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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8 Seniors Housing Business n August-September 2015 Finance THE TOP TEAM FOR YOUR BOTTOM LINE Serving as trusted advisors to our clients is a role we take seriously at CBRE. Backed by the world's most powerful real estate platform, our professionals are committed to delivering superior results. For every client. On every assignment. $2.7 Billion in Capital Markets Senior Housing Transactions in 2014 • $1.95 billion in senior housing investment sales in 2014 • $940 million in senior housing fnancings YTD June 2015 • Top senior housing/age restricted lender in the U.S. in 2013 & 2014* Mitchell Kiffe Co-Head of Production/ National Senior Housing Leader Matthew Whitlock Executive Vice President Lisa Widmier Executive Vice President Aron Will Executive Vice President Deborah Street Vice President Matthew Kuronen Senior Analyst Adam Mincberg Senior Analyst Tim Root Senior Analyst Austin Sacco Senior Analyst Henry McArdle Analyst Lexi Zager Analyst *Source: MBA Greystone provides $58.3 million refnancing for community in California Santa Rosa, Calif. — Grey stone, a real estate lending, investment and advisory company, has pro- vided a $58.3 million Freddie Mac loan to refnance Varenna at Foun- taingrove, a 163-unit independent living facility in Santa Rosa, just north of San Francisco. Affliates of Oakmont Senior Living own and operate the luxury community. The 10-year loan was funded via Freddie Mac's Index Lock product, which enabled the bor- rower to take advantage of the existing 10-Year Treasury rate prior to commitment. Lancaster Pollard arranges $12.3 million FHA refnance for skilled nursing facility Poughkeepsie, N.Y. — Lancaster Pollard has arranged a $12.3 million refnance for Lutheran Care Cen- ter at Concord Village, a 160-bed skilled nursing facility in Pough- keepsie, a town along the Hudson River in Upstate New York. The Lutheran Care Network owns the facility. The loan is insured by the FHA Sec. 232/223(f) program and replaced letter-of-credit bonds with a lower long-term fxed inter- est rate. Tom Grywalski led the transac- tion for Lancaster Pollard. HFF arranges sale, $33.2 million fnancing for independent living community in N.J. Teaneck, N.J. — Holliday Fenoglio Fowler L.P. (HFF) has arranged the sale of Heritage Pointe of Teaneck, a 142-unit inde- pendent living facility in Teaneck. The buyer was Washington, D.C.- based asset management frm The Carlyle Group. HFF marketed the property on behalf of Lowe Enterprises Inves- tors, which was itself acting on behalf of an investment client. Continued on page 10 Ziegler closes $20.9 million bond fnancing for CCRC in luxury resort in Florida Naples, Fla. — Ziegler, a specialty investment bank, has closed $20.9 million in bond fnancing for The Arlington of Naples, a continuing care retire- ment community (CCRC) being built as part of a resort in Naples. The Arlington is currently under con- struction on 39 acres within the Lely Resort, a 3,000-acre luxury real estate community. When fnished, the new community will feature 128 independent living apart- ments, 47 independent living vil- las, 42 assisted living apartments, 37 memory support suites, and 44 skilled nursing suites within 617,000 square feet of buildings. The bond fnancing was issued simultaneously with the closing of an $8 million construction loan from the Mission Investment Fund of the Evangelical Lutheran Church in America. The purpose of the two fnancings is to pro- vide enough funds to complete the project as originally envi- sioned when it received $190.3 million in bond fnancing in 2013, as well as expand that plan with 16 additional independent living villas. The Arlington is sponsored by Lutheran Life Ministries, a nonproft operator that currently manages fve seniors housing communities comprising 1,279 units in Indiana and Illinois. The company plans to open this new community, its frst in Florida, in October. As of June 10, the com- munity was 85 percent presold. An aerial view shows the state of construction at The Arlington at Naples in Naples, Fla.

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