PGIM Finances Virginia Community Through Fannie Mae
After closing a scattered site HUD loan for a portfolio of three assisted living communities in Maryland, PGIM Real Estate stuck with the agency financings by closing a $19 million Fannie Mae refinance of a senior living community in Hardy, Virginia (Roanoke MSA). Built in 2009 and recently expanded, the 102-unit community has independent living, assisted living and memory care services along with a host of amenities, including membership to the nearby Carillon Wellness at West Lake, a wellness center with an indoor pool, group exercise classes and a gym. The expansion featured 37 new units and was overseen by the operator, Runk & Pratt Senior Living Communities. Chris Fenton led the... Read More »
PGIM Refinances Kentucky Communities Through Fannie Mae
Christopher Fenton of PGIM Real Estate Finance originated the refinances of two Morning Pointe assisted living/memory care communities in Kentucky. This transaction comes just two years after both communities were built, so the market research clearly worked since occupancy has already cleared 90% at the two locations. There was a 60-unit AL/MC community in Danville, Kentucky located near a regional medical center and a 44-unit memory care community in Russell, also located near a top Kentucky hospital. So, location clearly helped too. Working with Fannie Mae, PGIM provided a $7.5 million loan for the Danville property ($125,000 per unit) and a $7.8 million loan for the Russell community... Read More »
PGIM Arranges Refinance of Watercrest Community
One of Watercrest Senior Living Group’s success stories just reached stabilization and refinanced with the help of Chris Fenton of PGIM Real Estate Finance. Developed at an approximate cost of $17 million, or $191,000 per unit, in Sebastian, Florida, the 89-unit property opened in May 2016 and shot out of the gates in its lease-up, reaching 62% occupancy by August of that year. Since then, the community has fully stabilized and became eligible for permanent financing. To refinance an existing bank loan from Community & Southern Bank (now Bank of the Ozarks), PGIM originated a $10 million Freddie Mac loan, with a variable rate, seven-year term and 20 years of amortization at... Read More »
Cushman & Wakefield Recapitalizes New England Seniors Housing Portfolio
Cushman & Wakefield served as the exclusive advisor to a joint venture between LCB Senior Living and Harrison Street Real Estate Capital in their recapitalization of four New England seniors housing communities. LCB had already been operating three of the properties in Massachusetts (Ipswich) and Connecticut (South Windsor and Avon) since their construction in 2014 and 2015. But the fourth property (in Lincoln, Rhode Island) was built in 2009 and acquired by LCB and Prudential Real Estate Investors in 2013 for $11 million, or $183,300 per unit. The communities market to independent living residents and allow for transitions to higher care levels including assisted living and memory... Read More »Schedule a demo
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