Independent Living Community Gets Refinance from Fannie Mae
Aron Will, Vice Chairman of CBRE National Senior Housing, Kevin Randles, Senior Vice President of CBRE, and Adam Mincberg, Senior Vice President of CBRE National Senior Housing, successfully arranged the refinancing of Winding Commons Senior Living. CBRE facilitated a new loan for the community through its Fannie Mae DUS Lending Platform on behalf of long-term client, Ray Stone, Inc. This refinancing enabled the sponsor to secure long-term, 10-year fixed-rate debt with the incumbent lender, and marks CBRE’s second successful financing of the community. Originally built in 2003 and featuring 100 independent living units, the community is situated on a 5.10-acre site in Carmichael,... Read More »
Not-For-Profit Secures Funding for CCRC Expansion
Ziegler announced the closing of the PRS Pacific Northwest Obligated Group Series 2025AB bonds issued through the Oregon Facilities Authority. PRS is a repeat sponsor. The proceeds of the bonds, together with other available funds, will be used to fund the construction of the Cascade Manor Project, a 29-unit independent living expansion, fund a portion of interest during construction, and fund certain costs of issuing the bonds. The bonds are secured by a pledge of gross revenues and real estate of the four Obligated Group communities in Oregon and Washington. Cascade Manor, Inc. is a not-for-profit corporation operating the CCRC in Eugene, Oregon. Since becoming an affiliate of PRS in... Read More »Deland Senior Care, LLC Involved in M&A Activity in LevinPro Database
Deland Senior Care, LLC has been linked to a merger or acquisition in the LevinPro M&A deal database. The Medicare-licensed facility is a private skilled nursing facility situated at 130 W Armstrong Ave in Deland, Florida. LevinPro, which tracks M&A activity across more than a dozen healthcare sectors from hospitals and home health to medical real estate and biopharma, profiled the transaction involving Deland Senior Care, LLC in its deal database, which is available to subscribers here. LevinPro has tracked thousands of deals in the skilled nursing facility sector throughout its history. To see the underlying deal data, or for information on subscription options, go to... Read More »
Strawberry Fields REIT Expands in Missouri
Strawberry Fields REIT acquired a senior care facility with 108 skilled nursing beds and 16 assisted living beds for $5.3 million, or $42,700 per bed, in Poplar Bluff, Missouri. The facility was added to an existing master lease with an affiliate of Reliant Care Group. The acquisition will increase the REIT’s annual rents by $530,000 and is subject to 3% annual increases. This acquisition marks its 18th facility in Missouri. Read More »
QualisTerra Senior Ventures Secures Acquisition Loan for Strong-Performing Community
Alec Blanc of Monarch Advisors closed a new loan for the acquisition of a 42-unit assisted living community in Gaylord, Michigan. Built in two phases in 2019 and 2020, the community was a strong performer, with full occupancy and a healthy margin. The borrower, QualisTerra Senior Ventures, a private seniors housing investment group, engaged Monarch to source senior debt for the transaction. Monarch was successful at securing a three-year non-recourse acquisition term loan commitment from a debt fund lender. The leverage fell between 70% and 75%. Read More »
Developer/Investor Recapitalizes its First Seniors Deal
A former office-to-senior-care conversion project in New Jersey just received a recapitalization and revolver, courtesy of Metropolitan Bank and G Capital. Grant Goodman of G Capital arranged the loan on behalf of an experienced developer/investor with a 30+ year track record and a diversified investment portfolio. The borrower has deep expertise in the hospital sector, but this was its first senior care deal. It had partnered with a veteran SNF operator to convert the asset into a modern senior care facility inspired by the Green House model, investing significant equity in the project. Featuring both skilled nursing and assisted living services, it re-opened in March 2020. That was... Read More »
HUD Provides Construction Financing for Seniors Housing Development
CBRE National Senior Housing originated construction debt from HUD for a seniors housing development in Rancho Cucamonga, California. The project, Rancho Cucamonga Memory Care, is being built by a joint venture between Flatiron Development Group, Spring Capital Group and Anthem Memory Care. Upon completion, it will feature 64 units (72 beds) in a single-story, H-shaped building design. Resident units will make up the north and south wings, while the central portion will house the main entrance, commercial kitchen, laundry facilities, administrative offices, and communal living and dining spaces. CBRE National Senior Housing’s Debt & Structured Finance Team, led by Aron Will,... Read More »
Affordable Seniors Project Secures Construction Financing
KeyBank Community Development Lending and Investment provided a $13 million construction loan to finance the construction of Hawthorne Heights, an 86-unit affordable seniors housing project in Gainesville, Florida. KeyBank Commercial Mortgage Group (CMG) also arranged a $6.53 million Freddie Mac permanent loan for the project. Hawthorne Heights will serve seniors aged 62 and up with five apartment homes specifically set aside for individuals with special needs. The five-story building will be constructed on a 2.9-acre site. The development will set aside three apartments for households earning 22% of the area median income, nine apartments for households earning 40% or below the AMI and 74... Read More »
Ziegler Closes Bonds for Indiana Not-For-Profit
Ziegler closed Greenwood Village South’s $27.85 million Series 2025A bonds, $7.4 million Series C-1 (TEMPSSM-50) bonds, and $10.6 million Series C-2 (TEMPSSM-85) bonds issued through the Indiana Finance Authority for the Senior Living Finance Practice. The transaction also includes $25 million of Series 2025B Bank Direct Placement bonds, which closed with the Series 2025A, C1, and C-2 bonds (together totaling $70.85 million and collectively referred to as the Series 2025 bonds). Westminster Village Greenwood, Inc., doing business as Greenwood Village South (GVS), is an Indiana not-for-profit that owns/operates a Type-B CCRC in Greenwood, Indiana, just south of Indianapolis. The community... Read More »
60 Seconds with Swett: Heading Down to Austin
We are looking forward to flyin’ down to Austin next week for the NIC Fall Conference, as we are anticipating a very positive mood among the attendees. That is because M&A activity is high and healthy. The capital markets keep improving from a deal terms and liquidity perspective. The promise of a 25-basis point interest rate cut is probably boosting spirits more than actually making much of a financial impact on the cost of borrowing. Meanwhile the operating environment continues to make steady progress, and property values are on the rise, at least according to our latest valuation stats available on LevinPro LTC, which could entice more sellers into the market with their... Read More »Schedule a demo
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