Seniors Housing Business

AUG-SEP 2015

Seniors Housing Business is the magazine that helps you navigate the evolution of the seniors housing industry.

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12 www.seniorshousingbusiness.com Capital Funding originates $14 million bridge-to-HUD refnancing for skilled nursing facility in Florida Palatka, Fla. — Capital Funding Group has arranged a $14 million bridge-to-HUD loan refnancing for Palatka Health Care Center, a 180-bed skilled nursing facility in Palatka. Capital Funding initially pro- vided the bridge loan in 2014 to fund the acquisition. Capital Fund- ing is the sole lender. Gary Sever of Capital Funding originated the refnance. Capital Funding Group is a full-service provider of compre- hensive fnancing solutions for healthcare facilities nationwide, focusing on the long-term care, assisted living and hospital sectors. Headquartered in Baltimore, Md., CFG, a subsidiary of CFG Community Bank, has provided more than $2 billion in HUD Lean Section 232 mortgages nationwide since the program's inception. Ziegler closes $145 million in bond fnancing for CCRC in Washington Gig Harbor, Wash. — Ziegler, a specialty investment bank, has closed $145 million in bond fnanc- ing for Heron's Key, a nonproft continuing care retirement com- munity (CCRC) currently in devel- opment in Gig Harbor. Located on about 18 acres, Phase I of Heron's Key's develop- ment will include 194 independent living units, 36 assisted living units, and 45 skilled nursing units. The site, zoning and design allow for a future Phase II con- struction of an additional 88 independent living units and 32 memory care assisted living units. Oak Grove secures $18.2 million HUD loan for intergenerational senior living community St. Louis Park, Minn. — Oak Grove Capital has arranged an $18.2 million HUD loan modifca- tion for TowerLight Senior Living, a 113-unit complex located in St. Louis Park. The HUD loan modifcation program allows borrowers to reduce interest rates without extending loan terms. Amenities at the community include an intergenerational child and elderly care program, ftness center, beauty salon, library and game room, gourmet kitchen, refection room, club room, theater and an arts and craft room. Ken Dayton, managing director for Oak Grove, facilitated the loan modifcation. Cambridge originates $16.5 million HUD refnance for skilled nursing facility Elmwood, Ill. — Cambridge Realty Capital Cos. has arranged a $16.5 million HUD Lean loan to refnance Elmwood Care, a skilled care nursing facility in Elmwood. Elmwood Care is a privately owned, 235-bed community founded in 1983. The fully amortized, 32-year loan was arranged for the owner, an Illinois limited liability com- pany, using the HUD Section 232 pursuant to Section 223(f) funding program. Cambridge Realty Capital Ltd. of Illinois, Cambridge's HUD-specialty branch, under- wrote the loan. Oak Grove secures $10.1 million HUD refnancing for two skilled nursing facilities in North Carolina New Bern and Fayetteville, N.C. — Oak Grove Capital has arranged two HUD refnance loans for a seniors housing operator in North Carolina. The frst loan, for $6.2 million, is for Whispering Pines Nurs- ing & Rehabilitation Center, a 63-unit skilled nursing facility in Fayetteville. The second, $3.9 million, is for Bayview Nursing and Rehabilita- tion Center, a 50-unit skilled nurs- ing facility in New Bern. Joel Mendes, senior vice presi- dent at Oak Grove, arranged both loans. Cambridge arranges $14.2 million HUD refnance for skilled nursing facility Dayton, Ohio — Cambridge Realty Capital Cos. has arranged a $14.2 million HUD Lean loan to refnance the Wood Glen Nursing Center, a 148-bed skilled nursing facility in Dayton. The fully amortized, 30-year loan was arranged for the owner, an Ohio limited liability company, using the Section 232 pursuant to Section 223(f) funding program. Cambridge Realty Capital Ltd. of Illinois, Cambridge's HUD-specialty branch, under- wrote the loan. NorthMarq Capital secures $25 million refnance for community in Kansas Overland Park, Kansas — NorthMarq Capital's Kansas City regional offce has arranged the $25 million refnancing of The Atriums, a 203-unit seniors hous- ing community in Overland Park. The Atriums features resort-style independent living and assisted living apartments. The Freddie Mac loan, a restruc- turing of an existing loan from Freddie Mac, features a seven-year term and 30-year amortization schedule. Cambridge arranges $12.3 million HUD refnance for skilled nursing facility in California Victorville, Calif. — Cambridge Realty Capital Companies has arranged a $12.3 million HUD Lean loan to refnance Knolls West Post Acute, a skilled care nursing facility located in Victorville. The fully amortized, 30-year loan was arranged for the owner, a California limited liability com- pany, using the HUD Section 232 funding program. Cambridge Realty Capital Ltd. of Illinois underwrote the transaction. Seniors Housing Business n August-September 2015 Finance Continues from page 10 Heron's Key in Gig Harbor, Wash., is currently under development on 18 acres of land.

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