Construction Coming to a Close for NY Development
FilBen Group, an owner/developer, and its equity partner RSF Partners are nearing completion of their $54 million seniors housing development in Montebello, New York, in the Lower Hudson Valley. The four-story Braemar at Montebello will be complete in 2024 and feature 133 total units. Of those, there are 66 studio, 14 one-bedroom and 53 two-bedroom units (semi-private “friendship” units each with approximately 600 square feet) across 133,675 total square feet. There will also be shared public spaces on the main, second and third levels. The community is adjacent to the Montebello Commercial Center, which offers retail, entertainment, dining and medical services. Good Samaritan... Read More »
Live Oak Bank Lands Long Island Loan
Live Oak Bank closed a $27.2 million refinance for an 89-unit assisted living/memory care community in Woodbury, New York (Long Island). The community is stabilized and operated by Benchmark Senior Living. Benchmark Senior Living and its joint venture partner, Iron Point Partners, LLC, developed the community in fall 2019. Chad Borst, the Senior Loan Officer at Live Oak Bank, arranged the loan. Read More »
Cambridge Secures HUD Refinancing Loan
Cambridge Realty Capital provided a $2.1 million HUD loan to refinance Wells Point Lodge, a 60-bed seniors housing community in the northern Austin suburb of Pflugerville, Texas. Anthony Marino of Cambridge originated the 35-year loan through HUD’s 232/223(f) program. The borrower was an undisclosed, Texas-based limited liability company. Cambridge also utilized the early rate lock program, which allowed the owner to avoid the recent run-up in interest rates. Read More »
CFG Handles Another HUD Refinance
Capital Funding Group closed a $7.2 million HUD loan to refinance a 162-bed skilled nursing facility in Kentucky. CFG had executed the original bridge loan, which allowed the nationally recognized borrower to acquire the facility’s real estate. Since that acquisition, the facility has stabilized and the time came for a permanent HUD takeout. The refinancing closed on November 8, 2023. Capital Funding Group Director of Long-Term Care Patrick McGovern originated the transaction for the company. The financing followed CFG’s recent closing of a $10.9 million HUD loan which supported the refinancing of a 112-bed skilled nursing facility in Arizona. Read More »
BWE Secures Three RAD for PRAC Loans
BWE secured $15.25 million in permanent loans to finance two affordable seniors housing communities and one affordable multifamily community. Jon Killough and Tony Love of BWE originated the loans for Sweetwater Point, La Vista de Lopez and AHEPA 310. Killough and Love used HUD’s RAD for PRAC initiative, a new tool designed to preserve existing Section 202 housing as well as create new Section 8 housing across the country. Traditionally, Section 202 PRAC rental assistance could only be used for operating expenses, not debt servicing. The RAD for PRAC process allows borrowers to convert PRAC subsidies to project-based Section 8 contracts, which boosts the rental subsidy to a level... Read More »Schedule a demo
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