New Jersey Loans – Sun National Bank Center http://sunnationalbankcenter.com/ Fri, 11 Jun 2021 20:28:59 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://sunnationalbankcenter.com/wp-content/uploads/2021/05/sun-national-bank-center-icon-150x150.png New Jersey Loans – Sun National Bank Center http://sunnationalbankcenter.com/ 32 32 Federal judge suspends loan forgiveness program for farmers of color https://sunnationalbankcenter.com/federal-judge-suspends-loan-forgiveness-program-for-farmers-of-color/ https://sunnationalbankcenter.com/federal-judge-suspends-loan-forgiveness-program-for-farmers-of-color/#respond Fri, 11 Jun 2021 20:20:25 +0000 https://sunnationalbankcenter.com/federal-judge-suspends-loan-forgiveness-program-for-farmers-of-color/

A federal judge suspended a loan license program for farmers of color in response to a lawsuit alleging the program discriminated against white farmers.

Milwaukee U.S. District Court Judge William Griesbach on Thursday issued a temporary restraining order to suspend programs for socially disadvantaged farmers and ranchers, the Milwaukee Journal Sentinel reported. ..

The program provides up to 120% of direct or guaranteed farm loan balances to Black, Native American, Hispanic, Asian American, or Pacific Islander farmers. Covid-19 pandemic Backup plan.

“It’s a big deal for us,” said John Boyd, Jr., president. National Association of Black Farmers, CBS MoneyWatch told CBS in March when the federal spending program was approved. “I think this is a great opportunity to help thousands of people.”

Black-owned farms in decline in the United States

08:26

White farmers ‘can’t even apply’

Conservative Wisconsin Method and Independent Study Procedure In April, white farmers claimed they were not eligible for the program and violated their constitutional rights. The company has filed lawsuits on behalf of 12 farmers in Wisconsin, Minnesota, South Dakota, Missouri, Iowa, Arkansas, Oregon and Kentucky.

“If plaintiffs are eligible for loan exemption, they will make additional investments in their property, expand their farms, purchase equipment and supplies, or otherwise support their families and communities. You will have the opportunity to do so, ”said the instance. “Complainants are not even eligible to apply to the program purely on the basis of race, so they have been denied equal protection of the law and therefore suffered prejudice.”

The request seeks a court order prohibiting the USDA from applying a racial classification to determine loan changes and payment eligibility under the stimulus. We are also asking for unspecified damages.

History of injustice

Minority farmers have claimed for decades that they have been unfairly denied agricultural loans and other government assistance. Federal farm authorities in 1999 and 2010 settled cases against black farmers and accused them of discriminating against them.

According to Modern Farmer, the history of discrimination against black farmers in the United States dates back to 1920. In that year, there were nearly a million black farmers in the United States, but now there are. 45,000. The publication also indicates that black farmers tend to earn less and own less land than white farmers. Government reports have long made it more difficult for black farmers to obtain loans and grants than for whites.

Almost all of the $ 9.2 billion bailout the Trump administration provided to farmers last year, according to the Environmental Working Group, went to white farmers. White farmers received $ 6.7 billion in payments for the Coronavirus Food Assistance Program, black farmers received $ 15 million, and Latin farmers received $ 100 million, according to EWG calculations based on the USDA data. It was.

Stimulus Fund to Support Black Farmers

05:57

Shine a light on USDA lending practices

Meanwhile, some lawmakers are calling for greater transparency from the USDA as a way to root out discriminatory practices.

Senator Bobby Rush of Illinois and Senator Cory Booker of New Jersey are asking the USDA this week to track and publish information on the race and sex of all recipients of Department of Agriculture Aid. Agriculture. Introduced the law. The bill, called the Farm Subsidies Transparency Act, also requires disclosure of farm subsidies, farm loans, crop insurance, disaster relief, funding for the Coronavirus Food Assistance Program, and the assistance provided through conservation and forestry programs. ..

“It is very important to stop the discriminatory lending behavior remaining at the USDA,” said Rush, who was born on the farm, in a press release. “To do this, we need to shed light on USDA lending practices so that we can clearly see, understand and address existing inequalities.”


