Financings
CFG closes on $185M construction loan for Erickson
Capital Funding Group (CFG) announced on Sept. 4 that it closed on a $185 million construction loan on behalf of Erickson Senior Living.
The financing will support the first phase of construction for The Grandview, a continuing care retirement community currently under development. Featuring two 14-story buildings with 501 independent living units, the first phase is just the beginning. The completed campus will include seven buildings with a total of 1,185 independent living units, 214 assisted living and memory care units, as well as various amenities like restaurants, fitness center, swimming pool, salon, art studio, and outdoor terraces.
Ally provides $115M bridge loan
Ally Bank has provided a $115 million bridge loan to support Chicago Pacific Founders and Grand Park Capital following renovations on a four-asset portfolio consisting of properties in Alabama, Tennessee, Oklahoma, and Michigan. JLL Capital Markets facilitated the financing.
Transactions
Blueprint sells Michigan nonprofit CCRC
Blueprint has successfully facilitated the sale of a continuing care retirement community in Grand Rapids, Michigan for faith-based nonprofit Samaritas. The campus, originally built in 1975 and renovated between 2013 and 2015, found a buyer in Optalis Healthcare through Blueprint’s marketing efforts.
Senior Living Investment Brokerage also concluded the sale of a 120-bed assisted living program community in upstate New York for a non-profit seller looking to scale back. The community, comprising 60 units and established in 1999, has been acquired by a private owner focusing on assisted living programs in New York.
Another successful transaction by Blueprint involved the sale of a 60-unit community in Florida as part of a larger portfolio deal. The community, known for its strong performance and potential for growth, was acquired by a national real estate investment platform with management responsibilities transitioning to a regional operator in Florida.
Blueprint surpasses $1B in sales volume following Texas sale
Blueprint exceeded $1 billion in sales volume following the successful sale of an assisted living and memory care facility in McKinney, Texas. The community, boasting a 98% occupancy rate at the time of sale, was acquired by a new privately traded real estate investment trust specializing in seniors housing investments.
