Transactions and financing: Kare, NAHCA Team Up for Training Program; MidCap Secures Mortgage for Future Watermark Community
VIUM Capital closes $200 million in senior housing and healthcare
Vium capital said it closed deals worth around $200 million in senior housing and healthcare in August.
The $200 million figure comes from six financings that included 28 separate projects in nine different states. For example, Vium arranged a $7.7 million HUD bridge loan and an $11 million HUD bridge loan for assisted living communities in Florida and Oregon, respectively.
Beyond the senior living facility, Vium secured a $19.8 million bridge loan for a pair of skilled nursing facilities in Arkansas.
Ziegler closes $36 million for California-based senior community
Ziegler announced that it has closed $36 million in Series 2022 bonds for a California-based senior community.
The community – called Carmel Valley Manor – is located on 25 acres in Carmel, Calif., which includes 27 residential cottages, 119 residential apartments, 24 AL units and 36 skilled nursing beds.
The borrower plans to combine the proceeds of the bonds with an equity contribution to finance various improvement projects, refinance existing debt and carry out some financial manoeuvres.
BWE closes $24 million for rehabilitation project
Bellweather Enterprise Real State Capital announced the closing of a $23.9 Federal Housing Administration sub-rehabilitation loan to fund a rehabilitation project for two affordable senior housing projects in the Atlanta area.
Called Jewish Tower and Zaban Towers, the communities have 200 units and 60 units, respectively for independent living for adults aged 62 or older. They are located on the same campus and are connected by a third building titled William Breman Jewish Home.
The planned rehabilitation project includes handicapped accessibility updates and improvements, roof replacement, window replacements, interior upgrades, and utility improvements like HVAC and water infrastructure. ‘water supply.
Grandbridge facilitates $34 million refinancing
Grandbridge Real Estate announced that its Atlanta-based senior housing team closed a $34.69 million loan for a seniors’ community in North Carolina.
The community – called the College Walk Retirement Community – is a 168-unit seniors’ community with IL and AL units located in Brevard, North Carolina. It is operated by BrightSpace Senior Living, based in Chattanooga, Tennessee.
MidCap closes community mortgage
MidCap Financial announced the closing of a first $37.8 million variable rate mortgage for the purchase of a Florida-based retirement home, to be operated by Watermark Retirement Services.
MidCap entered into the agreement with funds managed by subsidiaries of Fortress Investment Group for the community.
The funding will be used to make capital improvements in addition to purchasing the suburban Orlando-based community of ChampionsGate Florida. It includes 121 IL, 66 AL and 36 memory care units.
Alanna Ellis or Jones Lang LaSalle arranged the financing on behalf of Fortress.
JLL Capital Markets closes on Texas community
JLL Capital Markets has announced that it has completed the sale of a retirement home in Grandbury, Texas, a suburb of Dallas-Fort Worth.
The community – called Quail Park of Granbury, is a 75 unit community with IL, AL and memory care facilities. It is made up of two buildings: one that houses independent living and assisted living units and houses memory care patients.
At the time of closing, Quail Park was 95% or more occupied, according to a press release.
The JLL team represented the vendor and was led by JLL General Manager Charles Bissell and Director Dean Ferris.
Kare, NAHCA Launch Training Program
The National Health Care Assistants Association (NAHCA) announced that it has partnered with Job Market Kare to launch a training program for more than 50,000 frontline caregivers.
Kare and NAHCA are partnering with care empowerment platform CareAcademy to provide courses that will empower caregivers to increase their confidence, advance their careers, and advance the care that patients and residents receive.
Blueprint Completes Midwest Sale
Blueprint Healthcare Real Estate Advisors announced the closing of the sale of a healthcare and memory care community in Kentwood, Michigan.
The community – called Zpira Place of Brenton – is a private fee-paying community that was built in 2001. The seller made the strategic decision to sell the community as it was the only Michigan-based property in the owner’s portfolio.
Cardinal Senior Management, a regional company based in Grand Rapids, Michigan, acquired the community.
SLIB facilitates sales in Florida
Senior Living Investment Brokerage has announced that it has facilitated the sale of two retirement homes in Florida.
Lenox on the Lake, located in Lauderhill, Florida, and Majestic, located in Hollywood, Florida, combine to offer a total of 192 assisted living and memory care units. The seller was primarily in the skilled nursing space and elected to sell only its assisted living assets.
The buyer is a regional owner/operator based in South Florida.
Bradley Clousing and Daniel Geraghty of SLIB represented the seller in the transaction.