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
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 »
BMO Harris Bank Finances Seattle Senior Living Acquisition
A large strategic seniors housing investor teamed up with a regional operator to acquire an assisted living/memory care community in Bellevue, Washington (Seattle MSA). Altum Senior Living will take over management and oversee a renovation to the community. To fund the acquisition and upcoming renovation, BMO Harris Bank’s Commercial Real Estate Healthcare group acted as sole lender of more than $16.7 million in financing. Read More »
BMO’s Busy Summer
Shunning any summer doldrums, BMO Harris Bank’s Healthcare Real Estate Finance group announced two loan closings in the last week, on the back of a $200 million facility it closed on behalf of Kayne Anderson Real Estate Advisors and Watermark Retirement Communities earlier this month. First, in Hugo, Minnesota, the group acted as sole lender in arranging an $18 million term loan to refinance a 100-unit senior living community. Keystone Senior, LLC, an owner/operator of communities across seven states, was the borrower. The group then worked on behalf of TH Real Estate (an affiliate of Nuveen, the investment management arm of TIAA) and LCS to fund their acquisition of a large CCRC in Evans,... Read More »Schedule a demo
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