Thursday, November 21, 2024
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Hayden Spiess

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AcquisitionsAssisted LivingFeaturesFinanceIndependent LivingIndustry VoicesInvestmentMemory Care

Seasoned Appraiser: Buyer-Seller Standoff Eases, Transaction Activity Picks Up

by Hayden Spiess

For over two years, a persistent bid-ask spread between buyers and sellers of seniors housing properties prevented many deals from getting done.  Seniors Housing Business (SHB) caught up with Brian Chandler, senior managing director and national practice leader for seniors housing for Raleigh, N.C.-based Partner Valuation Advisors. As an appraiser in the seniors housing and care sector, he is privy to in-progress deals months before closing, including transaction data.  He says a growing number of buyers and sellers are agreeing to close transactions and shares more here.  SHB: Some experts say a growing number …

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Plano, Texas Hotel Property
Assisted LivingDevelopmentFinanceMemory CareNewsTexas

Eastern Union Secures $20.4M Financing for Assisted Living Conversion Project in Plano, Texas

by Hayden Spiess

PLANO, Texas — Eastern Union has secured two loans totaling $20.4 million to finance the conversion of a former hotel property in Plano, Texas, into an assisted living community. Totaling 137 room across six stories, the building was most recently operated as a Deluxe Inn and was previously a Comfort Inn. Built in 1984 and renovated in 2005, the property has been owned and operated by Maheshbhai Patel since 2022.  Meir Abrahamson of Eastern Union arranged the transaction, which included a construction loan, as well as the refinancing of an existing …

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Affordable HousingDevelopmentMassachusettsNews

WinnCos., Westmass Open 95-Unit Mixed-Income Seniors Housing Community in Ludlow, Massachusetts

by Hayden Spiess

LUDLOW, Mass. — WinnCos. and Westmass Area Development Corp. have opened The Residences at Mill 8, a 95-unit mixed-income seniors housing community. Situated within a former mill building, the $43.2 million project features apartments for residents age 55 and older, with 43 units reserved for residents earning at or below 60 percent of the area median income (AMI), 40 market-rate units and 12 units reserved for residents earning at or below 30 percent of the AMI. All of the units have been leased, and full occupancy is expected by Dec. 1.  …

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Assisted LivingCaliforniaIndependent LivingNews

Cogir Senior Living Opens 158-Unit Seniors Housing Community in Metro Los Angeles

by Hayden Spiess

TORRANCE, Calif. — Cogir Senior Living has opened Cogir of South Bay, a 159-unit seniors housing community in Torrance, approximately 20 miles outside downtown Los Angeles.  Situated near the Del Amo Fashion Center and two miles from the ocean, the property features independent and assisted living residences. Amenities at the community include multiple dining venues, a bistro, fitness center, theater, salon, art room and an outdoor amenity deck with a pool.  Ryan Cos. US Inc. constructed the development on behalf of Cogir Senior Living. 

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AcquisitionsFinanceFloridaMarylandNewsSkilled Nursing

CFG Provides $207.1M Bridge-to-HUD Loan for Skilled Nursing Portfolio in Florida

by Hayden Spiess

BALTIMORE — Capital Funding Group (CFG) has provided a $207.1 million bridge-to-HUD loan to 980Investments to support the partnership buyout of a portfolio of skilled nursing facilities in Florida. Together, the facilities total 1,423 beds across 13 properties. Additionally, Capital Finance LLC, a subsidiary of CFG Bank, provided $15 million in accounts receivable financing to support the working capital needs of the facilities.  Andrew Jones and Ava Julio of Baltimore-headquartered CFG originated the bridge-to-HUD loan, and Jeffrey Stein of Capital Finance originated the accounts receivable working capital line of credit. 

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AcquisitionsNewsPennsylvaniaSkilled Nursing

Blueprint Arranges Sale of Nine Skilled Nursing Facilities in Metro Pittsburgh

by Hayden Spiess

PITTSBURGH — Blueprint has arranged the sale of nine skilled nursing facilities located in metro Pittsburgh. Kadima Healthcare Group acquired the properties from Comprehensive Healthcare Management Solutions, which is currently undergoing restructuring following a Chapter 11 bankruptcy filing this May.  The chief restructuring officer for Comprehensive Healthcare Management Solutions engaged Blueprint to handle the divestiture.  Operated under two brands — Maybrook and Consulate — the facilities together comprise 930 licensed skilled nursing beds, 19 personal care beds and 15 independent living units. 

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Jim-Moore
NewsPeopleTexas

Widely Respected Seniors Housing Consultant and Prolific Author Jim Moore Dies at Age 90

by Hayden Spiess

FORT WORTH, Texas — Jim Moore, founder of prominent consulting firm Moore Diversified Services Inc. and a 2018 Senior Living Hall of Fame inductee, died Sunday at the age of 90. David Schless, president of the American Seniors Housing Association, made the announcement in an e-mail to the organization’s members on Tuesday. Quoting from Moore’s Hall of Fame biography, Schless wrote that “over the course of his 48-year career, there were few, if any, who had more influence over senior living from the 1980s through his retirement in 2019.” Moore launched …

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Affordable HousingDevelopmentFinanceNewsOhio

KeyBank Arranges $93M in Construction Financing for Affordable Seniors Housing Development in Columbus, Ohio

by Hayden Spiess

COLUMBUS, Ohio — KeyBank Community Development Lending and Investment (CDLI) has arranged a total of $93 million in construction financing for a new affordable seniors housing community in Columbus.  Dubbed The Caravel, the community will feature 234 units for residents age 55 and older who earn at or below 50, 60 and 70 percent of the area median income (AMI). Of the garden-style apartments, 25 will be fully accessible, and all units will be adaptable for residents with ADA needs.  KeyBank provided a $43.3 million construction loan and $23.8 million in …

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FinanceNewsSkilled NursingTexas

Berkadia Secures $13M Bridge-to-HUD Financing for Skilled Nursing Facility in Eagles Pass, Texas

by Hayden Spiess

EAGLES PASS, Texas — Berkadia has secured a $13 million bridge-to-HUD loan for the financing of a 104-bed skilled nursing facility located in Eagles Pass on the Mexican border. The name of the lender was not disclosed. The undisclosed borrower has operated the property since 2019 and will use the 18-month, interest-only financing to cover the cost to purchase the leased fee interest. Jay Healy of Berkadia Seniors Housing & Healthcare arranged the loan for a Fort Worth, Texas-based owner and operator of nursing homes.  Berkadia also plans to secure the …

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AcquisitionsCCRCNew HampshireNews

Continuum Advisors Arranges $11M Sale of CCRC in Central New Hampshire

by Hayden Spiess

MEREDITH, N.H. — Continuum Advisors has arranged the $11 million sale of Meredith Bay Colony Club, an 85-unit continuing care retirement community (CCRC) located in Meredith in central New Hampshire, a two-hour drive from Boston. Taylor Community, a nonprofit owner and operator, acquired the community. Built in 2008, the property offers 41 independent living apartments, 20 assisted living residences and 24 memory care units, as well as an additional 18 acres of undeveloped land for future expansion. Amenities at the community include an underground parking garage, indoor pool and fitness center …

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