By Chuck Sudo
SunTrust provides $60M Loan for Baltimore CCRC Expansion
SunTrust Banks Senior Vice President of Senior Care Finance Yasamin Al-Askari arranged a $60 million loan for the expansion of Roland Park Place, a nonprofit continuing care retirement community in Baltimore.
Proceeds will fund the second phase of the project, an eight-story building with 58 units, a penthouse club room, a salon and spa, and indoor parking. SunTrust was the sole lender.
CBRE arranges $56M refinancing for Houston CCRC
CBRE National Senior Housing Vice Chairman Aron Will, First Vice President Austin Sacco and Vice President Adam Mincberg arranged a $55.5 million refinancing package for The Village of River Oaks, a 198-unit rental CCRC in Houston’s River Oaks neighborhood. CBRE secured the four-year, floating rate loan with 30 months of interest only from a national bank. CBRE originally financed the building in 2015.
The community is a joint venture of Bridgewood Property Company and Harrison Street Real Estate Capital. Bridgewood’s management arm, Retirement Center Management, will continue to operate the property.
Mission Senior Living lands $22M construction financing package
Mission Senior Living and Propero Seniors Housing Equity Fund III partnered to fund the construction of Mission Mountain Vista, a $22 million, 130-unit independent living community in Reno, Nevada. A combination of equity provided by Propero and a bank loan arranged by Lancaster Pollard Mortgage Company funded the project.
Chris Mauger led the transaction for Propero and Grant Goodman was the lead for Lancaster Pollard.
Avanath Capital Management completes $11.3M Maryland senior housing acquisition
Avanath Capital Management acquired Victoria Park in Edgewater, a 102-unit affordable senior housing community in Edgewater, Maryland for $11.3 million. It is the only affordable senior community in the Annapolis submarket.
The acquisition was part of a $55.05 million acquisition of three affordable housing communities in Maryland and Chicago.
NorthMarq secures $7.5M refinancing package for New York senior housing facility
NorthMarq Senior Vice President and Managing Director Robert Ranieri arranged a $7.5 million refinancing package for Lohman Village, a 31-unit senior housing community in Mount Vernon, New York.
NorthMarq arranged the permanent fixed rate loan for the borrower through its relationship with the lender, PCSB Bank.
Contemporary Healthcare Capital arranges $2.1M refinancing for Buffalo senior housing community
Contemporary Healthcare Capital provided a $2.1 million mezzanine loan for the refinancing of a 165-unit senior housing community in Newfane, New York, a suburb of Buffalo. The borrowers were affiliates of Maximus Healthcare Group. CoastalStates Bank provided an accompanying senior loan.
The loans will refinance an existing and maturing term loan originally provided by Contemporary and another regional bank for the acquisition of the facility.
Blueprint brokers sale of Alabama senior housing portfolio
Blueprint Healthcare Real Estate Advisors Senior Associate Brooks Blackmon represented the seller, a family-owned senior living company, in the disposition of four boutique senior housing communities in Alabama.
Blueprint Managing Director Dan Mahoney and Senior Associate Blake Bozett also brokered the sale of a nine-acre site in Redding, California, inclusive of building plans for a 227-unit campus constituting independent living, assisted living, memory care, and cottages.
The buyer was a regional owner-operator seeking to enter the California market.
The community is expected to open in spring 2021.
JCH Senior Housing completes sale of California assisted living facility
JCH Senior Housing Investment Brokerage President Cindy Hazzard, Senior Vice President Jim Hazzard and Nick Stahler brokered the sale of a 20-unit assisted living and memory care facility in central California. A local owner based in the marketplace, seeking to grow their portfolio, was the successful bidder.
Cappella Living Solutions assumes operations for Colorado assisted living facility
Cappella Living Solutions assumed management for Legacy Commons of Pueblo West, a 51-unit assisted living facility in Pueblo West, Colorado. National Health Investors (NYSE: NHI) purchased the community for $7.5 million.
SLIB brokers sale of California senior apartments
Senior Living Investment Brokerage (SLIB) Managing Director Jason Punzel and Senior Associate Brad Goodsell were the sole brokers in the sale of a 320-unit, 55-plus senior apartment community in Hemet, California.
The seller is a private family investor with a West Coast focus. The buyer is a regional group with a strong presence in California of multi-family assets, in addition to several active senior and age-restricted communities.
Source: Senior Housing News