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Can student loan repayment still occur? | Personal finance https://sunnationalbankcenter.com/can-student-loan-repayment-still-occur-personal-finance/ https://sunnationalbankcenter.com/can-student-loan-repayment-still-occur-personal-finance/#respond Thu, 10 Jun 2021 23:54:10 +0000 https://sunnationalbankcenter.com/can-student-loan-repayment-still-occur-personal-finance/

Democratic lawmakers, meanwhile, introduced a pair of resolutions in February to both houses of Congress calling on the president to write off $ 50,000 in student debt. Democratic lawmakers, progressive activists, and even cities like Washington, DC and Philadelphia routinely voice support for debt cancellation, but there is no active legislation to that effect.

Some student loan experts are skeptical about the possibility of passing legislation in a politically polarized Congress. Cody Hounanian, program director at Student Debt Crisis, an organization that advocates for student borrowers, said pushing forgiveness through Congress will be “an uphill battle” that will take time borrowers no longer have. “But executive action is something we know can be done immediately; he will bypass Congress, and [Biden] has the power to do it, ”adds Hounanian.

The conversation about canceling the loan is unlikely to end anytime soon, says Megan Coval, vice president of policy and federal relations at the National Association of Student Financial Aid Administrators. Coval says forgiveness could still happen, and borrowers may see more targeted forgiveness due to factors like debt amount or income – although there has been no suggestion of this. nature so far.

Changes to current forgiveness plans

While a blanket remission is not ruled out, there are still targeted debt cancellation programs available to borrowers. However, these programs are underperforming and need reform, experts and lawmakers say.


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Governor Murphy must be recalled https://sunnationalbankcenter.com/governor-murphy-must-be-recalled/ https://sunnationalbankcenter.com/governor-murphy-must-be-recalled/#respond Wed, 09 Jun 2021 19:55:06 +0000 https://sunnationalbankcenter.com/governor-murphy-must-be-recalled/


Every friend of mine has come to the same conclusion about Governor Murphy: he needs to be remembered and, at the same time, held accountable for his actions. Some reasons:

• He knowingly mixed up recovering elderly COVID patients released from hospitals to nursing homes, resulting in the deaths of 7,900 elderly people (nj.com, March 11, 2021). And the number has probably increased since then. This “crime against humanity” should immediately result in his removal and his appearance in court so that he can be held responsible;

• Governor Murphy’s tyrannical style closed churches, synagogues and mosques while he left “big box stores” (eg Home Depot) open. He violated our First Amendment rights to “free exercise of religion”;

• The Murphy administration did nothing for the middle class; our taxes are among the highest in the country. We get it in “six ways until Sunday,” which is high sales taxes, high property taxes, and high state taxes. Did he make an effort to reduce the gas tax which was a “crumb” for us taxpayers?

• Governor Murphy thinks taxpayers should pay for the community college. I do not agree. I paid off my student loans in 10 years. It is doable and should be the norm if colleges stop ripping us off. People who enter our country illegally do not need to receive free education. Money spent here should be given to poor citizens;

• The minimum wage was never meant to be a “living wage”. When the wage hits $ 15 an hour, small businesses go bankrupt. Large companies pass the cost on to the consumer, which is not fair. Please check out Seattle, Washington, and see what happened there once the minimum wage rose to $ 15 an hour;

• Guns don’t kill people, people do. Governor Murphy wants people to have “no guns.” But, I refer you to the Constitution of the United States and the Second Amendment. The founders could not be clearer: “… the right of the people to own and bear arms, must not be violated. Remember that criminals always have guns;

• Wind and solar only represent around 3% of our energy needs. We must come to grips with this fact. Do we have a renewable energy source right now to get rid of fossil fuels? Otherwise, cut it. In addition, these wind turbines impact, reduce, fragment or degrade the habitat of wildlife, fish and plants. And, I might add, these alternative sources of energy are environmental horrors;

• In a January 2021 Philly Voice article, the Garden State saw more people leave it than any other part of the country. And it was the third year in a row. This was according to data provided by United Van Lines. New Jersey is a great state, but it’s not good for the taxpayer.

Based on the above and in particular the first point, we need to remind Governor Murphy and hold him accountable for creating an atmosphere where we are the “serfs” and he is the king.

