The Benoit Group Finances Atlanta Project
The Benoit Group, in partnership with Atlanta Housing, received financing for the development of Englewood Senior in Atlanta. This affordable seniors housing project marks the first redevelopment phase of a master-planned, mixed-use, multi-plase community on the 30-acre site of the former Englewood Manor public housing site. Built in 1971, Englewood Manor offered 324 public housing units before the residents were relocated in 2007, followed by the property’s demolition in 2009 with HUD approval. The site is located in southeast Atlanta approximately 1.5 miles from Grant Park. Funding for this $72 million project includes federal and state equity tax credit investment by Raymond James and... Read More »
CFG Secures Bridge-to-HUD Loan for Ohio Skilled Nursing Facility
Capital Funding Group secured financing for a skilled nursing facility in Ohio on behalf of a nationally recognized borrower. The bridge-to-HUD loan totals $13.5 million and supports the refinancing of this 120-bed SNF. Tim Eberhardt and Ava Julio of CFG originated the transaction. This financing follows CFG’s closing of two HUD loans on behalf of a nationally recognized borrower. The loans supported the refinancing of two SNFs in Florida that comprise 261 beds. The loan totaled $17.4 million. Read More »
CBRE Secures Financing For Class-A Seniors Housing Community
CBRE secured financing for a Class-A seniors housing community in North Dakota on behalf of a joint venture borrower. Built in 2017, New Perspective West Fargo is in Fargo, one mile from Sanford Medical Center, North Dakota’s newest and largest medical center. The community features 128 independent living, assisted living and memory care units and is managed by New Perspective Senior Living. The joint venture borrower includes New Perspective, Boldt Real Estate Development and Fengate Asset Management. New Perspective develops, invests and operates senior living communities, with a portfolio of 40 communities in Minnesota, Wisconsin, Illinois, Indiana and North Dakota. Boldt is a... Read More »
Owner/Operator Chooses Refinance Over Sale
A national owner/operator faced with an underperforming seniors housing property in Missouri and maturing debt on the property secured a refinance thanks to JD Stettin of Carnegie Capital. The borrower, which has over 30 properties in its portfolio, acquired the 45-unit assisted living community in late 2017. Occupancy and cash flow decreased steadily since the pandemic, and the community could not cover its debt costs from operations despite cash flow being above breakeven. It did not help that some key staff members at the community had unexpectedly left. Like so many lenders did during and after the pandemic, the existing bank extended the maturity of its loan several times but... Read More »
The Lodge at Mallard’s Landing Secures Refinancing
Northmarq handled a $35 million refinance of a senior care campus in Gig Harbor, Washington. Built in two phases from 2010 to 2015, The Lodge at Mallard’s Landing features 147 private pay independent living, assisted living and memory care units. The three-story main building comprises 98 IL/AL units and 24 IL cottages. The separate, two-story memory care building has 25 units. Occupancy hovered over 95%. The Lodge has been managed for over 10 years by Tacoma-based Senior Services of America. The six-year loan had a fixed rate at just under 6% and was arranged by Northmarq through its relationship with a correspondent life insurance company. It features an earn-out component allowing the... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
