Cohen Financial Closes Michigan Financing
In northern Michigan, Cohen Financial, a division of SunTrust Bank, arranged more than $4.1 million in HUD financing for an assisted living community in the town of Alma. The 41-unit community is owned and operated by Grand Rapids-based Leisure Living Management, and as recently as 2013, it added a 12-bed memory care unit to its services. On behalf of the community, Cathy Bronkema, managing director of Cohen Financial’s Grand Rapids office, and Joshua Hausfeld, managing director of SunTrust CRE Seniors Housing & Healthcare Finance, secured a fixed-rate $4.116 million loan, with a 35-year term and 35-year amortization schedule. Read More »
$196 Million HUD Refinance Closed By Harborview Capital Partners
Harborview Capital Partners arranged a $196 million HUD refinance for a portfolio of 13 skilled nursing facilities and assisted living communities. Comprising 1,700 licensed beds, the portfolio is owned by a large regional operator. To replace the existing short-term debt, Ephraim and Jonathan Kutner of Harborview arranged multiple loans with 30 and 35-year terms, adding up to the $196 million. Read More »
Cambridge Realty Capital Completes Illinois HUD Refinance
After Cambridge Realty Capital Companies announced that it funded a $32.75 million acquisition loan through HUD for a 211-unit affordable seniors housing property in Baltimore, Maryland, the firm followed up by refinancing a 162-bed skilled nursing facility in Glenwood, Illinois, also going through HUD. The owner, an Illinois limited liability company, obtained an $11.6 million loan, with a fully amortizing 30-year term. Located about 30 minutes outside of Chicago, the facility features a short-term rehab unit for Medicare and private insurance patients, and dialysis services, in addition to providing long-term care. Read More »