Neil D. Garguilo
Canton in full ownership


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Former Olympic figure skater Luka Klasinc accused of defrauding COVID relief fund – ESPN 101 https://sunnationalbankcenter.com/former-olympic-figure-skater-luka-klasinc-accused-of-defrauding-covid-relief-fund-espn-101/ https://sunnationalbankcenter.com/former-olympic-figure-skater-luka-klasinc-accused-of-defrauding-covid-relief-fund-espn-101/#respond Wed, 09 Jun 2021 11:52:17 +0000 https://sunnationalbankcenter.com/former-olympic-figure-skater-luka-klasinc-accused-of-defrauding-covid-relief-fund-espn-101/

sportpoint / iStock

(NEW YORK) – A former Olympian has been accused of defrauding the Small Business Administration over a pandemic loan.

Luka Klasinc, a Slovenian figure skater, competed in the men’s singles event at the 1992 Olympic Winter Games. He finished 26th in the short program and did not qualify for the free skate. He was national champion for three consecutive years from 1990 to 1992.

Most recently, he owned BOB77, an event management company that runs ice-themed amusement parks around the world, including Fun Park in Warsaw, Poland; Ice Fun Park in Düsseldorf, Germany; and the Winter Classic in Ljubljana, Slovenia.

Since last July, Klasinc’s company has received more than $ 1.5 million in economic disaster loans from the US Small Business Administration.

When the accounts that controlled the money started making suspicious wire transfers, Klasinc’s bank froze the funds, according to the criminal complaint.

In an attempt to get the funds released, Klasinc wrote an email begging the bank to “sincerely please activate my account immediately,” according to the complaint.

The email included a letter on letterhead from the SBA dated October 1, 2020, which purported to “verify” that the sum of $ 1,999,000 was payable to “Luka Klasinc of BOB77 LLC”, as “Payment for real estate investment only” and not as “a loan of any kind,” the complaint said.

Federal prosecutors said they knew the letter was bogus when they spoke to the SBA employee whose signature was on it.

“Based on my conversation with the SBA employee, I learned that the SBA did not issue the fraudulent SBA letter, and that the SBA employee did not sign or sign. given his authorization for his signature to be affixed to the fraudulent SBA letter, “FBI wrote Special Agent Ryan Redel.

Klasinc was arrested before he could board a scheduled flight from Newark, New Jersey to Istanbul on Monday. He made a first appearance on Tuesday, but did not plead.

He is charged with bank fraud and aggravated identity theft. The charge of bank fraud could carry a maximum of 30 years in prison.

Copyright © 2021, ABC Audio. All rights reserved.


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Stockton University partners with Ocean City High School to enable students to graduate from college in 6 years https://sunnationalbankcenter.com/stockton-university-partners-with-ocean-city-high-school-to-enable-students-to-graduate-from-college-in-6-years/ https://sunnationalbankcenter.com/stockton-university-partners-with-ocean-city-high-school-to-enable-students-to-graduate-from-college-in-6-years/#respond Tue, 08 Jun 2021 22:19:00 +0000 https://sunnationalbankcenter.com/stockton-university-partners-with-ocean-city-high-school-to-enable-students-to-graduate-from-college-in-6-years/

A high school and university in southern New Jersey are teaming up to give students a chance to graduate and graduate from college in just six years.

“Eight years become six years thanks to this partnership,” said University of Stockton president Dr. Harvey Kesseleman.

Stockton University has partnered with the Ocean City School District to offer a dual enrollment program. It gives students the chance to graduate from high school and their bachelor’s degree in six years.

“They will be three years [at Ocean City High School] and during these three years, they will take college courses for those who are accelerated and able to complete them successfully, and they will accumulate up to 32 college course credits here, which meets their high school requirements and our requirements. first year. , so they will basically come in as a sophomore, ”Kesseleman explains.

Cody Baker, a senior bound for Stockton, took dual credit classes in high school. He says he wished this program had been available for his class.

“I have a few double credit courses. One of them is the Holocaust and genocide studies, ”he says. “It was very nice. You kind of got a head start on your college life and got some of your credits.

Stockton and Ocean City say they think it will be a big draw for students not only because it will save them time, but also money.

“This is the number one problem, I think, for our graduates these days of the amount of student debt they have. So they have so many loans they haven’t even started on the first day of their career, ”says Kathleen Taylor, Superintendent of Ocean City Schools.

The program will launch this fall for new first year students.

About 300 students will graduate from Ocean City High School this month. More than 60 of them will travel to Stockton this fall.


