Seniors Housing Business is the magazine that helps you navigate the evolution of the seniors housing industry.
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Finance www.seniorshousingbusiness.com 11 February/March 2017 n Seniors Housing Business INDEPENDENT LIVING | ASSISTED LIVING MEMORY CARE | SKILLED NURSING 800.837.5100 red capitalgroup . com DUS ® is a registered trademark of Fannie Mae. THE FACE OF LENDING NATION'S #1 FHA/HUD MULTIFAMILY & SENIORS HOUSING LENDER by Loans Closed in HUD FY15 and FY16 FHA/HUD FANNIE MAE DUS ® BRIDGE LENDING building communities arranged two bridge loans for Titan Senquest totaling $19.3 million. The two non-recourse loans will be used toward independent liv- ing communities totaling 326 beds in Bryan, approximately 100 miles east of Austin, and Grand Rapids, located in Western Michigan. The names of the properties were not disclosed. Avi Begun and Eric Gorlechen of Harborview arranged the financ- ing. HJ Sims arranges $17.6 million in bonds for CCRC in Delaware Lewes, Del. — HJ Sims, a Con- necticut-based investment bank and broker-dealer, has arranged $17.6 million in bonds for Cadbury at Lewes, a continuing care retire- ment community in the coastal town of Lewes. Cadbury Senior Lifestyles, a New Jersey-based nonprofit operator, manages the community, which was built in 2007. The bonds will be used to refi- nance existing bonds, also arranged by HJ Sims, from the community's construction in 2006. The new fi- nancing will generate annual debt service savings of approximately $200,000. Walker & Dunlop arranges $29.8 million refinancing for CCRC in Boise Boise, Idaho — Walker & Dunlop Inc. (NYSE: WD) has structured a $29.8 million refinancing for Gar- den Plaza of Valley View and Val- ley View Skilled Nursing Facility, which work together as a 300-unit continuing care retirement commu- nity (CCRC) in Boise. The financing required two dif- ferent lenders to fund two sepa- rate loans for one property with one existing mortgage. Fannie Mae financed the independent living and assisted living portion, and the HUD placed the debt for the skilled nursing facility. In addition, an eq- uity recapitalization component was included in the Fannie Mae debt. Michael Vaughn and Kevin Giusti led Walker & Dunlop's origination team and worked with BrightSpace Senior Living, the Tennessee-based borrower, to place the debt. Walker & Dunlop structured a $9 million loan with a 35-year, fully amortizing term for Valley View Skilled Nursing Facility. The CCRC's skilled nursing component was built in 1986 and consists of 24 private and 40 semi-private units. The loan executed with Fannie Mae for Garden Plaza of Valley View was $20.8 million with a 10- year term, followed by a 30-year amortization schedule. This por- tion of the CCRC, containing 142 independent living and 51 assisted living units, was built adjacent to the existing skilled nursing facility in 1992. Substantial renovations to the CCRC were completed in 2009, including common area upgrades, new roofing and the addition of a physical therapy building.