Senior Living Loan
Commercial Observer
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The owners of a four-property senior living portfolio secured a nine-figure bridge loan to help cover renovation costs. The deal speaks to both investor interest in senior living properties and the general thaw in commercial real estate financing deals. Also for today: An apartment project in Northern New Jersey secured a similarly large construction loan.
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Ally Bank Provides $115M Bridge Loan on Four-State Senior Living Portfolio
Chicago Pacific Founders and Grand Park Capital have secured $115 million in bridge financing after renovating a four-asset portfolio of independent living properties across Alabama, Tennessee, Oklahoma and Michigan. Ally Bank provided the three-year, nonrecourse loan. A JLL Capital Markets team of Jay Wagner, Rick Swartz, Joel Mendes, Dan Kearns, Jim Dooley and Robert Tonnessen arranged the financing. In a statement, JLL’s Mendes said the sponsorship group has executed a “terrific” renovation of what’s known as the Town Village portfolio while operating the four properties, and spoke to the strength of the capital markets system.
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Centennial Bank Provides $152M Construction Loan for Journal Square
Namdar Group has secured a $152 million construction loan to build a 588-unit luxury apartment tower that will include both a synagogue and a preschool in Journal Square, N.J. Centennial Bank provided the senior financing portion of the loan, while an unnamed private lender provider provided the mezzanine portion of the debt. A JLL Capital Markets debt advisory team of Thomas E. Didio Jr. and Michael Mataras arranged the financing on behalf of the sponsor. Andrew Namdar of Namdar Group said in a statement that his firm was “excited” to once again work with Centennial Bank to finance a development in Journal Square.
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