Freddie Mac welcomes newest lender
Arbor Commercial Mortgage is fast diversifying its seniors housing lending platform. In June, the company closed its first bridge loan. In July, Fannie Mae approved Arbor as a Seniors Housing DUS Lender. And now in August, it was appointed as Freddie Mac’s latest Seniors Housing Lender, one of just 15 others in the country. Arbor kicked off this new relationship by providing a $12.1 million loan to refinance a 98-unit assisted living community in Mesquite, Texas. Built in 1999 and renovated in 2013, the community had an average occupancy rate of 96.5%. Jeff Ringwald, SVP of Seniors Housing & Healthcare for Arbor, closed the loan which featured a 10-year term and 30-year amortization... Read More »Arbor Commercial Funding adds Fannie Mae program
Already having been one of the Top 10 Fannie Mae DUS Multifamily lenders by volume for some time (with over $1.6 billion in transactions in 2014) and the Top Fannie Mae Small Loan Lender in 2014, Arbor Commercial Funding, a subsidiary of Arbor Commercial Mortgage, was just approved as a Fannie Mae Seniors Housing DUS Lender. Under the new program, which will be headed by COO, John Caulfield, Arbor will look to provide non-recourse financing from Fannie Mae for independent living, assisted living and memory care communities. With the program in its infancy, there have been no transactions yet, but the pipeline is building. Since fully developing their Seniors Housing and Healthcare Finance... Read More »KeyBank provides $635 million Fannie Mae credit facility
KeyBank provoked some conversation at the recent NIC Conference after announcing that it would provide a $635.6 million Fannie Mae credit facility to subsidiaries of Senior Housing Realty Trust, a Maryland-based REIT owned by an affiliate of Senior Resource Group and its institutional partners. The facility came with a 10-year term (with 10 years of interest only) and a fixed rate, plus the option for releases, additions, substitutions and the capacity to expand with additional fixed or floating debt. KeyBank will also be able to provide flexible financing solutions ranging from balance sheet to permanent mortgage loans. The 12 properties that are being refinanced with this facility are... Read More »NHI/Bickford continuing to grow
As many of you may know, National Health Investors and Bickford Senior Living are in the middle of their joint venture to build 36 assisted living/memory care communities in eight states. The joint venture is mostly funded with borrowings on NHI’s unsecured bank credit facility, but KeyBank National Association recently announced that it secured $78 million in Fannie Mae financing for 13 of the joint venture’s properties, consisting of interest-only payments at 3.79% and a 10-year maturity. The proceeds of the loan will go towards reducing borrowings on NHI’s credit facility. Read More »Schedule a demo
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