Record-Setting Bond Financing Closed
JLL and HJ Sims teamed up to close the largest tax-exempt senior living financing of 2024, and the largest not-for-profit, single-site senior living bond issue in history. The financing is helping to fund the ground-up development of a luxury seniors housing community in Irvine, California. The James will feature 350 rental units and will be the first new seniors housing community in the Irvine market in 28 years. The plan includes 210 independent living, 110 assisted living and 30 memory care units, with a mix of studio, one- and two-bedroom options. Such a high-end community will also have multiple dining venues, an indoor pool and spa, wellness gym and yoga studio, therapy rooms, hair... Read More »
Ohio SNF Portfolio Trades
Walker & Dunlop’s Gideon Orion recently handled the sale of a four-building skilled nursing portfolio in Ohio. Located around the Columbus MSA, the portfolio consisted of approximately 400 beds and was previously owned by a publicly traded REIT. Built from the 1970s to the 1980s, the facilities were being sold because the REIT’s operating partner was exiting the state. The portfolio was competitively bid by at least six bidders before a national owner/operator with a presence in Ohio and in the specific submarket was selected as the ultimate buyer. The seller chose them for their expedited timeline, price, and the terms of their offer in securing the transaction. Orion closed the... Read More »
Ziegler Refinances Westchester Campus
Ziegler closed a new taxable loan on behalf of Wartburg, a senior care provider in Westchester County, New York. Wartburg’s 103-unit assisted living community in Mt. Vernon had an outstanding 2015 series of Public Fixed Rate Bonds that it wished to advance refund. The sponsor also wished to raise additional new money without materially altering its annual debt service requirements. So, after analyzing various capital alternatives, Ziegler arranged an $8.4 million taxable loan that will defease the outstanding bonds via a funded escrow account, fund new money to be used for various capital expenditures, and pay for costs of issuance associated with the financing. The Ziegler... Read More »
AL Conversion Project in Plano Gets Funding
A former hotel is being converted to an assisted living community in Plano, Texas, thanks to financing secured by Eastern Union. Totaling 137 units in six stories, the 40-year-old building most recently operated as a Deluxe Inn and previously as a Comfort Inn. It was also renovated in 2005 and has been owned and operated by Maheshbhai Patel since 2022. Patel secured the financing for the project, which will result in a 140-unit assisted living/memory care community known as Parkdale Senior Living. Completion is expected in mid-2026. An undisclosed lender provided two loans totaling $20.4 million. The first loan consists of a $15.8 million construction loan, featuring 15 months of... Read More »
BWE Refinances Philly-Area Asset
BWE announced a new refinance just before Thanksgiving, closed on behalf of a joint venture between Renew REIT and Heritage Senior Living. The property in question is Keystone Villa at Douglassville, a 247-unit community in the Philadelphia MSA with independent living, assisted living and memory care services. The community opened in 2011 with 125 AL and MC units before a 122-unit IL portion was added in 2015. Occupancy was 92% at the time of closing, and the community operated well. It received a $57.8 million loan from a national commercial bank, which was a new relationship for the borrower. The non-recourse loan also featured a competitive floating rate, prepayment flexibility... Read More »
Generations Healthcare Expands in California
Generations Healthcare has made multiple senior care acquisitions this year, expanding its already-established footprint in California. First, over the summer Generations acquired Bradley Gardens, a 44-bed skilled nursing facility in San Jacinto, from a mom & pop. The renovation phase completed in October, with it re-opening as a full skilled nursing/behavioral health facility, giving much needed beds to Riverside County and surrounding counties. At the time of sale, it was not performing well. Next, Generations acquired a standalone memory care community in October. Built in two stages in the 1980s and late 1990s/early 2000s, Claremont Hacienda is in Claremont with 58 beds. The... Read More »
North Carolina Community Receives Refinance
Berkadia secured a large Freddie Mac refinance for a seniors housing community in Greensboro, North Carolina. The borrower, California-based KISCO Senior Living, acquired Abbotswood at Irving Park in 1996 (according to LevinPro LTC) when it was a 10-year-old, 149-unit independent living community. KISCO was known as Kisco Retirement Communities at the time, and now it owns and operates 20 senior living communities in six states, including six communities in North Carolina.. Over the years, it has grown to now include 173 units and a full spectrum of senior living options, including IL cottages, IL apartments, assisted living and memory care units. The 1996 purchase price was approximately... Read More »
AL/MC Community Secures Refinancing
MONTICELLOAM, LLC, a specialized multifamily and seniors housing bridge lending platform, closed $18 million in bridge financing for a seniors housing community in Wisconsin. The financing was originated by Karina Davydov on behalf of a repeat client. The bridge loan helped refinance the outstanding debt on an assisted living/memory care community with more than 100 units. The refinance also positions the property for a future HUD financing. Read More »
Joint Venture Enters Kansas
Senior Living Investment Brokerage facilitated the sale of a seniors housing community in Olathe, Kansas. Built in 1978 with an extensive remodel in 2016 and a 60-unit independent living expansion project in 2020, Anthology of Olathe comprises 60 independent living, 68 assisted living and 28 memory care units. The seller was a national owner/operator, and the buyer was a joint venture between an East Coast-based private equity group and Willow Ridge Senior Living. This is its first acquisition in Kansas. Jason Punzel, Jeff Binder, Dan Geraghty and Dave Balow handled the transaction. There were multiple offers for the community, and the selected joint venture buyer intends to continue... Read More »
60 Seconds with Swett: Another Year Down, and A Lot To Be Thankful For
It was another chaotic year, as has been the norm post-COVID, but we still have a lot to be thankful for. The seniors housing and care industry continues to show remarkable resiliency in the face of inflation, staffing crises, and countless negative attention in the media and among politicians. We are thankful for the thousands of caregivers furthering the mission every day of serving our seniors and making the last years of their lives fruitful, happy and well-spent. We are thankful to the capital providers who stuck with the industry through the bad times, injecting much-needed funds into aging physical plants and financing as many acquisitions as they did, giving us plenty to... Read More »Schedule a demo
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