RENO, NEV. — Propero Seniors Housing Equity Fund III has partnered with Mission Senior Living to fund the construction of Mission Mountain Vista, a 130-unit independent living community in Reno. A combination of equity provided by Propero and a bank loan funded the $22 million construction project. The Propero structure offered Mission Senior Living an equity solution that minimized the amount of upfront capital and provided a clear path to ownership. Chris Mauger led the transaction for Propero and Grant Goodman was the lead for Lancaster Pollard Mortgage Co., a division of ORIX Real Estate Capital.
LEWISVILLE, TEXAS — Locally based developer Bright Realty has broken ground on Phase II of Discovery at The Realm, a project that will expand the residential component within the company’s The Realm at Castle Hills mixed-use development by 312 apartments. Located in the northern Dallas suburb of Lewisville, Discovery at The Realm currently spans 423 units. With this phase, Bright Realty will also deliver new amenities, such as a dog park, a second fitness center and outdoor seating areas, as well as additional restaurant and retail space. The developer expects to deliver the first units in late 2020. 505Design is the architect for Phase II, and Andres Construction is the general contractor. First United Bank & Trust Co. and ORIX Public Finance LLC provided financing for the project.
TEXAS — Lancaster Pollard Mortgage Co. has placed two bridge loans totaling $42 million for the recapitalization of a five-property portfolio of skilled nursing facilities located throughout Texas. In the first transaction, Lancaster Pollard provided a $12 million loan with a 12-month term for two facilities in South Texas. The transaction refinanced existing debt and provided equity-out proceeds. In the second transaction, Lancaster Pollard worked with syndicate partner MB Financial Bank to secure a $30 million, 30-month bridge loan for three facilities in South Texas. Scott Blount, Chris Mauger and Eric Sengpiel of Lancaster Pollard placed the debt on behalf of the borrower, Arboretum Group. The specific names and locations of the properties were not disclosed.
TEXAS — Red Mortgage Capital, a division of ORIX Real Estate Capital LLC, has arranged a $22 million loan for the rehabilitation of 14 affordable housing properties totaling 556 units located across 12 rural Texas communities. Existing debt on the properties was also restructured as part of the deal. The borrower was a joint venture between Related Affordable, a division of Related Cos., and the Texas Housing Foundation (THF). The United States Dept. of Agriculture (USDA) provided the loan through its rural development program.
UNION CITY, N.J. — RED Mortgage Capital, the lending arm of ORIX Real Estate Capital, has arranged acquisition financing for a $60 million portfolio of apartment properties in Jersey City, located across the Hudson River from lower Manhattan. The portfolio comprises 18 properties and includes 481 units of affordable housing product. John Darrow, Jim Martin and Harris O’Connell of RED, along with Brad Domenico of Progress Capital, arranged the financing through Freddie Mac’s small balance loan program. The loan, the borrower of which was not disclosed, featured a fixed interest rate and a 20-year term.
BRICK, N.J. — Lancaster Pollard Mortgage Co. has provided a $17.3 million HUD loan to refinance Willow Springs, a skilled nursing facility in Brick, located in New Jersey’s northern coastal region. The borrower was local investment firm Tryko Partners LLC, which purchased the community from its developer, NuVision Management, in 2013 and subsequently rebranded it. At that time, Willow Springs featured 148 skilled nursing beds with expansion potential and an assisted living component that could accommodate 23 clients. Tryko then implemented a $1 million improvement plan that delivered an expanded rehabilitation facility with cutting-edge equipment and technology and updated common areas, patient rooms and assisted living accommodations.
WALNUT CREEK, CALIF. — Lancaster Pollard Mortgage Co. has arranged $22.5 million in financing for the construction of a skilled nursing facility in the Bay Area city of Walnut Creek. The borrower is Plum Healthcare Group LLC. Founded in 1999 and headquartered in San Marcos, Plum currently operates 55 skilled nursing facilities in California and Nevada. Grant Goodman led the transaction for Lancaster Pollard, along with Joe Munhall who leads the firm’s debt syndications group. A local bank provided the funds.
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