Dealmaker: BWE Closes $150 Million in Seniors Housing Loans
Bellwether Enterprise Real Estate Capital LLC, Cleveland, closed five loans totaling $150,963,000 to finance nine assisted living and memory care communities across the U.S.
Ryan Stoll, national director of seniors housing and care, led BWE’s nationwide efforts to secure financing for seniors housing and care communities.
The properties include:
• Bridge Investment Group Northeast Portfolio, a $64,763,000 Fannie Mae loan to finance four assisted living and memory care communities across the northeast for Bridge Investment Group; operated by Bridge Senior Living. Financing for the 422-unit portfolio was originated by Stoll and Kim Huffstutler, senior vice president of seniors housing and care in BWE’s Mobile, Ala., office.
• A $50,000,000 construction loan for Aspire Alexandria, a 133-unit independent living development, at 1112 First Street in Alexandria, Va. The non-recourse construction loan, secured from a debt fund, was originated by Stoll and Taylor Mokris, senior vice president of seniors housing and care in BWE’s Charlotte, N.C., office, along with Peter Borstelmann, executive vice president in BWE’s Pittsburgh office. The loan was arranged for Bonaventure, a vertically integrated real estate company, headquartered in Alexandria. Aspire Alexandria will be managed by Senior Lifestyle Corp.
• A $29,675,000 refinancing of The Pineapple House at Sapphire Lakes, a recently constructed, two-story, 122-unit seniors assisted living and memory care community at 7901 Radio Road in Naples, Fla.. The two-part financing was originated by Kevin Hicks, senior vice president in BWE’s Philadelphia office, and Michael Powell, senior vice president in BWE’s New York office, for owner/operator Concierge Senior Living. The financing consists of a $20,675,00 bridge loan provided by a bank lender and $9,000,000 in Property Assessed Clean Energy (PACE) financing from the Department of Energy, which financed energy efficiency improvements. In addition to offices for on-site medical staff, the resort-style community offers a variety of amenities, including an open-air garden courtyard, in-ground pool, wellness center, library and theater.
• A $7,200,000 refinancing of Paradise Living Centers, three assisted living and memory care communities consisting of 10 private units each at 302 E. Maryland Avenue, Phoenix; 3937 E. Montecito Avenue, Phoenix; and 6021 E. Lincoln Drive, Paradise Valley, Ariz. The loan was originated by Jim Swanson, executive vice president in BWE’s Phoenix office. Each purpose-built unit contains a kitchen and common room, with meals and daily enrichment activities also provided. Paradise Living Centers provide a full range of services, from healthy lifestyle planning to memory care and hospice. The non-recourse loan provided by HUD’s 232/223(f) program paid off existing construction debt, and features a low-interest rate, 35-year amortization, and an 85% loan-to-value ratio.
