Seniors Housing Business

FEB-MAR 2018

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

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Development 14 www.seniorshousingbusiness.com Seniors Housing Business n February-March 2018 2,100 closed transactions in excess of $19 billion, $6 billion in mortgage servicing, 29+ years debt underwriting, dedicated M&A team, loan syndications and placements, bridge loan funding, taxable and tax-exempt bonds, equity financing for new development and acquisitions proprietary sale-leaseback financing, leading HUD LEAN lender, Fannie Mae Seniors Housing Program, approved USDA lender, trading desk with 80 years of experience, balance sheet lending, focused on seniors housing and care since 1988. Speak with a professional today lancasterpollard.com | (866) 611-6555 Financing Progress Perspective Matters We listen. We evaluate. We deliver. Lancaster Pollard is a subsidiary of ORIX USA, a division of leading international financial services group ORIX Corporation. Lancaster Pollard Mortgage Company is a Fannie Mae/GNMA/HUD-FHA/USDA approved lender. Lancaster Pollard & Co., LLC is a registered securities broker/dealer with the SEC and a member of FINRA, MSRB & SIPC. Cain Brothers issues $252 million bond financing for CCRC on Arizona State campus Tempe, Ariz. — Pacific Retire- ment Services (PRS) has received $252 million in bond financing for the construction of Mirabella at ASU, a 20-story continuing care retirement community (CCRC) on the campus of Arizona State Uni- versity (ASU) in Tempe. Once completed in 2020, Mira- bella at ASU will feature 252 units across 500,000 square feet. Cain Brothers was sole under- writer on the bonds, issued in partnership with University Realty, the real estate affiliate of ASU. University Realty contrib- uted land equity and local real estate expertise and will partner with PRS in Mirabella's gover- nance and marketing. The ASU affiliation will allow residents access to the universi- ty's academic, sporting and cul- tural programming. Cain Brothers also assisted PRS in securing seed capital to cover pre-development expenses. Mirabella at ASU is the third project under the Mirabella brand, PRS' luxury, urban, high- rise CCRC concept. PRS is the developer and con- tributed funds for start-up capi- tal and financial support. Both parties provided further support through the purchase of subordi- nated debt. PRS will operate the community. A development time- line was not released. The 20-story community will allow residents to access academic, sporting and cultural programs from Arizona State University. Western States Lodging breaks ground on 216-unit community near Phoenix Scottsdale, Ariz. — Western States Lodging has broken ground on Legacy Village of Salt River, a 216- unit assisted living and memory care community in the Phoenix suburb of Scottsdale. The property will be the com- pany's third in the Phoenix metro, as it continues its expansion into seniors housing. The property is located within Pima Center, a 232- acre mixed-use business park de- veloped by MainSpring Capital Group containing more than 1.5 million square feet of office, flex, and light industrial facilities. The Block, a full-service retail center, is currently under construction with- in the park. Salt Lake City-based Beecher Walker Architects designed the community, which hardison/ downey construction is building. The community is scheduled to open in early 2019. Development partners include The Boyer Group and the Colmena Group. Zions Bank provided de-

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