BMO Harris Bank Closes Credit Facilities

BMO Harris Bank Closes Credit Facilities

BMO Harris Bank’s Healthcare Real Estate Finance group has been busy lately closing credit facilities for senior living clients. The first transaction saw the bank close a $59.4 million facility for LCS’ acquisition of The Clare CCRC in downtown Chicago, Illinois. We profiled the sale in this month’s edition of The SeniorCare Investor, and subscribers can read the story here. Then, BMO provided a syndicated $75 million senior credit facility for Largo Land Development, LLC and Watermark Retirement Communities to develop a 219-bed independent living/assisted living/memory care community and a 64-unit active adult community in Upper Marlboro, Maryland (Washington, D.C. MSA). BMO partnered... Read More »
PE Group Gets Financing from BMO Harris Bank

PE Group Gets Financing from BMO Harris Bank

BMO Harris Bank’s Healthcare Real Estate Finance team supported a private equity group’s acquisition of a 132-unit seniors housing community in Bloomington, Indiana, by acting as sole lender of a $19.5 million senior secured term loan. Midwest operator Arrow Senior Living will be the new fee-based manager of the three-year old community, adding more dining services and enhanced social events in addition to the existing amenities like complementary chauffeured transportation, spacious courtyards and a fitness center, among others. Arrow manages each of its 13 communities in partnership with its parent company, Turnaround Solutions LLC, an affiliated seniors housing consulting company that... Read More »
Harrison Street Refinances White Bear Lake Community

Harrison Street Refinances White Bear Lake Community

Cushman & Wakefield acted as the exclusive advisor to a joint venture between The Waters Senior Living and Harrison Street Real Estate Capital on the refinance of their 136-unit senior living community in White Bear Lake, Minnesota. Developed in 2016, this community provides independent living, assisted living and memory care services under The Waters brand. The C&W team of Jay Wagner, Sam Dylag and Jack Griffin brought the owners together with the lender, BMO Harris Bank, which provided the $24.3 million loan to take out the original construction financing. Derek Zeller, Imran Javaid and Brian Vis made up the BMO team on the transaction. Read More »
BMO Harris Bank Finances Watercrest’s Latest Senior Living Development

BMO Harris Bank Finances Watercrest’s Latest Senior Living Development

Watercrest Senior Living Group’s latest development in Florida just obtained a construction loan courtesy of BMO Harris Bank’s Healthcare Real Estate Finance group. The community just broke ground last August and is anticipated to open in Summer 2020 with 72 independent living, 96 assisted living and 30 memory care units. Watercrest is developing the community in partnership with United Properties, after previously collaborating on a senior living development down the coast in Naples, Florida (expected to open this year). BMO arranged a $46.5 million loan to fund the Sarasota construction. Read More »
BMO Secures Two Acquisition Financings

BMO Secures Two Acquisition Financings

As joint venture partners TH Real Estate (an affiliate of Nuveen, the investment management arm of TIAA) and LCS continue their acquisition activity, BMO Harris Bank’s Healthcare Real Estate Finance group got in on the action and arranged acquisition financing for two of the deals. First, the firm acted as sole lender for a $14.4 million term facility for a CCRC in Palm City, Florida with 225 independent living units, 20 assisted living units and 36 skilled nursing beds. They again acted as sold lender for another $12.3 million term facility arranged for a CCRC in Essex, Connecticut with 189 independent living units (including 13 cottages) and 45 skilled nursing beds. Read More »