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Urban Prep strike enters day two, as CTU reports financial problems https://sunnationalbankcenter.com/urban-prep-strike-enters-day-two-as-ctu-reports-financial-problems/ https://sunnationalbankcenter.com/urban-prep-strike-enters-day-two-as-ctu-reports-financial-problems/#respond Tue, 08 Jun 2021 06:17:37 +0000 https://sunnationalbankcenter.com/urban-prep-strike-enters-day-two-as-ctu-reports-financial-problems/

CTU and management negotiated until late Monday, but remain far apart on issues such as probation and special education needs.

  • 7:30 a.m. TODAY, Tuesday June 8: socially distanced press conference with educators, parents. Urban Prep campus Englewood, 6201 S. Stewart Ave.

CHICAGO – Educators from three Urban Prep campuses will hold a press conference at 7:30 a.m. TODAY, Tuesday June 8 at Urban Prep Englewood Campus, located at 6201 S. Stewart Ave, to talk about the next steps in their efforts to land a fair contract and reopen schools. Educators went on strike Monday at Urban Prep’s three campuses: West, Englewood and Bronzeville. Despite numerous requests from striking teachers to continue negotiations, the management of Urban Prep did not agree to meet again until 5:30 p.m. on Monday. The parties negotiated until late Monday night, but despite some productive conversations, Urban Prep was unwilling to compromise on several of the teachers’ key issues to reach a deal.

Sticking points include Urban Prep’s refusal to enshrine students’ special education rights in binding contract language, and management’s insistence on an extended period for fire educators, even if they are. highly qualified, despite the notoriously high turnover rate of the charter operator’s teachers.

Teachers are also reporting troubling financial practices at Urban Prep, whose CEO earns almost as much for running just three schools as the CEO of CPS earns for overseeing more than 500 schools.

These practices include the charter operator’s history of using payday loan terms to fund school operations – even though CPS provides Urban Prep with the same funding as other charter and district-run schools. Among the troubling financial instruments that Urban Prep management has entered into are “sales of future receivables” contracts with merchant cash advance organizations. These contracts are unprecedented in the public education sector and rare even among charter schools, as they inevitably come with shockingly high interest rates.

Many of the financial operators that Urban Prep has done business with have addresses in New Jersey and New York, states with laws favorable to their operations. These agreements are not structured like typical loans; instead, one party sells a portion of its future income to the lender for a fixed price – usually at a large profit to the lender.

For Urban Prep, that meant selling its future earnings from CPS and other tax agencies – funds meant to support Chicago’s students and schools – to these lenders at a significant loss. Every dollar of this loss reduces funds available for Urban Prep classrooms and student needs.

In 2020 alone, Urban Prep management paid more than $ 1.6 million to Merchant Cash Advance companies, nearly 30% of their annual education spending. In one of the deals, Urban Prep sold for $ 149,900 in future revenue for $ 100,000 – a 50% profit for Queen Funding. In another deal with Green Capital Funding, Urban Prep sold $ 438,000 in revenue for $ 300,000, or a 46% profit for Green Capital.

Urban Prep has also received a total of $ 3 million in conditional repayment PPP loans, but teachers say they see no evidence that these funds have been invested in educational needs.

The Chicago Teachers Union represents more than 25,000 teachers and instructional support staff working in Chicago public schools, and by extension, the nearly 400,000 students and families they serve. CTU is affiliated with the American Federation of Teachers and the Illinois Federation of Teachers and is the third largest local teachers’ chapter in the United States. For more information, please visit the CTU website at www.ctulocal1.org.


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Webber Heads Into The Last Days With Huge Financial Advantage https://sunnationalbankcenter.com/webber-heads-into-the-last-days-with-huge-financial-advantage/ https://sunnationalbankcenter.com/webber-heads-into-the-last-days-with-huge-financial-advantage/#respond Mon, 07 Jun 2021 15:34:59 +0000 https://sunnationalbankcenter.com/webber-heads-into-the-last-days-with-huge-financial-advantage/

Assembly member Jay Webber (R-Morris Plains) has more money in the bank than all the other GOP candidates in the 26th District combined, according to 11-day pre-primary reports filed with the Commission of New Jersey Election Law Enforcement.

