Transactions and financing: the McFarlin group sponsors the worldwide investor; $ 24M HUD mortgage from Greystone
McFarlin Group is trying past the USA for senior housing traders.
The absolutely built-in Dallas-based senior housing firm has turn into a sponsor of Non-public Wealth World, an funding platform targeted on core plus and value-added alternatives in the USA and Europe, notably in well being and multi-family care.
The transfer offers McFarlin entry to traders from South America and Europe for his newest funding fund. Final April, the corporate introduced a goal fund of $ 100 million to accumulate housing communities for seniors in operational misery from Covid-19.
Well being Dimensions Group to handle the Illinois neighborhood
Well being Dimensions Group was contracted to handle, oversee and reposition the previous Brookdale Burr Ridge Assisted Dwelling Middle in Burr Ridge, Illinois. The neighborhood was renamed Dimensions Dwelling Burr Ridge.
Gross sales and operator transitions
Taylor Group Acquires New Hampshire Seniors Housing Group
Taylor Group has accomplished the acquisition of Sugar Hill Retirement Group, a senior housing neighborhood in Wolfeboro, New Hampshire with self-catering flats and cabins, in addition to an assisted residing wing, studies the Laconia Each day Solar.
Taylor plans to broaden the assisted residing wing, in addition to present companies to these in want of nursing or reminiscence care. Financial institution of New Hampshire offered acquisition financing.
Brookfield acquires Virginia neighborhood for $ 20 million
Brookfield Properties acquired Dawn Villa Tuckahoe, an assisted residing heart in Richmond, Va., For $ 20 million, studies Richmond BizSense.
Dawn Senior Dwelling will proceed to function the neighborhood, which additionally provides reminiscence and palliative care companies.
Fairstead Completes Acquisition of Inexpensive $ 60M Senior Flats in Florida
New York-based inexpensive housing developer and investor Fairstead lately acquired Goodlette Arms Flats, an inexpensive neighborhood of 250 seniors’ housing models in Naples, Florida, for $ 59.5 million. As well as, the corporate will spend an extra $ 25 million to modernize all flats and customary areas in addition to vitality, sustainability and actual property resilience measures all through the property.
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The settlement will protect the accessibility of the Goodlette Arms flats for at the very least 40 years. Fairstead secured financing for the undertaking from Berkadia Industrial Mortgage, with Areas Financial institution appearing because the tax credit score investor and the Collier County Housing Finance Authority appearing because the bond issuer.
SLIB carries out 2 transactions
Senior Dwelling Funding Brokerage has carried out the next transactions:
- Common Supervisor Jason Punzel and Vice Presidents Vince Viverito and Brad Goodsell have been the one brokers within the $ 3.5 million sale of an impartial residing neighborhood in Medford, Oregon. The vendor is a regional proprietor and operator specializing in excessive acuity care. The client is an area proprietor and operator who will transform and reposition the constructing.
- Common Managers Matthew Alley and Ryan Saul have been the only brokers within the sale of Solar Ridge from Cielo Vista, Solar Ridge from Cambria and Solar Ridge from Desert Springs, three assisted residing and reminiscence care communities within the El market. Paso, Texas. The value was not disclosed. The vendor is a supplier of capital who seeks to get rid of non-core belongings. The client is an area proprietor and operator conversant in the market. The vendor closed one of many services whereas the transaction was in progress and the customer will reopen it with new use.
Christian Care Communities buys Kentucky neighborhood rising from chapter
Christian Care Communities acquires Village East, an 89-unit seniors’ neighborhood in Middletown, Ky., Which is working to emerge from Chapter 11 chapter, studies the Louisville Enterprise Journal.
The neighborhood consists of 39 impartial backyard type residing homes, 31 impartial residing flats and 19 assisted residing models. The acquisition was funded by two loans totaling $ 4.24 million from the Central Financial institution & Belief Firm.
Heavenrich & Firm sells Houston Reminiscence Care, a talented nursing neighborhood
Heavenrich & Firm has accomplished the sale of Pathways Reminiscence Care, a 94 mattress / 60 unit reminiscence care and expert nursing neighborhood in Northwest Houston. Heavenrich represented the vendor, StoneGate Senior Dwelling, and secured the customer for the transaction.
Newmark Hosts Acquisition Funding for Massachusetts Seniors Group
Newmark organized acquisition funding for The Residences at Watertown Sq., a seniors’ neighborhood in Watertown, Massachusetts that includes 19 self-contained flats, 46 assisted residing models and 25 reminiscence care models.
Managing Director Sarah Anderson, Vice Presidents Ryan Maconachy and Chad Lavender, Managing Director Ross Sanders and Senior Managing Director David Fasano represented the consumers, a three way partnership partnership between Harrison Road Actual Property Capital and LCB Senior Dwelling within the transaction .
Greystone grants $ 24 million HUD mortgage to Indiana CCRC
Greystone offered a $ 23.8 million HUD-insured mortgage for the refinancing of Hubbard Hill Retirement Group, a newly expanded 220-unit persevering with care retirement neighborhood situated in Elkhart, Indiana. Vice President / Senior Mortgage Creator Lisa Fischman created the Part 232/223 (a) (7) mortgage on behalf of the supplier, which refinances the Expert Nursing, Assisted Dwelling and Reminiscence Care portion of the campus. The mortgage has a 30-year time period with a hard and fast rate of interest.
