This month, Ziegler, another underwriter for senior living provider financing, has secured $145,055,000 in financing to build a new retirement community in Gig Harbor, Washington to be named Heron’s Key. Heron’s Key is a community that will hold 282 independent living units, 45 skilled nursing units, and 32 memory care units after construction is complete. The community will be developed on approximately 18 acres of land in the Harbor Hill area of Gig Harbor.
Ziegler will act as the sole underwriter for the sponsor of the community, Emerald Communities, who has a long-standing relationship with Ziegler. “We appreciate our long-term working relationship with Ziegler; their expertise, experience and guidance were instrumental in Emerald Communities realizing this very significant milestone. We’re also very pleased that our new financing partners recognize the value that Heron’s Key brings to the Peninsula, in their confidence in the Board and Management, and of their support in this important expansion of mission for Emerald Communities,” said Lisa Hardy, President and CEO of Emerald Communities.
Also completed this month, Ziegler secured $109 million in financing for a Texas-based senior living community, The Buckingham with tax-exempt, fixed-rate Series 2015 Bonds. The operator of the community is Senior Quality Lifestyles Corporation. The Buckingham is located just west of the Houston Galleria in the Memorial/Tanglewood area of Houston. It holds 204 independent living units, 43 assisted living units, and 16 memory care assisted living units. The community also has a health center with an additional 60 nursing care beds. “SQLC has developed a reputation for the operation of high quality senior living communities and has been one of the more active senior living capital markets participants in the past 15 years with over $1 billion in par amount of bonds issued since 1999,” Rich Scanlon, managing director in Ziegler’s senior living practice, said in a statement. “The Buckingham expansion changes the character of this community and will solidify their reputation as the senior living provider of choice in western Houston.”
In other senior housing and healthcare financial news, Arbor Commercial Mortgage LLC has been appointed as the latest Senior Housing Lender for Freddie Mac. This move will increase the financing and loan products that Arbor is able to provide. As one of its first transactions as the newest Freddie Mac Senior Housing Lender, it provided a $12 million, 10 year refinancing loan for Cambridge Court Assisted Living. The loan has 30 years of amortization. Cambridge Court is located in Mesquite, Texas and has 98 units. The community is currently 95% occupied. Arbor Commercial Mortgage is now one of 15 Freddie Mac Senior Housing Lenders.
Contact Cambridge Realty Capital
Cambridge Realty Capital specializes in providing financing and capital for large-scale improvements and construction projects for senior living facilities. We also have expertise in mergers, acquisitions, and joint ventures. For any questions regarding finance and capital for your Senior Living initiative, contact Cambridge Realty Capital. Whether you are planning to get ahead of the increase in demand for memory care, remodel, or invest in an acquisition, our experts are standing by to help you improve your community.