Greystone has arranged a $33.7 million debt placement to refinance a portfolio of seniors communities in the Pacific Northwest. The transaction was sourced by David Young, a Managing Director at Greystone on behalf of a regional owner of affordable-focused senior housing communities.

There were four properties total across two states. Each community has a specific Medicaid contract with the state serving assisted living and memory care residents. The financing was provided by a debt fund meeting the borrower’s expectations on proceeds.

“With recent Medicaid rate increases and capital expenditures completed on the communities, we were seeking to maximize proceeds for this debt request. We sourced a fitting lender after an extensive process working with banks, credit unions and unlevered, A/B tranched, and back-levered debt funds,” said Young.

Greystone and Cushman & Wakefield provided acquisition financing and arranged the sale of Aventine, previously known as Ardmore at Bryton, a 288-unit multifamily property in the Charlotte suburb of Huntersville, North Carolina. 

The multifamily property was sold by Ardmore Residential to buyer Claremont Companies, a family office based in Massachusetts.

Cushman & Wakefield’s Alex McDermott, Louis Smart, Paul Marley, John Phoenix, Richard Montana, and Jacquelyn Aaron represented the seller in the $72.9 million transaction. Alex Basile, an Executive Director at both Greystone and Cushman & Wakefield, along with Michael Zelin and Drew Barnette of Cushman Wakefield’s Equity, Debt and Structured Finance team originated a $41.4 million Freddie Mac loan to finance the acquisition. 

Aventine is located at 13035 Ardmore Forest Rd. and features a fitness center, car care center, clubhouse with a resident lounge, complimentary Starbucks bar, pet spa and park, and a resort-style swimming pool.

Greystone Monticello has closed a $16.67 million bridge loan for the acquisition of a seniors housing property in Illinois. The financing was originated by Karina Davydov, a managing director for Greystone Monticello. The property comprises independent living, assisted living and memory care units.

“We are excited to deepen our relationship with a top-notch regional operator as it expands its footprint in the Midwest market,” said Davydov. “Greystone Monticello prides itself on its ability to provide custom solutions in the ever-evolving capital markets.”

The bridge financing closed by Greystone Monticello carries a two-year term with two six-month extensions. “The Greystone Monticello bridge platform is certainly ideal for seniors housing operators looking to transact during times of transition in the market, and we look to exceed their expectations over the long term,” added Joseph Borenstein, head of the healthcare sales desk at Greystone Monticello.