CLARENCE CENTER, N.Y. — Greystone has provided an $8.6 million construction loan for the expansion of Bristol Village, an 84-unit, 110-bed seniors housing community in Clarence Center, located approximately 20 miles northeast of Buffalo. The fixed-rate loan will fund the construction of 23,000 square feet of residential and community spaces, which will include 32 additional beds. The loan will convert to permanent financing when the expansion project is completed and will run concurrent with the property’s existing HUD-insured loan, which Greystone originated in 2011. The facility was originally constructed in 2003. Lisa Fischman of Greystone arranged the loan.
OHIO — Ohio Gov. Mike DeWine has formed Congregate Care Unified Response Teams to test residents and staff members for coronavirus within the state’s nursing homes. The teams, which include medically trained members of the Ohio National Guard, will begin testing this week. All nursing home staff will be tested. Testing of residents will be based on a clinically driven strategy that targets those who have likely been exposed to COVID-19. As of Tuesday, May 26, there were 33,006 confirmed cases of COVID-19 in Ohio and 2,002 deaths.
AURORA AND KANKAKEE, ILL. AND NOVI, MICH. — Walker & Dunlop Inc. has provided $37 million in financing for two senior living facilities in Illinois and one in Michigan. Walker & Dunlop provided $14.9 million for The Grove Fox Valley, a 156-bed skilled nursing facility in Aurora, Ill.; $14.9 million for WellBridge of Novi, a 100-bed skilled nursing facility in Novi, Mich.; and $7.4 million for Asbury of Kankakee, a 98-bed supportive living facility in Kankakee, Ill. Joshua Rosen of Walker & Dunlop led the origination team, which utilized HUD’s Lean 232/223(f) refinance program. The permanent financing for The Grove Fox Valley will replace existing debt previously provided by Walker & Dunlop’s bridge lending program. The permanent financing for WellBridge of Novi and Asbury of Kankakee enabled each of the property owners to refinance both their current bank and partnership debt.
DENVER — Blueprint Healthcare Real Estate Advisors has arranged the sale of two skilled nursing facilities in the Denver metro area and a third in Eastern Colorado. The portfolio totals 250 skilled nursing beds, as well as 25 assisted living units. LTC Properties sold the assets as part of its plan to divest all its Preferred Care-branded communities. The buyer is a private company looking to expand its presence in Colorado, as well as its relationships with its third-party operators in the state. The price was not disclosed.
LOS ANGELES — Panorama Senior Housing has released plans for an assisted living and memory care community on Holt Avenue, 200 feet south of Los Angeles’ Beverly Hills neighborhood. KTGY Architecture + Planning designed the 61,000-square-foot project. Construction is slated to start in early 2021, with delivery planned for late 2022. The community will have a total of 80 resident rooms, 62 for assisted living and 18 for memory care. The memory care units will be on the second floor of the five-story building, with a dedicated common area, dining room and patio. “[My goal is to] come up with buildings that reflect the urban setting,” says Daniel Kianmahd, founder and principal with Panorama. “That’s where baby boomers want to age, in the same urban neighborhood where they raised their families.” “I’m keenly aware of the scarcity of developable sites,” continues Kianmahd. “The solution is to get creative with layouts so we can build the housing needed to combat the housing crisis. Bringing this and other senior-focused developments to fruition is essential to achieving balanced housing solutions for the entire region.”
By Chad Thomas Hagwood, Hunt Real Estate Capital Thanks to the Federal Housing Finance Agency (FHFA), forbearance is now one of the biggest buzzwords in multifamily finance. When the FHFA announced at the end of March that Fannie Mae and Freddie Mac would offer mortgage forbearance to multifamily properties facing hardship as a result of COVID-19, many multifamily owners adopted a wait-and-see attitude. That was the right decision. As April went on, the NMHC Rent Payment Tracker steadily trended higher. By May 13, full or partial rent for the month of May was 87.7 percent collected. But with unemployment spiking to record levels, rent collections through the spring and into the summer will most certainly decline at many properties, causing owners to give those forbearance offers a second look. My advice: if there is anything owners can do to avoid forbearance, they should. While tempting, mortgage forbearance should be considered a last resort. Forbearance could take a reputational toll It’s generally implied that entering into a forbearance agreement will not impact a borrower’s ability to secure financing in the future. In an age that obsessively collects and retrieves data of all sorts, experience — and common sense — suggests that …
MACON, GA. — Watercrest Senior Living Group and its equity partners, Peninsula Alternative Real Estate and Corecam Capital Partners, have broken ground on Watercrest Macon Assisted Living and Memory Care in Macon. The community will feature 76 assisted living and 22 memory care units. Renasant Bank provided construction financing, and EMJ Corp. is serving as the general contractor. Watercrest Macon will be located within the Providence at Bass development, which offers residential, retail and dining establishments, as well as entertainment venues. Watercrest Macon is scheduled to welcome residents in summer 2021.
ARNOLD, MO. — Love Funding has provided a $12.9 million FHA loan for The Woodlands of Arnold, an assisted living, memory care and skilled nursing complex in Arnold, nearly 20 miles south of St. Louis. The loan will replace bridge financing on the property. The Woodlands of Arnold is part of a larger healthcare campus, offering a full continuum of care including independent living, assisted living, memory care and skilled nursing. The subject credit facility included financing for a 178-bed skilled nursing facility and a 24-unit assisted living facility that is being converted into a memory care facility. Midland States Bank provided the original bridge loan for the undisclosed borrower. Eric Forguson of Love Funding arranged the nonrecourse, 35-year HUD loan.
LOS ANGELES — Panorama Senior Housing has unveiled plans for Eagle Rock Assisted Living and Memory Care Center in the Eagle Rock neighborhood of Los Angeles. KTGY Architecture + Planning is the architect of the new community. Groundbreaking is scheduled for early 2021, with completion in late 2022. The property will feature 87 assisted living units and 22 memory care units in a five-story building and a four-story building with a rooftop deck. A ground-level courtyard and subterranean parking structure will connect the two buildings. “This site was quite challenging because we had to fit a commercial kitchen, large dining room and a ton of other amenities in two separate buildings,” says Daniel Kianmahd, founder of Panorama. “In fact, about 45 percent of the gross area of the building is dedicated to common area compared to 15 percent for typical apartment buildings.” The planned community fits in with Eagle Rock’s “Rock the Boulevard” campaign, a $16.2 million makeover of the neighborhood’s main thoroughfare.
PLEASANT HILL AND DAVIS, CALIF. — CBRE has provided refinancing loans for three Carlton Senior Living properties totaling $58 million. The portfolio includes Carlton Senior Living Poet’s Corner and Carlton Senior Living Pleasant Hill – Martinez, both located northeast of the Bay Area in Pleasant Hill, as well as Carlton Senior Living Davis in the Sacramento suburb of Davis. The properties feature a combined 251 assisted living units and 64 memory care units and average 93 percent occupancy. Andrew Behrens, Aron Will, Austin Sacco, and Adam Mincberg arranged the Freddie Mac loans, which feature 10-year terms and fixed rates. Two of the loans feature interest-only payments for the full term, while the third is interest-only for half of the term. Carlton is an owner-operator with 11 seniors housing communities across Northern California.