Financings
EBSC Lending provides $26.2M for affordable housing
EBSC Lending provided $26.2 million in financing for a 41-unit affordable senior housing complex in Michigan.
According to a press release, the non-profit owner and borrower will use the financing to to refinance existing debt and fund capital improvements to the community to maintain its affordable status, along with creating new loft-style apartments.
Upgrades for the community will include unit interiors, elevators, building exteriors, common areas and building systems, alongside others.
Cambridge provides $15.5M HUD refinancing loan
Cambridge Realty Capital Companies announced it has provided a $15.5 million HUD Lean loan for refinancing purposes for The Pointe at Eastgate located in Algonquin, Illinois.
According to a press release, the community is in the process of transitioning from independent living to a “more supportive environment.”
The fully-amortized, 35-year loan was provided for the owner, an Illinois limited liability company.
Capital Funding Group closes on $13.5M financing
Capital Funding Group announced it had closed on a Bridge-to-HUD loan totaling $13.5 million for a skilled nursing facility in Ohio.
The community accommodates 120 beds and the financing closed on March 26.
According to a press release, this financing follows CFG’s recent announcement of the closing of two HUD loans totaling $17.4 million, which supported the refinancing of two skilled nursing facilities in Florida.
Transactions
Blueprint sells two Indiana assisted living, memory care communities
Brokerage firm Blueprint has announced the sale of two assisted living and memory care communities in northern Indiana on April 18.
The communities total 119 units and are “uniquely positioned as a value-add opportunity,” according to a press release.
The selected buyer plans to reposition the communities “as premier affordable options.”
Blueprint facilitates sale of 269-unit campus
Blueprint announced it sold a 269-unit independent living, assisted living and memory care campus in San Antonio, Texas.
According to a press release, the campus was built in two phases in 2011 and 2017.
A public REIT was selected as buyer and elected to maintain Franklin Companies as operator under a new management agreement.
