PGIM Closes Freddie Mac Financing For Colorado Community
A Denver-area senior living community refinanced with a Freddie Mac loan arranged by PGIM Real Estate. Spectrum Retirement Communities developed the community in 2009 and has been operating it ever since. It currently features 130 independent living, 60 assisted living and 18 memory care units. Amenities include a beauty sale, bistro, fitness center, lounges and a movie theater. To take out a previous PGIM loan, Trace Wilson, who led the transaction on PGIM’s behalf, secured a $60 million loan with a 10-year term, five years of interest only and a 30-year amortization period. There was also a floating rate. Read More »
PGIM Real Estate Refinances Virginia Memory Care
PGIM Real Estate closed the refinance of a memory care community in Forest, Virginia (Lynchburg MSA), the second it has closed for the client this year. Runk & Pratt built the property in 1999 to include 76 units and has added a number of unique features, such as a multi-sensory room that provides soothing and engage stimuli to its residents. There are also three enclosed courtyards and a greenhouse, along with on-site therapy. Occupancy was around 89%. Christopher Fenton and Catherine Eby of PGIM Real Estate facilitated the $13.2 million HUD financing, which came with a 35-year term and amortization. The loan replaces HUD debt that had a higher interest... Read More »
PGIM Closes HUD Refinance for Maryland SNF Portfolio
PGIM Real Estate successfully closed a scattered site refinance through HUD of a portfolio of assisted living communities in Maryland. Operated by Rose Hill Management, the three communities total 64 units, with one property in Annapolis featuring two 16-unit buildings (plus memory care services) and the communities in Pasadena and Odenton each featuring just one 16-unit building. Occupancy was around 90% across the 1990s-vintage portfolio. To consolidate the debt across the three sites, Chris Fenton of PGIM led the way on securing a single $5.5 million HUD loan with a 35-year term. Read More »
PGIM Simplifies Capital Stack at NOLA Facility
Refinancing a complicated capital stack, PGIM Real Estate Finance secured a $10.7 million HUD loan for a 112-bed skilled nursing facility in New Orleans, Louisiana. The facility was built by the not-for-profit St. Margaret’s Foundation in 2013 on the site of the former Lindy Boggs Medical Center, which was devastated by Hurricane Katrina in 2005. Its $33 million construction was initially funded using New Market Tax Credits, Historic Tax Credits, OCD Loan Funds, FEMA grant money, a bank loan and sponsor equity. PGIM simplified things and significantly reduced the amount of debt with the HUD loan. Located within five miles of seven acute-care hospitals, the facility features 100 units in... Read More »