MonticelloAM, a specialized multifamily and seniors housing bridge lending platform, closed an $87,150,000 bridge loan for 39 residential assisted living communities in Fresno. The borrower was not disclosed.

Expanding its relationship with MonticelloAM, the borrower plans to use the bridge loan proceeds to refinance the existing debt on the properties with the intent to secure long-term financing. 

“MonticelloAM’s deep knowledge of structuring seniors housing loans, paired with our commitment to our client’s goals, were the key drivers in this operator’s decision to partner with us on another transaction,” said Joseph Borenstein, head of the MonticelloAM healthcare sales desk. “We look forward to providing our seniors housing clients tailored solutions, positioning them for future success.”

Berkadia has completed the sale of three senior living communities offering assisted living and memory care services in the Chicago and Milwaukee metropolitan areas.

Berkadia Seniors Housing & Healthcare, led by Managing Directors Ross Sanders, Dave Fasano, Cody Tremper, and Mike Garbers, closed the 306-unit transaction on behalf of the seller, a joint venture between Dallas-based Caddis Partners and a private equity real estate fund. The properties were purchased by a publicly traded REIT.

Heartis of Orland Park, located approximately 25 miles southwest of downtown Chicago, opened in 2018 with 96 assisted living and memory care units. Heartis Village Brookfield and Heartis Village North Shore, located in Brookfield and Glendale, Wisconsin, opened in 2019 and have a total of 210 assisted living and memory care units.

The two Class A properties have exhibited strong occupancies and rental rate growth year after year. With limited new construction in the Milwaukee MSA, they will have the capability to continue strong performance going forward. 

Eastern Union has arranged $20.4 million in refinancing toward the conversion of a six-story, 137-unit hotel in Plano, into an assisted living residential community. The transaction was originated and managed by Meir Abrahamson, a senior loan consultant with Eastern Union. 

The property, which recently ceased operations as a Deluxe Inn, was formerly a Comfort Inn. It features single-loaded interior corridors, brick veneer, and wooded verges, was built in 1984 and renovated in 2005. The seller was Maheshbhai T. Patel. The hotel is situated on a 2.27-acre parcel at 700 Central Parkway East – and will be transformed into Parkdale Senior Living. The conversion is expected to be complete by the middle of 2026. 

The overall financing consists of two loans provided in conjunction with the SBA 504 program. The first loan is a $15,779,000 primary, permanent loan. The interest rate equals WSJ Prime + 2.75 percent, to be adjusted quarterly. The second mortgage is a bridge loan amounting to $4,669,000. It carries the same interest rate as the primary loan.  

Berkadia closed the sale of Meadow Brook Senior Living, a 92-unit assisted living and memory care community in Fishers, Indiana.

Located 15 miles northeast of Downtown Indianapolis, the property consistently achieved high occupancy, averaging 95% occupancy over the past year. Built in 2014, Meadow Brook is a well-maintained asset with high-quality construction, finishes, and furnishings.

Managing Directors Cody Tremper, Dave Fasano, Ross Sanders, and Mike Garbers of Berkadia Seniors Housing & Healthcare led the transaction on behalf of the seller, S-K Fishers, LLC, an entity managed by the principals of SRC, LLC.

A long-time owner of senior living communities was ultimately selected as the buyer due to their proposed pricing and deal structure. Traditions Management will continue to manage the community.

Focus Healthcare Partners acquired Treeo Senior Living for $26.2 million. Columbia Pacific Advisors was the seller.

The Triangle Business Journal reports Columbia Pacific Advisors developed the community after buying the land for $1.8 million in 2016. Columbia built the facility in 2018. There are 143 units in one 4-story building. The Willows at Raleigh is on 5.02 acres at 2722 Spring Forest Road. The facility made U.S. News and World Report’s 2024 Best Senior Living Rankings, achieving a score of 4.6 out of 5.

Focus Healthcare Partners has renamed the property to The Willows at Raleigh.

The Willows at Raleigh has studios, one- and two-bedroom units ranging from $2,940 to $4,360 a month. On-site amenities include a movie theater, dining room, bar, salon, fitness center, activity room, guest suites and outdoor courtyard. Services provided for residents are bi-weekly housekeeping, transportation services, medical services and 24-hour emergency monitoring and response.  

Cambridge Realty Capital provided a $15.52 million HUD Lean loan to refinance The Pointe at Eastgate, an assisted living facility located in Algonquin, Illinois.

Brent Holman-Gomez, Cambridge Senior Vice President, reported that the fully-amortized, 35-year loan was provided for the owner, an Illinois limited liability company, using HUD Section 232 pursuant to Section 223(f) funding program, which is used to refinance existing HUD loans. Underwriting the transaction was Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans.

The Pointe at Eastgate is an assisted living facility for seniors 65 and older, and the property offers private apartments and a variety of services. Privately owned since 1983, Cambridge Realty Capital has national origination offices in Chicago and Los Angeles and provides FHA-insured HUD loans and conventional mortgage financing.

Don’t miss the Lifetime Achievement Award Presentation and Keynote Interview with G. Joseph Cosenza, Vice Chairman of The Inland Real Estate Group, LLC and President of Inland Real Estate Acquisitions, LLC at Connect Midwest: Multifamily, Affordable, Student & Senior Housing Trends on June 4, 2024, at the W-Chicago, City Center Hotel, Chicago, IL. Register Today to network with your peers!