Webber said he raised $ 19,405 in his 11-day pre-primary report. He also received $ 10,456.46 for television commercial production as an in-kind contribution from the Morris County Republican Committee and had $ 104,384 left in his war chest.

Former Pompton Lakes alderman Christian Barranco, a GOP-approved running mate for Morris County in Webber County, raised just $ 1,300 between May 8 and May 25, although he also reported the in-kind contribution of $ 10,456.46. He only had $ 234.62 left in his campaign account.

MP BettyLou DeCroce (R-Parsippany) raised $ 19,378 during the reporting period and had $ 54,118 in cash.

Morris County Commissioner Christian Barranco led the fundraising race, bringing in $ 87,721, although the overwhelming majority of that money, $ 65,871, came from loans the candidate took out on his own. poached. He had $ 29,812 in the bank.

Webber and Barranco have organizational lines in Morris County, where DeCroce and Mastrangelo operate together. They are being put on hold in Passaic and Essex counties, where DeCroce is the only Assembly candidate running.


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Popular New Jersey stores that are now gone https://sunnationalbankcenter.com/popular-new-jersey-stores-that-are-now-gone/ https://sunnationalbankcenter.com/popular-new-jersey-stores-that-are-now-gone/#respond Sat, 05 Jun 2021 00:45:48 +0000 https://sunnationalbankcenter.com/popular-new-jersey-stores-that-are-now-gone/

Let’s take a trip down memory lane.

These retailers were jumping back in the day. Maybe you heard your parents talking about these stores and you were left stumped. Maybe you shopped at these stores.

Listen to Matt Ryan weekday afternoons on 94.3 The Point and download our free 94.3 The Point app.

Do you remember when we were shopping in stores? Believe it or not, we tried on some clothes while we were still in the store. There were these things called “dressing rooms”.

Before we could make a two-click purchase on Amazon, we were walking the aisles. Back then, you could really walk into a mall.

Of course, you can still do these things, but why bother when within days you can have everything your heart desires delivered right to your doorstep.

Maybe you like the convenience of shopping online? Call me old school, but I miss shopping in some of these stores. I really miss being able to get into Sam Goody and check out the latest versions. The nostalgia around Blockbuster is so powerful that they made it into a documentary.

Can’t see an old-fashioned store you’re missing on the list? Let me know. Matt@943thepoint.com.

Whether it’s a history lesson or a throwback to the days before online shopping, it’s pretty cool.

10 NEW JERSEY STORES YOUR PARENTS PURCHASED BUT ARE NOW LEFT

Do you remember any of them? Here are 50 of your favorite chain stores that no longer exist.

EVEN MORE: 50 famous brands that no longer exist


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Akin Gump says he cannot represent the owners of Bouchard in Co.’s Ch. 11 https://sunnationalbankcenter.com/akin-gump-says-he-cannot-represent-the-owners-of-bouchard-in-co-s-ch-11/ https://sunnationalbankcenter.com/akin-gump-says-he-cannot-represent-the-owners-of-bouchard-in-co-s-ch-11/#respond Fri, 04 Jun 2021 20:42:00 +0000 https://sunnationalbankcenter.com/akin-gump-says-he-cannot-represent-the-owners-of-bouchard-in-co-s-ch-11/

Law360 (June 4, 2021, 4:42 p.m. EDT) – Citing irreconcilable differences, Akin Gump Strauss Hauer & Feld LLP applied to a Texas bankruptcy judge for permission to withdraw from representing parties associated with Morton Bouchard III in the Chapter 11 affair of Bouchard Transport, the company that his family has owned for generations.

In his emergency request filed Thursday evening, Akin Gump said he no longer wished to represent Bouchard III and related entities in the oil barge company’s bankruptcy case and that their client had accepted the withdrawal request. .

“Irreconcilable differences have arisen between Akin Gump and the interested parties of Bouchard III which make it impossible …

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Transactions and financing: Lifespace sells 2 CCRCs; Cano Health secures $ 4.4 billion PSPC deal https://sunnationalbankcenter.com/transactions-and-financing-lifespace-sells-2-ccrcs-cano-health-secures-4-4-billion-pspc-deal/ https://sunnationalbankcenter.com/transactions-and-financing-lifespace-sells-2-ccrcs-cano-health-secures-4-4-billion-pspc-deal/#respond Fri, 04 Jun 2021 19:28:54 +0000 https://sunnationalbankcenter.com/transactions-and-financing-lifespace-sells-2-ccrcs-cano-health-secures-4-4-billion-pspc-deal/

Lifespace Communities continues to make progress in its efforts to rationalize its portfolio for growth.

