Berkadia Shows Variety With Latest Four Financings
Berkadia recently closed four separate financings for a total of 10 properties, with a range of purposes from refinances to acquisition financing to a construction loan. First, Ed Williams secured a $5.5 million Fannie Mae refinance for a 51-unit assisted living/memory care community in Georgia. Built in two phases, the latter of which completed in 2008, the community was historically occupied above 90%. Its Southeast-based owner obtained 10-year term, two years of interest only and was able to take advantage of the Streamlined Early Rate Lock option to refinance its existing HUD debt and capture trapped equity in the property. With those funds, they will be able to pursue other... Read More »
Two Industry Veterans Launch New Finance Firm
Seniors housing industry veterans Kass Matt and Steve Kennedy, formerly of Lancaster Pollard, have launched a new finance venture, VIUM Capital. It probably wasn’t the timing they were picturing, but a new lender in the senior care world can only help right now. The company is an independent financial service firm that will be exclusively focused on providing capital to the seniors housing and healthcare sectors, offering HUD/GNMA financing, bridge loans, Fannie Mae/Freddie Mac loans (as a corresponding lender) and advisory services. The business is up and running across all product lines, and their bank partner will support VIUM’s bridge loan offering. Municipal advisory services for... Read More »
Lancaster Pollard’s Recent Fannie Mae Activity
Lancaster Pollard secured two Fannie Mae financings for senior living clients across the country. The first was an $11 million fixed-rate loan provided to a senior living community in Dover, Pennsylvania (York County). Featuring a mix of independent living, assisted living and memory care services, the one-story community has amenities such as gazebos, walking paths, a café and therapy suite offering occupational, physical and speech therapies. Miles Kingston, Doug Harper and Casey Moore led the transaction. Then, Messrs. Moore and Harper were joined by Grant Goodman to arrange a $7.2 million loan for a memory care community in Edmonds, Washington (Seattle MSA). Operated by Northwest Care... Read More »
Greystone Funds Harbert’s Acquisition of California Community
Harbert Seniors Housing Fund II, L.P. has acquired a 134-unit senior living community in Rocklin, California thanks to a Fannie Mae financing arranged by Greystone. Built in 2015 and operated by Merrill Gardens, this community operated with independent living, assisted living and memory care units, with a licensed capacity of 142 residents. Merrill Gardens will be a joint venture partner in the community, in addition to continuing as operator. The $37 million structured adjustable rate mortgage loan comes with a 10-year term and five years of interest only. Read More »Schedule a demo
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