CBRE Originates Second Fannie Mae Financing for NC Community

CBRE Originates Second Fannie Mae Financing for NC Community

The CBRE team of Aron Will, Austin Sacco and Tim Root arranged a refinance of a 100-unit independent living community in Durham, North Carolina, just two years after financing the property’s acquisition. Originally built as a hotel in 1985 but renovated and converted to IL in 2013, the community was purchased by Focus Healthcare Partners in October 2017 for $15.8 million, or around $160,000 per unit. At the time, it was fully occupied and operated at close to a 30% margin on over $3.1 million of revenues. The deal resulted in a cap rate of about 6.3%. Amenities include an interior courtyard with an in-ground pool, bocce court, putting green, theater, library, coffee/juice bar and community... Read More »
Berkadia Brings on the Financings

Berkadia Brings on the Financings

Berkadia announced an impressive array of financings it closed in the past three months, ranging from HUD mortgages, to Fannie Mae/Freddie Mac deals and a couple of bridge loans, all totaling nearly $160 million in volume. The largest deal was a $107.6 million Fannie Mae master credit facility closed for a portfolio of eight senior living communities in South Carolina, Mississippi and Louisiana. Ed Williams and Rafael Nobo (serenaded with Happy Birthday last July on a flight from Chattanooga) secured the 10-year, fixed rate financing, with an interest-only period, on behalf of the portfolio’s Louisiana-based developer, owner and operator to refinance the properties, consolidate debt into... Read More »
Greystone Announces Three Financings and One New Hire

Greystone Announces Three Financings and One New Hire

Running the agency gamut at the start of October, Greystone announced three financings it closed through Fannie Mae, Freddie Mac and HUD. First up, the firm refinanced an independent living community in Pearland, Texas (Houston MSA) with a 10-year, $37 million Fannie Mae loan. Cary Tremper originated the transaction on behalf of Integrated Real Estate Group (IREG) and their operating affiliate Integrated Senior Lifestyles. IREG opened the community in 2017, with 214 units that include one-bedroom, two-bedroom and three-bedroom options, plus eight villas. There are also a host of a la carte services and amenities. Development cost reached $35.1 million, or $158,100 per unit. Then, Greystone... Read More »
SunTrust Bank Refinances Runk & Pratt Community

SunTrust Bank Refinances Runk & Pratt Community

Runk & Pratt, a family-owned operator of senior living communities in western Virginia, refinanced its 171-unit independent/assisted living community in Lynchburg with the help of SunTrust Bank. This isn’t the first transaction between the two. SunTrust had funded Runk & Pratt’s acquisition of the property in 2016 with a short-term bridge loan. Built in 2014, the community has been historically well occupied and generates strong cash flow. Taking out the acquisition debt, it received a $30.9 million Fannie Mae loan, with no recourse, a fixed rate for 10 years and a 30-year amortization schedule. Joshua Hausfeld handled the transaction for SunTrust. Just a year earlier, SunTrust... Read More »
CBRE Refinances Brookdale Portfolio

CBRE Refinances Brookdale Portfolio

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 five years of interest only. The loan comes in at 60% leverage and provides for asset substitutions, borrow-ups and partial releases. With the facility secured, the communities were able to refinance debt set to mature in the near-term. Totaling 945 units, 783 for independent living and 162 for assisted living, they are located in Alabama, Michigan,... Read More »