JLL Finances Active Adult Development
The United Group of Companies is building a new active adult community in Worcester, Massachusetts, thanks to bank financing arranged by JLL Capital Markets. The Arbella at Bramble Hill will include 123 units across three elevator-serviced buildings, with one- and two-bedroom units and an 8,500-square-foot clubhouse. UW Senior, LLC, an affiliate of United Group of Companies, borrowed $35 million in construction financing from Washington Trust. The property is owned by Premier Property Group LLC of Dracut, which bought it in 2018 for $820,000. Read More »
Berkadia Closes Four HUD Loans
Berkadia Seniors Housing & Healthcare recently announced the closing of four loans totaling $56.6 million in volume through HUD’s 232/223f program, all of which achieved the program’s maximum loan term of 35 years. First, Ed Williams closed a $14.5 million loan secured by a 139-bed skilled nursing facility in South Florida for a repeat Florida-based client. The loan refinanced a bridge loan that Williams placed in 2019 and a subsequent cash-out, borrow-up originated by the senior lender in August of 2022. Berkadia closed the HUD refinance 13-months from the borrow-up by qualifying the project under HUD’s reduced seasoning guidelines. The community appraised for $164,000 per bed and was... Read More »
Meridian’s November Transaction Volume
Meridian Capital Group’s Senior Housing and Healthcare Platform, led by Ari Adlerstein and Josh Simpson, closed $176 million in transaction volume in November 2023. The team recently arranged $48.7 million in financing from a commercial bank along with a $5 million A/R line for the acquisition of two skilled nursing facilities with 300 beds in New Jersey. They also arranged $12.1 million from a commercial bank to refinance a 45-bed assisted living community in New Jersey, and $10.5 million in financing from a commercial bank along with a $500,000 A/R line to refinance an 85-bed skilled nursing facility in Kansas. On the investment sales side, Meridian recently sold four Connecticut... Read More »
Developers Secure LIHTC Equity for Indiana Project
Brown Capital Group, Leo Brown Group and Rogers Development Group are teaming up on a new seniors housing development in Indiana. The trio will open Reserve on Park Place, a 187-unit affordable senior apartment building in Fort Wayne, in April 2025. The three-story community will have 15 studio, 136 one-bedroom and 36 two-bedroom units for residents earning 40%, 60% and 80% of the area median income (AMI). To help finance the project, Merchants Capital provided $17.4 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the construction. Read More »
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 »Schedule a demo
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