West Des Moines, Iowa, not-for-profit community retirement operator has announced it is handing over ownership and management of two campuses – Deerfield, in Des Moines, Iowa; and Grand Lodge at the Preserve in Lincoln, Nebraska – at Immanuel Communities.

Immanuel, based in Omaha, Nebraska, owns and operates 16,55+ active living, independent living, assisted living and long term care communities across nine campuses. In addition, its Immanuel Pathways line operates three PACE (Program of All-Inclusive Care for the Elderly) centers in Iowa and Nebraska.

Terms of the contract are not disclosed. Lifespace did not return a request for comment from Senior Housing News.

Affiliations

Cano Health, Jaws Acquisition finalizes affiliation; will start trading on the New York Stock Exchange

Cano Health, a value-driven primary care provider for seniors and underserved communities, has entered into a business combination with Jaws Acquisition Corp. (NYSE: JWS). The affiliation, which was approved by Jaws shareholders at a special meeting on June 2, will enable Cano Health to realize its vision to become the U.S. leader in primary care and accelerate the growth of the company.

Effective June 4, Cano Health’s Class A common shares will trade on the New York Stock Exchange under the symbol “CANO”. The company announced the deal with Jaws in November 2020, valuing the company at around $ 4.4 billion and providing $ 935 million to grow and repay debt.

Dr Marlow Hernandez will continue to lead Cano Health as CEO and Chairman of the Board, alongside the company’s management team: Clinical Director Dr Richard Aguilar; CFO Brian Koppy; Chief Compliance Officer and General Counsel David Armstrong; Chief Strategy Officer, Dr John McGoohan; Chief Population Health Officer Pedro Cordero; Director of Human Resources Jennifer Hevia; President of the Cano Gina Portilla Medical Centers; President of Healthy Partners Bob Camerlinck; Senior Vice President of Acquisitions Joel Lago; and brand manager Barbara Ferreiro.

As a result of the business combination, Cano Health received gross proceeds of approximately $ 1.49 billion, of which approximately $ 690 million was in cash held in Jaws’ trust account and $ 800 million from investors. in private placement (PIPE), including Barry Sternlicht and funds affiliated with Fidelity Management & Research Company LLC as well as funds and accounts managed by BlackRock, Third Point and Maverick Capital.

Sales and operator transitions

NewCourtland acquires senior apartment building in Philadelphia

NewCourtland Senior Services, a Philadelphia-based non-profit organization dedicated to providing services and care to the elderly, has acquired Burholme Senior Apartments, a 62-unit freestanding apartment building where each resident’s rent is capped at 30% of his monthly income. The property was previously under the management of Wesley Enhanced Living.

Recommended SHN + exclusives

Cushman & Wakefield completes 3 transactions

Cushman & Wakefield’s (NYSE: CWK) Senior Housing Capital Markets team achieved $ 250 million in senior housing and long-term care sales volume in April 2021.

This activity consisted of advising Lytle Enterprises on the sale of Broadway Proper, a 232 unit independent and assisted living community located in Tucson, Arizona. The property was acquired through a joint venture between Harrison Street Real Estate and Stellar Senior Living. This team also advised the buyer on their acquisition financing, by obtaining non-recourse bridging financing from a national bank.

In addition, Cushman & Wakefield advised a large public REIT on the divestiture of two assets. The first asset, Brookdale West Bay is an assisted living and memory care community located in the Providence Rhode Island market and was acquired by an east coast private equity firm. The second asset, Sienna at Otay Ranch, is a community of 111 assisted living and memory care units that opened in 2018.

Vice Chairman Richard Swartz, Executive Managing Director Jay Wagner, Managing Director Aaron Rosenzweig and Directors Dan Baker and Sam Dylag were involved in the transaction.

Senior Living Investment Brokerage Managing Directors Jason Punzel, Brad Goodsell and Vince Viverito have closed the sale of a 95-unit / 107-bed assisted living and memory care center in Ashland, Saskatchewan. Oregon. The buyer is a Utah-based investor with other Texas senior housing communities. The seller is a regional owner / operator looking to retire or focus on their core assets. The buyer plans improvements for the community.

