Arbor enters the seniors housing bridge lending game
With decades of experience in providing bridge loans for multifamily and commercial properties, Arbor Commercial Mortgage recently closed on its first bridge loan in the seniors housing industry, from its Arbor Realty Trust’s bridge loan product line. Jeff Ringwald of Arbor originated the $5.55 million bridge acquisition loan, which featured a three-year term and a floating rate spread 500 to 600 basis points over LIBOR, for Fields Senior Living to purchase an 88-unit independent living community in Medford, Oregon. The community was built in 1984 by Holiday Retirement Corporation and was owned and operated by the original financier for the project. Occupancy had dropped from near... Read More »Another Holiday portfolio sells to a REIT
So goes another large portfolio of Holiday Retirement properties, with NorthStar Realty Finance’s acquisition of 32 independent living communities from affiliates of Harvest Facility Holdings, itself an affiliate of Holiday. The acquisition marks another step towards Holiday’s owner Fortress Investment Group’s goal of transforming Holiday into an operating company. In fact, since October 2013, Holiday has sold over 200 properties totaling about $5.1 billion. In that time, nearly all of those assets were sold to REITs, such as New Senior Investment Group, Sabra Health Care REIT, National Health Investors and Ventas, and that is no different in the most-recent transaction. NorthStar Realty... Read More »Schedule a demo
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