SunTrust Secures CCRC Financing
An established CCRC in Ridgeland, Mississippi is set to expand its memory care services with a loan provided by SunTrust Bank in hand. Opened in the mid-1980s, the community includes the full continuum of care from independent living and assisted living to rehabilitation therapy and skilled nursing services. However, the time had come to replace its 13-unit memory care building with a new 40-unit community. With the expansion, the CCRC will then be able to accept male residents in need of memory care, an option not previously possible due to size and design restrictions. Construction should start this summer and is set to open next summer. The property’s owner, Wakefield Capital, obtained... Read More »
HJ Sims In It for the Long Haul
When a CCRC in Norfolk, Virginia wanted to launch a major $200 million expansion of its campus, it turned to its long-time partner HJ Sims to finance the project. The two go way back (to the early 2000s), with Sims structuring, placing or underwriting the initial seed capital transaction, the first phase of development financing, a refinancing in 2014 and finally, the current development financing. This transaction saw Sims arrange a $100 million draw-down bank loan, coordinating with SunTrust Bank and TD Bank. SunTrust served as administrative agent and provided $65 million of the financing. Then, Sims underwrote $101.1 million of fixed-rate bonds, resulting in over $500,000 in savings on... Read More »
Kayne Anderson Closes on Three California Communities
Kayne Anderson Real Estate Advisors has joint ventured with Watermark Retirement Communities to add three more California senior living communities to its portfolio thanks to financing provided by SunTrust Bank. Two of the communities were located in the Los Angeles market (in Whittier and Riverside). Averaging about 20 years in age, they had previously been owned by Bridge Investment Group, and Watermark will take over operations. Meanwhile, the third property was up north in the Oakland MSA town of Emeryville. It was previously owned by Welltower and managed by Watermark, which will stay on as operator. To fund the acquisition, SunTrust Bank provided $69.5 million in financing. Following... Read More »
SunTrust Bank Arranges Atlanta-Area Construction Financing
SunTrust Bank arranged construction financing for the first phase of an enormous senior living development going up in the Atlanta metro area that will include some 600 units when all is said and done. The developer, Village Park Senior Living, will start with 204 high-end units (including 82 independent living, 75 assisted living and 26 memory care units) and most of the common areas being built. Phase One will also include 21 “City Homes” with separate access and gardens with patios. After opening this Phase in Fall 2020, Village Park will then start on Phases Two and Three, all combining for $300 million of development cost. We don’t see developments of that scale too often. SunTrust... Read More »