Funding

Sienna Senior Living Closes $ 125 Million Senior Debt Offer

Sienna Senior Living (TSK: SIA) completed its previously announced $ 125 million Series C senior unsecured debentures. The placement was led by TD Securities, BMO Capital Markets and CIBC Capital Markets, in as co-principal agents and bookkeepers. The debentures bear a nominal interest rate of 2.82% per annum and will mature on March 31, 2027.

Sienna will use the net proceeds of the offering to repay existing debt and for general corporate purposes.

BAW Development Secures $ 94 Million Construction Funding for New Jersey Redevelopment

BAW Development has entered into a $ 94 million financial package for the redevelopment of the Hinchliffe Stadium District Restoration Project (HSNRP) in Paterson, New Jersey, which includes Hinchliffe Stadium, one of two stadium structures remaining which housed a Black League baseball team. The redevelopment includes the construction of a six-storey, 75-unit affordable seniors housing building.

Funding comes from a combination of private loans, tax credits and other vehicles, including a $ 60 million construction loan from Goldman Sachs and $ 10 million in new market tax credit and in US Bancorp Community Development Corporation’s historic federal tax credit equity, US bank’s tax equity. and community development subsidiary.

The funding also includes $ 21 million in new market tax credit allocation from four Community Development Entities (CDEs): Community Loan Fund of New Jersey, Consortium America, RBC Community Development and USBCDE. The Passaic County Improvement Authority also issued a bond in support of the project, purchased by Goldman Sachs with its construction loan, which serves as a bridge loan for the New Jersey Economic Growth and Redevelopment (ERG) credits.

All funding was managed by BAW’s redevelopment partner, RPM Development Group.

Cushman & Wakefield arranges $ 61 million construction financing

Cushman & Wakefield’s Senior Housing Capital Markets team secured two construction loans totaling $ 61 million.

The first transaction was a $ 32 million construction loan for the development of The Waters of Pewaukee, a community of 161 independent living, assisted living and memory care units located in Pewaukee, Wisconsin. The loan was provided by a national health care lender and the borrower was a joint venture between The Waters and a private equity partner.

Cushman & Wakefield also entered into a $ 29 million construction loan on behalf of a joint venture between Avenida Partners and LaSalle Investment Management for a 154-unit Class A active adult project located in the Denver metro area.

CBRE secures $ 43 million in construction funding

CBRE Senior National Vice President for Housing Aron Will, Senior Vice President Austin Sacco and Vice President Matthew Kuronen partnered with Executive Vice Presidents John Parrett and Peter Marino of the Debt and Structured Finance team from CBRE Chicago in a five-year, $ 43 million construction loan for an adult community under construction in the Chicago market.

The loan is variable rate with 42 months interest only through a national bank.

Outlook Notes

Fitch announces bond rating updates on 2 CCRC

Fitch Ratings announced the following bond rating updates:

  • Fitch downgraded the $ 29.6 million Series 2013 Income Bond and $ 19.4 million Series 2014A Income Bond rating issued by the New Jersey Economic Development Authority (NJEDA) on behalf of United Methodist Homes of New Jersey, now doing business as United Methodist Communities, at “BB +” of “BBB-“. The rating outlook has been revised from stable to negative. Key scoring factors include weak income defense due to low self-contained accommodation occupancy, declining liquidity and operations, and moderate debt burden.
  • Fitch confirmed the “A-” issuer default rating to Maine Life Care Retirement Community, Inc., doing business as Piper Shores. The rating outlook is stable. Key scoring factors include being a destination retirement community with a nationwide sales circulation supporting strong demand, an ongoing expansion project, and consistent cash flow offsetting weaker operations.

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WellSky Foundation awards $ 50,000 grant to non-profit organization

The WellSky Foundation donated $ 50,000 to Second Wind Dreams, a nonprofit organization recognized worldwide for its Virtual Dementia Tour sensitivity training program and its commitment to changing perceptions of aging through fulfillment of dreams. Second Wind Dreams will use the funding to provide scholarships and training for caregivers in underserved elderly care communities.

VDT is an evidence-based program that allows caregivers to directly enter their patients’ perspective by temporarily altering their physical and sensory abilities, and mimicking changes associated with cognitive deterioration.


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