Ziegler Closes Bank Acquisition Financing
The transactions keep coming from Ziegler, which closed $17.7 million in taxable bank financing for the acquisition of The View Alexandria by Goodwin Living, formerly Goodwin House. Goodwin Living acquired the property from Pinnacle Living this spring, adding to its two other senior living communities in northern Virginia. The $17.775 million taxable loan was placed with Truist Bank. It has a five-year commitment period at pricing of 1 Month SOFR plus 2.00% with three years of interest only and a 25-year amortization. To mitigate interest rate risk, Goodwin Living worked with Ziegler Structured Products to implement a fixed payor swap for the five-year commitment period on the entire... Read More »Del Webb Adds Another Active Adult Development
Active adult developer Del Webb has announced plans for the development of a state-of-the-art active adult community in southeast Michigan, The community, Kensington Ridge by Del Webb, will include over 600 homes and resort-style amenities. Plans are also in place for a 15,000-square-foot clubhouse on a 43-acre lake with a dock for fishing, kayaking and paddleboarding, an indoor pool, a fitness center, pickleball courts, walking paths, a community garden and gazebos. Kensington Ridge by Del Webb will serve as the third active adult community in Michigan under Del Webb developments. Bluffs at Spring Hill and Turtle Creek in Lyon Township are two recent active adult communities built within... Read More »Lument Refinances Great Lakes Portfolio
Lument closed an $87 million HUD refinance of nine skilled nursing facilities with a total of 691 beds located in Ohio, Michigan and Wisconsin. Managing Director Brad Competty led the transaction for Lument. The operator, Atrium Centers Inc., is a provider of short-term post-acute rehabilitation and long-term nursing care across its 29 facilities in Ohio, Michigan, Kentucky, and Wisconsin with over 2,000 total beds. The nine refinanced properties had remained stabilized throughout the pandemic and were thus ready for the HUD refinance. Lument was able to obtain low, fixed interest rates on all nine loans before rates significantly rose. Read More »The Waters of Highland Park Acquired
Cushman & Wakefield announced that it has advised a joint venture between The Waters Senior Living and an institutional capital partner in the procurement of a $16.5 million acquisition loan for the purchase of The Waters of Highland Park, an 84-unit independent living, assisted living and memory care community located in the Highland Park neighborhood of St. Paul, Minnesota. Such amenities include a salon and spa, a theater and wellness services. Waters Senior Living originally developed the community in 2015 and managed it but will now be taking ownership of the property. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Sam Dylag and Bailey Nygard represented the borrower in the... Read More »Monarch Advisors/VIUM Capital Refinances South Texas SNF
Monarch Advisors refinanced and recapitalized a skilled nursing facility in south Texas for its in-state owner/operator. After leasing the property in 2017, the operator exercised its purchase option in 2018 and continued to improve operating performance during the pandemic. Monarch sourced a $17.08 million senior loan from VIUM Capital/Merchants Bank of Indiana, which retired the existing bank debt on the property and provided cash at closing to help fund the client’s future growth plans. At approximately 60% loan-to-value, the loan is structured for a quick exit to HUD, with a one-year maturity, two six-month extensions and a full term of interest only. There is also partial recourse... Read More »Schedule a demo
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