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Jul. 16, 2014

TODAY’S DEALS: Berkadia Secures More Than $156M in Financing for Capital Senior Living

Berkadia_Capital_Senior_Living_AHorsham, Pa.—Berkadia Commercial Mortgage LLC recently worked with Capital Senior Living Corp. to arrange $156.6 million in financing for a portfolio of 15 seniors housing properties located across seven different states. Highlights include:

-Senior Vice President Lisa Lautner of Berkadia’s Seniors Housing and Healthcare group worked with Fannie Mae to originate $135.5 million for 12 properties located in Texas, Ohio, Missouri, Kansas and Mississippi. The 10-year, fixed-rate loan amortizes over 30 years and has a 4.24 percent interest rate. The properties contain 1,575 total units, including assisted living and independent care units.

-Lautner closed an additional $9.3 million for two properties located in Shreveport, Louisiana and Oklahoma City. The one-year, floating-rate interim financing was secured through Berkadia’s Proprietary Bridge Lending Program and will be used to prepare the properties for sale. The properties consist of 119 independent living units each.

-Lautner also secured an $11.8 million two-year, floating-rate loan through Berkadia’s Proprietary Bridge Lending Program for a property located in Canton, Ohio. The interim financing will be used to renovate and reposition the property, which consists of 239 independent living and assisted living units.

“Berkadia’s Seniors Housing and Healthcare group leveraged its strong traditional and bridge lending capabilities to close all three deals just 45 days from first receiving Fannie Mae’s quote,” says Lautner. “We have a long-standing relationship with Capital Senior Living, and that they trusted us to manage this complex transaction and deliver the flexible financing they needed is a testament to our team’s service and expertise.”

Capital Senior Living Corp. is one of the nation’s largest operators of residential communities for senior adults. The company’s communities emphasize a continuum of care, which integrates independent living, assisted living, and home care services, to provide residents the opportunity to age in place. The company operates 113 senior living communities in geographically concentrated regions with an aggregate capacity of approximately 14,700 residents.

EdR sells two assets for a combined $29.9M

Columbia, S.C. & Auburn, Ala.—Publicly traded student housing REIT EdR has closed two separate sales to two different companies for a combined $29.9 million.

The company sold a 480-bed, 2003-built community known as Point West that serves University of South Carolina. EdR also completed the disposition of The Reserve on South College, a 1999-built community that features 576 units about a half-mile from Auburn University.

Proceeds from the sales were used to pay off approximately $16.7 million of mortgage debt, with an average interest rate of 4.9 percent, and to also pay down the outstanding balance on EdR’s unsecured resolving debt facility.

“The disposition of these two communities supports the ongoing refinement of our portfolio toward newer, state-of-the-art communities in close proximity to campus,” says Tom Trubiana, executive vice president and chief investment office at EdR.

Walker & Dunlop provides $70.5M for Boston-area acquisition

Danvers, Mass.—Walker & Dunlop has structured a seven-year fixed-rate $70.5 million loan under Freddie Mac’s CME program for the acquisition of Avalon Danvers, a 433-unit apartment community located outside Boston in Danvers, Mass. The property was picked up by The DSF Group, a Boston-based multifamily investor and developer. Avalon Danvers is located at the former site of the Danvers State Hospital.

The DSF Group has a renovation plan in place that will upgrade and expand the amenity space. A new health and fitness center, yoga studio, virtual golf and boxing studio, movie theater and resident lounge are in the works. Renamed Halstead Danvers, the asset will become part of the DSF signature Halstead brand.

Allan Edelson, senior vice president at Walker & Dunlop’s Chicago office, led the team that structured the loan.

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