Ziegler, a specialty investment bank, closed two financings for a combined $180 million on seniors housing facilities in recent weeks.
In the larger deal, Ziegler closed on a $143.12 million non-rated, fixed-rate issue for The Terraces at Bonita Springs in Bonita Springs, Fla. The Terraces is a start-up continuing care retirement community to be constructed just north of Naples in southern Lee County. The Terraces is sponsored by SantaFe Senior Living, an affiliate of SantaFe HealthCare, each of which are not-for-profit corporations. Ziegler served as sole manager on this bond issue.
The Terraces will be located on approximately 20 acres and is expected to consist of 144 entrance fee-based independent living apartment-style residences, 49 residential-style assisted living apartments, 18 memory support assisted living suites and a nursing facility including 40 private nursing beds.
Greystone Communities of Las Colinas, Texas serves as the developer for the Terraces. SantaFe Senior Living will manage the Community.
In the second deal, Ziegler closed a $24.45 million fixed-rate placement issue and a $12 million direct bank placement issue for Christian Living Communities (CLC). Stifel Nicolaus served as co-senior manager on this financing with Ziegler.
CLC is a 501(c)3 faith-based, non-profit organization providing housing, healthcare, and home and community based programs to over 1,000 seniors and families in the state of Colorado. The three CCRCs operated by CLC include Clermont Park, located in Denver, and the Johnson Center Community and Holly Creek Community, both located in Centennial, Colo.
Lautner, Brunet, Perri Join Berkadia’s Seniors Housing & Healthcare Team
Berkadia Commercial Mortgage LLC has hired three commercial real estate veterans to focus on loan originations on seniors housing and healthcare properties.
Lisa Lautner, Heidi Brunet and Nicole Perri joined Berkadia’s senior housing and healthcare team on October 31, 2011; reporting to Senior Vice President Daniel J. Biron. Each brings with them an extensive background in loan originations and financing for senior housing and healthcare projects.
Lautner joins the firm as a senior vice president based in Georgetown, Ky. and will work as a mortgage banker for the senior housing group, focusing on Freddie Mac, Fannie Mae and FHA/HUD placements. She has more than 20 years of specialized experience in the senior housing industry and has developed many solid and long-standing relationships in that market. Prior to joining Berkadia, Lautner served as a senior vice president in Oak Grove Capital’s seniors housing and healthcare group.
Brunet and Perri, who both recently served at Oak Grove Capital, join Berkadia as vice president and assistant vice president, respectively. As a mortgage banker within Berkadia’s senior housing group, Brunet will be responsible for developing new Fannie Mae, Freddie Mac and FHA/HUD financing opportunities. Brunet is based in Dallas.
Perri brings more than 14 years of experience to her work as a senior underwriter, with extensive knowledge of the compliance and development issues related to seniors housing. Based out of Birmingham, Ala., Perri also worked with Berkadia predecessor, Capmark Finance, and GMACCM.
Carlsbad Breaks Ground on Stoneridge Creek
Continuing Life Communities LLC (CLC), based in Carlsbad, Calif., held formal groundbreaking ceremonies earlier this month for Stoneridge Creek in Pleasanton, Calif. The new community will be built on a 46-acre campus located at 3300 Stoneridge Creek Way off Stoneridge Drive.
Nearly 400 future residents of the new community, as well as city and county officials and representatives from CLC, the owner/operator of Stoneridge Creek, attended the ceremony. Joining the Kohnens in the shovel ceremony were Alameda County Supervisor Scott Haggerty, Pleasanton Vice Mayor Cheryl Cook-Kallio, and members of CLC’s management team including Warren E. “Ned” Spieker, Jr., chairman, and Richard D. Aschenbrenner, chief executive officer.
To date, more than two-thirds of the homes in Stoneridge Creek’s first phase have been reserved.
Designed by the architectural firm of Van Tilburg Banvard & Sodenburg, AIA, of Santa Monica, Calif., the community will offer up to 635 independent living residences, including single-story villas. Bourne said that construction of the community’s new homes and common buildings will begin in the first quarter of 2012. The first residents are expected to move in during the second half of 2013.
In addition to nearly 20 floor plan options in several configurations, Stoneridge Creek will feature several restaurant venues ranging from casual to fine dining; a library; billiard and card rooms; and a computer lab and business center. Other onsite amenities include a spa and fitness center; an open-air pool, steam room and spa terrace; a performing arts theater for musical and theatrical performances; a movie theater; art studio; and woodworking shop. Outdoor recreation amenities include a short-game golf course; tennis courts; dog park; walking and cycling trails; and bocce and croquet courts.
LTC Purchases Skilled Nursing Property
LTC Properties Inc. acquired a skilled nursing property with 156 licensed beds in Colton, Calif., for a purchase price of $17.5 million.
The property was built in 1990 and primarily operates a sub-acute program with a revenue source predominantly consisting of managed care contracts and specialty government reimbursement.
Simultaneous with the purchase, the company leased the property to an unrelated third-party operator pursuant to a 12-year lease agreement at an initial cash yield of 9.25 percent and a GAAP yield of 10.34 percent. The lease contains annual escalations of 2.0 percent and has two 10-year renewal options.