Hunt Real Estate Capital Refinances Recently-Expanded Property
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 beyond Utah to Arizona and Colorado, as well. At the Tremonton location, they recently opened 12 new units after completing an extensive renovation and expansion, which included updates to all areas of the building. With the project done, and the community stabilized, SAL obtained a $3.74 million refinance. Read More »
Lancaster Pollard Arranges Fannie Mae Financing
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 and cash-out proceeds. Both of the communities being refinanced feature 62 units of independent living and assisted living. Brad Competty, Brendan Healy and Doug Harper led the transactions for Lancaster Pollard. Read More »
NorthMarq Finances Affordale Seniors Housing
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 was credit-enhanced by Fannie Mae. Management Innovations, Inc. operates the community, which features private patios or decks on most units, a recreation meeting room with fireside seeting, and a food service area. Read More »
Ohio Memory Care Community Refinances with Lancaster Pollard
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 LeaderStat, a healthcare recruiting and consulting firm. That staffing knowledge clearly came in handy, as Ms. Alvarez is now refinancing with a $14.6 million non-recourse mortgage, featuring a fixed rate and 12-year term. With a typical 70% loan-to-value, that puts the value of the community at well over $300,000 per unit. Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
