This covers all news and financings involving Fannie Mae, in regard to the seniors housing and care industry.
Five communities owned and operated by Brookdale Senior Living for over 10 years received a $160.3 million credit facility through Fannie Mae. Aron Will, Austin Sacco and Matthew Kuronen of CBRE arranged the debt, which is a blend of fixed-rate (about 75% of the principal) and floating-rate (the remaining 25%) with a 10-year term and […]
Last month, Dubai-based private equity firm GFH Capital jumped into the senior living market in a big way, acquiring a group of six properties for a total purchase price over $180 million. Now, Greystone has announced that it provided a total of $115 million in Freddie Mac and Fannie Mae Shariah-compliant financing to support the acquisition. […]
After a recent expansion, a small assisted living community in Tremonton, Utah, is refinancing through Fannie Mae with the help of Brady Johnson, Andy Kitts and Heath Coryell of Hunt Real Estate Capital. Originally built in 1995, the 28-unit community was Utah-based SAL Management’s first acquisition, back in 2006. The company’s portfolio has now expanded […]
Lancaster Pollard Mortgage Company, a division of ORIX Real Estate Capital, worked on behalf of a long-time client of theirs to refinance two senior living properties in Michigan. The borrower, The Brook Retirement Communities, obtained a $16 million loan through Fannie Mae’s Seniors Housing program, which provided a 12-year term, a low fixed interest rate […]
An affordable senior apartment community in Oxnard, California just refinanced with the help of Marty Meagher and Gardiner Champlin of NorthMarq‘s San Diego office. Consisting of 101 units, the community received a $7.6 million loan from Fannie Mae, with a 10-year, interest-only term and a fixed interest rate. The financing paid off existing bond debt that […]
Lancaster Pollard’s Brendan Healy, Doug Harper and Casey Moore helped the owner of a 64-unit memory care community in Powell, Ohio (Columbus MSA) obtain a cash-out refinance through Fannie Mae. Built in 2016 at a cost of $12.5 million, or just below $200,000 per unit, the community was developed by Eleanor Alvarez, the CEO of […]
A Bay Area senior living community recently refinanced with the help of the A-team at CBRE that included Andrew Behrens, Aron Will, Austin Sacco and Adam Mincberg. The borrower was a joint venture between northern California owner/operator Carlton Senior Living plus Piedmont Properties Group, a large multifamily/senior living investor. They bought the 153-unit independent living […]
It was a team effort from Greystone to successfully close a Fannie Mae refinance of an assisted living community on the New Jersey Shore. Working on behalf of the borrower, Sage Healthcare Partners, Greystone’s DJ Elefant originated the $24 million loan, with Neal Raburn providing support in structuring, underwriting and closing the transaction. The 10-year […]
Christopher Fenton of PGIM Real Estate Finance originated the refinances of two Morning Pointe assisted living/memory care communities in Kentucky. This transaction comes just two years after both communities were built, so the market research clearly worked since occupancy has already cleared 90% at the two locations. There was a 60-unit AL/MC community in Danville, […]
KeyBank Real Estate Capital arranged a first mortgage through Fannie Mae on behalf of a Sunrise Senior Living property in Leominster, Massachusetts. Originally built in 1996 with 48 assisted living units, the property added 23 memory care units in 1999 and converted 10 existing AL units into nine MC units in 2013. In that most […]