Kay Ravizee has been named as new executive director at Grand Court Findlay, a Brookdale community, to lead the team of associates who providesenior care at the independent and assisted living center. Ravizee was previously the administrator at a senior care and rehabilitation center.
♦
Ziegler has closed on the $103,755,000 unrated, fixed-rate Series 2014 Bond issue for Rockwood Retirement Communities. Spokane United Methodist Homes d/b/a Rockwood Retirement Communities (Rockwood, or the Borrower) originally consisted of a single CCRC on 90 acres, Rockwood Manor, now known as Rockwood South Hill.
In 1999 Rockwood expanded with the acquisition of a community on eight acres. Rockwood South Hill and Rockwood at Hawthorne are the only two accredited CCRCs between Seattle and Minneapolis. Rockwood is currently developing a new 11-story tower (The Summit at Rockwood South Hill) on the Rockwood South Hill campus. The tower will include 65 new independent living apartments, an underground parking structure, common space and amenities.
Proceeds of the Series 2014 Bonds will be used to finance the costs of The Summit project; refinance outstanding indebtedness; pay a portion of the interest on the bonds during the construction of the project (approximately 26 months); fund debt service reserve funds; and pay certain costs relating to the issuance of the Series 2014 Bonds.
♦
Red Capital Partners, LLC, closed a $26.2 million balance sheet construction loan for an affiliate of CNL Healthcare Properties Inc., in support of a new Class A seniors housing and skilled nursing facility to be constructed in Tega Cay, S.C.
The 152-unit campus development will offer assisted living, memory care, and skilled nursing care with an emphasis on wellness and rehabilitative services. The project is currently under development and upon completion will be operated by affiliates of Maxwell Group Inc.
RED’s non-recourse construction loan will finance the development and stabilization of The Wellmore of Tega Cay. The project will total almost 150,000 square feet of Class A construction incorporating high-quality finishes and design elements over a campus setting consisting of six buildings, including a 25,000-square-foot clubhouse and wellness center and amenities.
♦
Centerline Capital Group has launched a new national healthcare lending platform. The new platform will actively fund loans for the acquisition, new construction and sub-rehab of community based residential care facilities, assisted living, and memory care facilities, nursing homes, and special use healthcare properties.
The effort will be formed under Centerline’s FHA Group led by Philip Melton, senior managing director at Centerline Capital Group. James F. Boris, director FHA Loan Production, will be responsible for driving new originations for the platform.
The healthcare lending platform will include three new loan structures, including Centerline Bridge Loans, HUD Section 223f/232 Acquisition & Refinance Loans, and HUD Section 232 New Construction & Sub Rehab Loans.
