Berkadia Brings In Old Borrowers And New
In addition to closing transactions for two repeat borrowers, Berkadia also worked with a new client to help them obtain financing. Rafael Nobo secured a $15 million Freddie Mac loan on behalf of this new client to refinance its seniors housing community in Mississippi. The loan was structured with a 10-year term and five years of interest only, hopefully kicking off a long-term relationship. Christopher Fenton then worked with a repeat borrower to refinance its 81-unit private pay assisted living community in Ohio. Mr. Fenton arranged a floating-rate $10.2 million Freddie Mac loan, with a seven-year term and two years of interest only. Finally, moving from Freddie Mac, Jay Healy arranged... Read More »
Hunt Mortgage Group Finances With Freddie Mac
A 57-unit age-restricted senior apartment community recently refinanced with the help of Hunt Mortgage Group. Located in Boise, Idaho, the property was developed in 1973 and expanded in 2000. It sits on three acres and features four one- and two-story buildings, along with a clubhouse, but has no services that would be found in an independent living community. A multifamily owner/operator with over four decades of operating in the Boise area had acquired this property more than 12 years ago and leveraged that long-term ownership to utilize Freddie Mac’s Small Balance Loan program to obtain a $1.8 million loan with a 10-year, fixed rate term, 30-year amortization and a yield maintenance... Read More »
NorthMarq Capital Finances Washington Seniors Housing Community’s Past and Future
NorthMarq Capital continued its long-standing relationship with a 130-unit seniors housing community in Lynnwood, Washington, arranging Freddie Mac financing for the new owner. The community was developed by a joint venture between Living Care Lifestyles (the operator) and Morningside Development Group in late 2013 thanks to a $17.19 million four-year construction loan arranged by Stuart Oswald of NorthMarq. It included 85 independent/assisted living and 45 memory care units in a three-story building in the affluent Seattle suburb of Lynnwood. Lease-up went quickly, and in the middle of that process, ownership obtained a cash-out refinance totaling $32.5 million with a three-year term and... Read More »
All Hands On Deck For CBRE’s Latest Sale
CBRE had their hands full in a large Dallas-area CCRC sale, representing one of the selling entities and the buyer in the transaction, in addition to arranging a two-part acquisition financing totaling over $120 million. Totaling 1,104 rental units, which is separated out into 37% skilled nursing, 28% independent living, 24% assisted living and 11% memory care units, this portfolio was owned by Fortress Investment Group and Life Care Services, which held a lease-hold interest and operated (and will continue to operate) the communities. Properties ranged from 153 units to 267 units and were approximately 35 years old, all located in the Dallas MSA. Aspect Investment Partners, a global... Read More »Schedule a demo
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