housing community in Harvey, Illinois. James Grande secured the $17.6 million low-income housing tax credit equity investment on behalf of the sponsor, Preservation of Affordable Housing. The community consists of two three-story, elevator-serviced buildings that were originally constructed in 2007 (phase II) and 2011 (phase III). The project will consist of 120 one-bedroom units serving seniors aged 62 and above, with 114 of the units set aside for persons whose income is at or below 50% of the area median income. The remaining six units will be set aside for persons... Read More »
Ziegler Handles Financing in Missouri
John Knox Village is a large not-for-profit single-site provider of senior living services headquartered in Lee’s Summit, Missouri. JKV owns/operates a life plan community which, as of December 31, 2023, consisted of 948 marketable independent living units ranging from single-family homes to apartments, assisted living communities consisting of 106 apartments and 76 memory care units, and a skilled nursing center operating 122 beds. Ziegler announced the closing of John Knox Village obligated group’s $42.3 million Series 2024 tax-exempt bonds. The $30.83 million of Series 2024A fixed rate bonds along with the $5.53 million Series 2024B-1 (TEMPS SM-85) and $7.5 million Series 2024B-2... Read More »Schedule a demo
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