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Seniors Housing

LoansMidwestMultifamilySeniors HousingWisconsin

KeyBank Closes $12.8M Refinancing Loan for Assisted Living Portfolio in Wisconsin

by Kristin Harlow

BEAVER DAM AND WAUPUN, WIS. — KeyBank Real Estate Capital has provided $12.8 million in refinancing for a two-property assisted living portfolio in Wisconsin. Prairie Ridge at Beaver Dam consists of 27 assisted living units and is located in Beaver Dam, about 40 miles northeast of Madison. The property was built in 1998 and renovated in 2010. Prairie Ridge at Waupun consists of 47 assisted living units and is located in Waupun, 20 miles north of Beaver Dam. The property was built in 1999 with an addition constructed in 2008. The FHA loan was used to pay off existing debt on the property. Michael Eisenga, owner of Prairie Ridge Facilities, was the borrower. John Randolph of KeyBank arranged the loan.

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LoansMichiganMidwestMultifamilySeniors Housing

Dougherty Provides $9.2M Bridge Loan for Refinancing of Assisted Living Property in Calumet, Michigan

by Kristin Harlow

CALUMET, MICH. — Dougherty Funding LLC has provided a $9.2 million bridge loan for the refinancing of Gardenview Assisted Living and Memory Care in Calumet in the Upper Peninsula. The 39-unit senior living facility is located at 26096 Elm St. Calumet Facility LLC and Calumet Operating LLC was the borrower. Dougherty Funding served as lead lender and servicer for the loan.

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LoansMultifamilySeniors HousingTexas

Pioneer Realty Capital Closes $7.2M Refinancing of Seniors Housing Facility in Princeton, Texas

by Amy Works

PRINCETON, TEXAS — Pioneer Realty Capital has closed a $7.2 million loan to refinance Villa Asuncion Assisted Living Facility, located at 830 Princeton Drive in Princeton. The firm used the 504 Debt Refinance Program, which the Obama Administration reinstated in December 2015, to refinance the property for the undisclosed borrower. The program is intended to help small business owners obtain access to capital and create liquidity.

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FloridaSeniors HousingSoutheast

Watermark Starts Construction of 89-Unit Memory Care Community Near Orlando

by John Nelson

WINTER SPRINGS, FLA. — Watermark Retirement Communities has started construction of The Watermark at Vistawilla, an 89-unit memory care community in the Orlando suburb of Winter Springs. Watermark, The Freshwater Group and development partners Rookis Investment Partners and Gulf Coastal Development Inc. broke ground on the community earlier in December. The project is slated for completion in the fourth quarter of 2017. Tampa-based Chancey Design Partnership designed the project. Watermark will both own and operate the community. Watermark Retirement Communities, based in Tucson, Ariz., is the 13th largest operator of seniors housing communities in the United States, managing 6,713 units across 36 communities, according to the American Seniors Housing Association’s 2016 calculations.

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LoansMultifamilyNew YorkNortheastSeniors Housing

NorthMarq Capital Secures $16M Refinance for Age-Restricted Apartments in New York

by Amy Works

CROTON-ON-HUDSON, N.Y. — NorthMarq Capital has arranged $16 million in refinancing for Springvale Apartments, an age-restricted multifamily property located on Skytop Drive in Croton-on-Hudson. The property features 524 units for residents age 55 or older. The transaction was structured with a 15-year term on a 30-year amortization schedule. Robert Ranieri of NorthMarq arranged the financing for the undisclosed borrower through NorthMarq’s seller/servicer relationship with Freddie Mac.

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LoansMultifamilySeniors HousingTexas

Walker & Dunlop Structures $15.5M Loan for Skilled Nursing Facility in Lubbock

by Amy Works

LUBBOCK, TEXAS. — Walker & Dunlop Inc. has arranged a $15.5 million loan for Crown Point Health Suites in Lubbock. The Class A skilled nursing facility was built in 2011, with additions made in 2013. The property has achieved an average occupancy of 89 percent occupancy from January 2015 to mid-year 2016, and features 108 private units. The loan represents 74.8 percent of value and provided the owners with cash for capital improvements and expansion. Walker & Dunlop’s Kevin Giusti and Michael Vaughn led the origination team.

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CaliforniaLoansMultifamilySeniors HousingWestern

Harborview Closes a $30M Bridge-to-HUD Refinancing for Skilled Nursing Facility in LA

by Nellie Day

LOS ANGELES — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged a $30 million bridge-to-HUD refinancing for a 133-bed skilled nursing facility in the Los Angeles submarket of Van Nuys. The loan features a floating rate above LIBOR with 24 months of interest-only payments. Following that 24-month period, the loan will have a 25-year amortization and two-year term with one-year extension options. The refinancing provides the undisclosed borrower with $12 million in cash-out proceeds. Harborview’s Eli Kutner, senior originator, Ephraim Kutner and Jonathan Kutner, principals, arranged the financing.

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MultifamilyNew JerseyNortheastSeniors Housing

Starkman Realty Group Brokers $5M Sale of Seniors Housing Property in Atlantic City, New Jersey

by Amy Works

ATLANTIC CITY, N.J. — Starkman Realty Group has arranged the sale of Best of Life Park Apartments, a seniors housing property located in Atlantic City. Radiant Property Management acquired the property from a non-profit entity for $5 million. The 14-story building features 208 units and 73 parking spaces. Jason Starkman of Starkman Realty Group represented the seller in the transaction.

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LoansMultifamilySeniors HousingTexas

Ziegler Closes $67.6M in Bond Refinancing for Two CCRCs in Houston

by Amy Works

HOUSTON — Ziegler, a specialty investment bank, has closed $67.6 million in bond financing for Brazos Presbyterian Homes (BPH), the operator of Brazos Towers at Bayou Manor and the Hallmark, two continuing care retirement communities (CCRCs) in Houston. Combined, the two communities feature 310 independent living units, 37 assisted living units, 18 memory care units and 69 skilled nursing beds. BPH will use the tax-exempt, fixed-rate financing to pay off bonds from 2013 and fund a debt service reserve fund. The move will save the company approximately $3.3 million in debt payments.

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CaliforniaLoansMultifamilySeniors HousingWestern

IPA Capital Markets Arranges $19.6M Loan for Age-Restricted Community in Rancho Santa Margarita

by Nellie Day

RANCHO SANTA MARGARITA, CALIF. — Institutional Property Advisors Capital Markets (IPA), an affiliate of Marcus & Millichap, has arranged $19.6 million in financing for the acquisition of Buena Vida at Town Center, a 115-unit age-restricted community in the Orange County suburb of Rancho Santa Margarita. The borrower was purchasing the property through a 1031 exchange. The loan was structured at a fixed rate of 3.25 percent interest with interest-only payments for the first three years, then converting to a 30-year amortization. The term of the loan is 15 years with a 67 percent loan-to-value ratio.

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