Ziegler Sells Asset on Behalf of Marquee Capital
Ziegler, a specialty investment bank, served as exclusive financial advisor to Marquee Capital (formerly, Berengaria Development) on the sale of Terova Senior Living, a 101-unit senior living community in Mequon, Wisconsin. Marquee Capital is the real estate company affiliated with Marcus Investments, LLC, the Marcus’ family office. Located in one of the most affluent suburbs in Wisconsin, the community represented the only senior living asset owned by Marquee in the state. Formerly known as Ovation Sarah Chudnow, Terova was built in 2005 and was one of the three Jewish senior living communities in the area. After acquiring the community in 2020, Marquee Capital spent the next two years... Read More »
Lument Arranges Two Short-Term Debt Transactions
Lument announced a couple of financings involving short-term debt, one for an acquisition and one to refinance a stabilizing seniors housing property. First, a long-time operator of a 150-bed skilled nursing facility in Oklahoma City, Oklahoma, was able to take its ownership interest in the facility from 33% to 100% with the help of acquisition financing arranged by Lument. Bill Wilson led the transaction, and Lument’s debt syndications team, led by Steve McGee and Sangjin Na, placed the $10.7 million loan with a community bank. The loan features a five-year term, with a minimum of two years of interest only, 25-year amortization and a fixed interest rate. In addition to funding the... Read More »
Cushman & Wakefield/Greystone JV Announces Latest Refinance
Cushman & Wakefield and Greystone jointly announced the successful refinance of Kōz on Weaver Road, a 100-unit seniors housing community in Snohomish, Washington. Kōz Development, LLC developed the community in 2020 to feature 40 studios, 40 one-bedroom and 20 two-bedroom units in five stories. There are also common spaces on each floor and 130 on-site parking spaces. Cushman & Wakefield served as the exclusive advisor to an affiliate of Kōz Development in arranging approximately $14 million of Fannie Mae financing, which was provided by Greystone. The C&W Equity, Debt & Structured Finance team consisting of Dave Karson, Chris Moyer, Paul Roeter and John Spreitzer... Read More »
New IL Community Funded by Ziegler
Investment banking firm Ziegler just closed a $31.96 million tax-exempt financing on behalf of EveryAge (formerly United Church Homes and Services), which is a North Carolina-based not-for-profit that consists of three retirement communities and other programs. The funds will be used to construct BellaAge Hickory, located in downtown Hickory, North Carolina, which is 15 miles from EveryAge’s Abernathy Laurels, a CCRC. BellaAge will have 95 units consisting of one- and two-bedroom units with monthly rents ranging from $2,043 to $3,632. These units will be considered “affordable” and will fill a void in the local market. There are limited services and the community does not appear to offer... Read More »
60 Seconds with Swett: The Keys to Retirement Success
Last week, a partnership between Age Wave and Edward Jones conducted a survey with The Harris Poll, getting more than 12,000 respondents, the majority of which were retirees and pre-retirees, to answer questions on the keys to success in retirement. With Edward Jones as one of the initiators of the survey, being a major financial advisory firm, you could bet that one of the main takeaways was going to be the importance of financial preparedness for retirees. Indeed, the report revealed that six in 10 Americans who plan to retire believe they can afford a comfortable and secure retirement lasting more than 10 years. To that we would just say what about the other 40%, a significant portion... Read More »
Monarch Advisors Arranges SNF Portfolio Refinance through New Debt Fund
Alec Blanc of Monarch Advisors successfully closed a new loan to refinance a portfolio of three skilled nursing facilities in Wisconsin. The owner and operator of the properties engaged Monarch to source $12.6 million of senior debt for the transaction after its relationship with the incumbent lender deteriorated. So, Monarch secured a commitment from a relatively new debt fund lender, consisting of a $10.3 million loan with a two-year term loan and one-year extension option and a $2.25 million revolving line of credit. The interest rate was around 12%. Read More »
CBRE Returns to Oregon for Another Refinance
CBRE National Senior Housing arranged the refinance of two senior living communities in Oregon: The Springs at Carman Oaks in Lake Oswego and The Springs at Wilsonville, just south of Portland. Aron Will, Tim Root and Michael Cregan arranged the financing on behalf of the borrower, The Springs Living, an owner/operator of 19 senior living communities across Oregon and Montana. Totaling 294 units of independent living, assisted living and memory care, the communities are highly amenitized with fitness centers, dining rooms, lounge areas, movie theaters, putting greens and more. CBRE originated a three-year loan totaling $58 million with two years of interest only to effectuate the... Read More »
Largest C-PACE Financing in History Closes
D.A. Davidson’s Special District Group, in partnership with Petros PACE Finance, just priced and closed the largest C-PACE (Commercial Property Assessed Clean Energy) financing in history, totaling $160 million. Petros PACE Finance actually closed the previous record-high C-PACE financing for a major mixed-use development project in Ivins, Utah, totaling $153 million in October 2022. The recipient of the $160 million financing was Summit Vista, a CCRC in Taylorsville, Utah (Salt Lake City MSA), and proceeds will go towards funding ongoing construction projects at the community. C-PACE is a financing mechanism that allows property owners and developers to fund up to 100% of building... Read More »
Bourne Financial Group Working on Baltimore-Area Development
Bourne Financial Group, Park Avenue Lifestyle (part of the Bourne Financial Group family of companies) and Bob Bourne are partnering to develop a large senior living community in Bel Air, Maryland, near Baltimore. The community will be a part of James Run, a 108-acre mixed-use development currently in the works. Once complete, the mixed-use property will consist of 300 residences across six buildings, townhouse villas and apartments totaling 270 units, and the senior living community. There will also be retail space, office/medical space, a daycare, hotel and conference center. Featuring a total of 160 units, the senior living community will have independent living and assisted living... Read More »
Greystone Refinances Pair of Supportive Living Facilities
Greystone provided $35.7 million in HUD loans to refinance two supportive living facilities in Illinois. Built in 2004 and 2005, the properties total 272 units and provide an alternative to a nursing home for low-income seniors who do not require skilled nursing care. Greystone’s Eric Rosenstock originated the financing on behalf of Grand Lifestyles. The non-recourse loans both carry 35-year terms, full-term amortization and fixed rates. The transaction follows another supportive living facility refinance that Rosenstock arranged for The Pointe at Kilpatrick, a 122-bed facility in Crestwood, Illinois. For that property, Greystone provided a $13.7 million HUD loan with a 35-year term and a... Read More »Schedule a demo
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