JLL Secures Acquisition Financing for Two AL/MC Communities
JLL Capital Markets arranged acquisition financing for two assisted living and memory care communities in Iowa on behalf of affiliates of Jaybird Senior Living. Both communities were managed by Jaybird prior to the acquisition. The communities, Vintage Hills of Indianola and Country Meadow Place, total 118 units combined. Vintage Hills comprises 62 units in Indianola, Iowa, and Country Meadow Place is in Mason City, Iowa, with 56 units. Jeff Lepley and Alex Sheaffer of JLL handled the transaction, securing two loans totaling $17.87 million, or $151,000 per unit, representing around 81% of the total purchase price, putting the purchase price above $22.0 million, or $186,000 per... Read More »
Monarch Advisors Secures Construction Debt
Monarch Advisors is on a roll. After recently sourcing acquisition debt for a skilled nursing facility in Topeka, Kansas, Alec Blanc has arranged construction financing for the development of a new 105-unit/124-bed senior care property with independent living, assisted living and skilled nursing in Muskegon, Michigan. The sponsor, based in Louisville, Kentucky, engaged Monarch to source debt totaling $21.6 million, or about 67% of the cost of the project. Blanc secured a construction/mini-perm loan commitment from a national mortgage bank’s loan participation program with a four-year term and one 12-month extension option. Payments will be interest only at SOFR+3.25% for the... Read More »
CFG Finances Over $1.7 Billion in 2023
Capital Funding Group announced the company executed or arranged more than $1.7 billion in financing across 50 deals in 2023. These financings included 24 healthcare bridge-to-HUD loans, five multifamily bridge loans and 11 HUD loans. Financing of the multifamily bridge-to-HUD loans totaled approximately $49.7 million of the company’s annual financing. In that timespan, CFG closed numerous refinances, including: $7.2 million HUD loan for a 75-bed skilled nursing facility in Ohio. $15.5 million HUD loan for a 118-bed skilled nursing facility in Arizona. $43.4 million HUD loan for a 140-bed skilled nursing facility in California. $13.8 million mezzanine loan for 12 long-term care facilities... Read More »
CBRE Refinances Two Coastal Communities
CBRE National Senior Housing arranged a couple of refinances for Class-A assets in major metro areas. The first was closed for Chelsea Senior Living of New City, an 80-unit assisted living/memory care community located 30 miles north of New York City in a high-barrier-to-entry, affluent market. Built in 2021, the community features 56 AL and 24 MC units. It is owned by Capitol Seniors Housing, which brought in Chelsea Senior Living to operate the community. Aron Will and Adam Mincberg of CBRE originated a $21 million bridge loan through Ohana Real Estate Investors, a national debt fund. The loan featured an interest-only term and a floating rate. Will and Mincberg also teamed... Read More »
Non-Performing Loan up for Grabs
A non-performing mezzanine loan on a newly built seniors housing community in Upper Marlboro, Maryland, is up for auction, with Newmark leading the process. The associated property was built in 2021 with 282 units of independent living, assisted living, memory care and active adult. The three separate buildings are interconnected via a skybridge with large glass windows. Common area space totals 134,642 square feet across the community. The fixed-rate construction loan was originated in December 2019 in the amount of $22.5 million to fund the project. It carried an interest rate of 12% (6% current and 6% Paid-in-Kind). The loan was later modified in October 2020 to increase its... Read More »Schedule a demo
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