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 »
M&T Realty Refinances Seattle-Area Senior Living
M&T Realty Capital Corporation closed the refinance of an 87-unit seniors housing community in the Seattle suburb of Bothell, Washington. Managing Director Steve Muth, in collaboration with Christopher Tesla in M&T’s Seattle office, went through Freddie Mac’s OptigoSM program, which provides cash loans, bond credit enhancements, tax-exempt loans, and other financing options to affordable housing properties. The $12.3 million loan was structured with a 10-year term and fixed rate, with a full term of interest-only payments. It closed at 49% loan-to-value, putting the value of the community above $25.1 million, or $288,500 per unit. Read More »
Greystone Gets Freddie Mac Funding for To-Be-Built Community
A new seniors housing community for low-income residents is being developed in Covington, Georgia, thanks to Freddie Mac financing arranged by PJ McDevitt of Greystone. Dominium Holdings, one of the largest affordable housing development/management companies in the country, is building the community, which will feature 198 total units with one-, two- and three-bedroom layouts. The properties will be located near the Newton County Senior Center, considered to be one of the most active senior centers in the state. That can only help both the fill-up and also the residents’ experience. Completion is expected sometime in 2021. To fund the project, Dominium obtained a $15.8 million Freddie Mac... Read More »
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 »Schedule a demo
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