Wednesday, December 18, 2024
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Channing Hamilton

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Mirador CCRC in Texas Names Chuck Childress Executive Director

by Channing Hamilton

CORPUS CHRISTI, Texas — Mirador, a continuing care retirment community in Corpus Christi, has hired Chuck Childress as executive director to succeed Deborah Nugent, who is retiring after serving 13 years at the helm. Mirador is part of the Methodist Retirement Communities (MRC), a not-for-profit service ministry that provides seniors housing and healthcare services in Texas to about 2,000 residents. His first day on the job was Sept. 30. Childress previously worked for MRC, serving on the organization’s central support services team, initially as senior vice president of operations before …

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Sonoma House Assisted Living in Carrollton, Texas
AcquisitionsAssisted LivingMemory CareNewsTexas

ESI Brokers $9.2M Sale of Sonoma House Assisted Living in Carrollton, Texas

by Channing Hamilton

CARROLLTON, Texas — Evans Senior Investments (ESI) has arranged the $9.2 million sale of Sonoma House Assisted Living, a 96-unit community in Carrollton, located about 20 miles northwest of Dallas. The buyer was Jaybird Senior Living, an owner-operator based in Cedar Rapids, Iowa. This acquisition marks the company’s first venture into the Texas market. Sonoma House had been a family-owned and operated nonprofit community since its establishment in 2014. Known for its residential-style environment, the community consists of 33 assisted living units and 63 memory care units spread across seven …

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An undisclosed community in Silverdale, Washington
Assisted LivingIndependent LivingMemory CareNewsWashington

Live Oak Bank Provides $47.5M Bridge Loan for Seniors Housing Community in Metro Seattle

by Channing Hamilton

SILVERDALE, Wash. — Live Oak Bank has provided a $47.5 million bridge loan for the financing of an undisclosed seniors housing community located in Silverdale, roughly 25 miles northwest (approximately 70 miles by vehicle) of Seattle. Built in 2022, the property comprises 172 independent living, assisted living and memory care units. The borrower is a Florida-based owner of seniors housing communities. The financing features a three-year initial term and 24 months of interest-only payments. Loan proceeds were used to retire the existing debt, with $4 million in potential future earnout proceeds.

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HarborChase of Wilmington in Wilmington, Delaware
AcquisitionsAssisted LivingDelawareMemory CareNews

JLL Brokers $45M Sale of Luxury Seniors Housing Community in Delaware

by Channing Hamilton

WILMINGTON, Del. — JLL Capital Markets has arranged the $45 million sale of HarborChase of Wilmington, a luxury 96-unit assisted living and memory care community in Wilmington, roughly 30 miles southwest of Philadelphia. JLL represented the seller, a private equity firm, in the transaction. Harbor Retirement Associates will continue to manage the community for the buyer, a publicly traded real estate investment trust.  Originally constructed in 2018, HarborChase of Wilmington is one of the newest seniors housing communities in the state of Delaware and is the newest facility in its primary market by …

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The Manhattan-St. Petersburg in St. Petersburg, Florida
Assisted LivingCCRCFinanceFloridaIndependent LivingNews

Ziegler Arranges $29.4M in Bond Financing for Planned Continuing Care Retirement Community in St. Petersburg, Florida

by Channing Hamilton

ST. PETERSBURG, Fla — Ziegler has arranged $29.4 million in bond financing for Convivial St. Petersburg LLC, which plans to develop a continuing care retirement community (CCRC) on a 5.2-acre site in St. Petersburg.  The Series 2024 Revenue Bond Anticipation Notes are comprised of $23.4 million of tax-exempt Series 2024A Notes sold publicly to institutional investors, and $6 million of subordinate tax-exempt and taxable notes purchased by an affiliate of the developer and manager of the project. The borrower will use the proceeds of the revenue bond anticipation notes to fund …

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Stonehaven Assisted Living in Maumelle, Arkansas
AcquisitionsArkansasAssisted LivingNews

ESI Brokers Sale of Stonehaven Assisted Living in Maumelle, Arkansas

by Channing Hamilton

MAUMELLE, Ark. — Evans Senior Investments (ESI) has arranged the sale of Stonehaven Assisted Living, a 60-unit facility in Maumelle, an affluent community located about 17 miles northwest of Little Rock. ESI represented the seller, a national healthcare system, in the transaction. The sales price was undisclosed. The buyer was a private company that partnered with a Midwest-based operator, and the deal marked their second investment in Arkansas. Stonehaven, which opened in 2007, has long served both private pay and Medicaid residents. However, over the past year, Stonehaven faced some major difficulties, …

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FinanceIllinoisNewsSkilled Nursing

MonticelloAM Provides $59.2M in Financing for Skilled Nursing Facilities in Metro Chicago

by Channing Hamilton

CHICAGO — MonticelloAM and its affiliates have provided $59.2 million in bridge and working capital financing for a portfolio of skilled nursing facilities in metro Chicago. Proceeds from the $52.2 million bridge loan were used for the acquisition of three skilled nursing facilities. The $7 million working capital revolver will be used to support the day-to-day operations across the properties, covering over 700 licensed beds.  Karina Davydov, a managing director at MonticelloAM, originated the loan that carries a two-year term with two six-month extensions. “MonticelloAM understands the challenges borrowers are facing …

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Assisted LivingFinanceMemory CareMichiganNews

Bayview PACE Provides $4.3M in C-PACE Funds for Seniors Housing Property in Metro Detroit

by Channing Hamilton

TAYLOR, Mich. — Bayview PACE has provided $4.3 million in commercial property-assessed clean energy (C-PACE) financing for the 81-unit Hampton Manor of Taylor seniors housing community, located about 17 miles southwest of Detroit. The sponsor was Build Senior Living, the development arm of Hampton Manor Assisted Living. The 81-unit Hampton Manor of Taylor is situated on a six-acre landscaped site that includes 60 parking spaces. Licensed for 102 beds, Hampton Manor-Taylor features 65 assisted living units and 16 memory-care units with extra capacity for second persons and/or additional companion units.  …

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Connect55+ Manchester in Manchester, Connecticut
Active AdultConnecticutDevelopmentNews

Connect55+ to Open Active Adult Community this November in Manchester, Connecticut

by Channing Hamilton

MANCHESTER, Conn. — Connect55+ Manchester, an active adult community located about 10 miles east of Hartford, Conn., will host a grand opening in November. The community has received its certificate of occupancy, and the property management team has begun leasing efforts. Details of the grand opening had not been finalized as of this writing. Connect55+ Manchester offers 128 one- and two-bedroom apartments. All units will have either a private patio or a private balcony. The property’s amenities include a movie theater, fitness center, library with a fireplace, spacious community center, …

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FeaturesFinanceGeorgiaIndustry ContentInvestmentNews

Improving Market Conditions, Re-emergence of Banks Give Seniors Housing Investors Cause for Optimism, Interface Panel Says

by Channing Hamilton

ATLANTA — Investment markets have been tumultuous over the past year, with high interest rates and inflation impacting the flow of debt and equity across the commercial real estate industry. Last year, many investors and brokers chose to weather the storm and try to make it to 2025, when it was estimated that interest rates would begin to moderate. Recently, however, conditions seem to be improving in the seniors housing sector, where many investors are leaving behind the “survive till 2025” strategy that defined 2023. Editor’s note: InterFace Conference Group, a …

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