Berkadia hosts $ 32 million in funding for Wisconsin neighborhood
Berkadia’s Seniors Housing and Healthcare Group has secured a $ 32.3 million refinance by way of Freddie Mac for a senior housing facility in Appleton, Wisconsin. Senior Supervisor Chris Cain secured the funding on behalf of Oregon proprietor and operator Touchmark. The mortgage has an rate of interest of solely 5 years and a loan-to-value ratio of 70%.
CIBC closes $ 7 million in acquisition financing for two assisted residing services in New York
CIBC Financial institution USA has accomplished $ 6.75 million in acquisition financing for 2 assisted residing services within the better New York Metropolis space, that are a part of the state’s Medicaid Assisted Dwelling program. The services have been privately owned for a few years with previous occupancy hovering round 80% and margins within the excessive 30% vary.
Oxford Finance grants $ 23.5 million credit score facility to Prosper Life Care
Oxford Finance has entered right into a $ 23.5 million credit score facility and revolving line of credit score to Prosper Life Care, a supplier of assisted residing and reminiscence care. The proceeds have been used for the acquisition of two house care / reminiscence care services situated in Massachusetts, totaling 214 models.
Lument Gives $ 28 Million Refinance To California Luxurious Retirement Group
Lument offered $ 28 million in refinancing by way of the Fannie Mae Seniors Housing program for La Vida Del Mar, a 105-unit assisted residing and impartial neighborhood in Solana Seaside, Calif., Operated by Senior Useful resource Group. Managing Director Doug Harper, co-lead of the West Lument area senior housing and well being care group, led the transaction.
The mortgage has a 10-year time period, 5 years curiosity solely, and 30-year amortization. Along with the refinancing of present debt, the closing generated substantial withdrawal proceeds.
HJ Sims Gives $ 2.8 Million Refinancing to StoneCreek Actual Property Companions
HJ Sims accomplished a $ 2.8 million PACE financing plan on behalf of StoneCreek Actual Property Companions for The StoneCreek of Copperfield, a 108-bed senior neighborhood that can embody 74 assisted residing models, 22 care models of reminiscence and 12 impartial cabins presently beneath development within the Copperfield space of Houston. The neighborhood can be operated and managed by Civitas Senior Dwelling.
MassDevelopment Holds $ 6.4 Million Bond for Inexpensive Seniors Housing Conversion
MassDevelopment issued a $ 6.4 million tax-exempt bond on behalf of 41 N. Margin Senior Flats, LLC, a subsidiary of East Boston Group Growth Company (EBCDC) and Affirmative Investments.
The proceeds can be used to obtain a 99-year lease from Ausonia Dwelling Affiliation for a part of its property at 41 N. Margin Road in Boston’s North Finish, to transform the property, which has been vacant for 2 years and was beforehand the headquarters Social of Ausonia Council 1513, Knights of Columbus within the Knights of Columbus Flats which can embody 23 one-bedroom models of inexpensive senior housing for lease to households incomes not more than 60% of the median earnings within the space . The undertaking contains the renovation of the constructing, the addition of two flooring the place the housing models can be situated and the development of a 1,600 sq. foot addition that can function a brand new neighborhood for Ausonia Council 1513, Knights of Columbus. Jap Financial institution purchased the bond.
Fitch downgrades 3 CCRC rankings, assigns 1 extra
Fitch Scores introduced rankings on the next CCRCs:
- Fitch Downgraded the $ 5.9 Million Credit score Ranking of Income Reimbursement Bonds issued by the California Statewide Communities Growth Authority in Aldersly, a CCRC in San Rafael, Calif., To “BBB-” from “BBB” . The score outlook is detrimental. The principle components embody the continued deterioration of the census and poor operational efficiency.
- Roughly $ 110 million in Sequence 2016 and 2017A Earnings Enhancement Bonds issued by the Sarasota County Well being Amenities Authority, in addition to 2019 Earnings Enhancement Bonds issued by the Metropolis of Venice, Florida on behalf of Village on the Isle at “BB +” from “BBB-. “The score outlook has been revised from secure to detrimental. Key score components embody continued weak spot in operations and liquidity, in addition to continued occupancy points for the assisted residing and expert nursing cohorts on campus.
- The 2014 and 2016 collection pension earnings bonds issued by Mesquite Well being Amenities Growth Company (Texas) on behalf of Christian Care Facilities have been downgraded to grade “D” from “B +”. The bonds have been faraway from detrimental watch rankings. The principle components embody the non-payment of the principal of its obligations which have been due on February 15. On account of continued monetary hardship that was exacerbated by the coronavirus pandemic, CCC has not made its debt service funds to the trustee since November 2020. The seller has made the curiosity fee of $ 1. $ 3 million owed Feb. 15 from its personal funds. About $ 4.3 million stays within the debt service reserve accounts.
- Fitch has assigned an issuer default score of “BBB-” to Brethren Hillcrest Houses, a CCRC in La Verne, California. The score outlook is secure.