SOUTHFIELD, Mich. — Community Housing Capital (CHC) and the Federal Home Loan Bank of Atlanta (FHLBank Atlanta) have provided financing for John Grace Arms, an affordable seniors housing project in Southfield. Sourced from FHLBank Atlanta’s Affordable Housing Program (AHP) general fund and administered through CHC, a member of FHLBank, the financing totals $750,000 in grant funding. An adaptive redevelopment of a historic school building, John Grace Arms will total 60 rental units with 5,000 square feet of community space. MiSide is the developer of the project, which is scheduled for completion …
Many nonprofit organizations will likely be forced to sell seniors housing properties and skilled nursing facilities over the next year after succumbing to years of high costs and slowly recovering occupancies. Several have already come to the closing table. Smaller nonprofits — organizations that own one or two properties — have been especially hurt by the economic fallout from the COVID-19 pandemic that struck the seniors housing and care industry in early 2020. Numerous federal, state and local pandemic programs that provided support expired over the last two years. Meanwhile, …
FORT WORTH, Texas — Thrive Senior Living and Orison Holdings have announced plans to open Sagewood at Heritage Glen, a new seniors housing community, in Fort Worth in 2026. Orison Holdings and Arrive Architecture Group designed the property, which will feature 50 assisted living suites and 25 memory care suites. Atlanta-based Thrive currently operates communities in Alabama, Florida, Georgia, Texas and New Jersey. Founded in 2013, Orison Holdings is a real estate investment and development firm with over $500 million of assets under management and more than 3,000 residential units constructed …
LUBBOCK, Texas — Senior Living Investment Brokerage (SLIB), has brokered the sale of Bender Terrace, a skilled nursing facility located in Lubbock. Situated on 2.7 acres, the property comprises roughly 45,000 square feet and 120 beds. A local independent owner sold the facility to a national owner-operator. A regional operator was leasing the property at the time of sale. Matthew Alley and Ryan Saul of SLIB arranged the transaction.
GREELEY, Colo. — Ascent Living Communities will serve as the operations and management provider for High Plains Crossing, a 52-unit memory care community located in Greeley, on behalf of the ownership. Ascent plans to implement renovations at the property, which was originally opened in 2018. Plans include updated flooring; new furniture, fixtures and equipment; and reimagined lobby space. Renovations are scheduled for completion this spring, with residents remaining in their apartments throughout the process. Founded in 2008, Ascent’s portfolio comprises more than 750 senior living units.
FORT WAYNE, Ind. — Priority Life Care (PLC) has appointed Bobby Petras to the role of president. Petras previously served as chief operating officer (COO) of the company. Dave Kloster, who has been with PLC for three years, will take over the role of COO. Petras, who is also a co-founder of Fort Wayne-based PLC, will now concentrate on strategic initiatives and operational practices that align with the company’s growth objectives. “I look forward to working closely with our capital partners and ensuring that we implement effective operational practices as we …
NEW YORK CITY — MonticelloAM has provided $39 million in bridge and working capital financing for two skilled nursing facilities in New Jersey. The borrower will use the $38 million floating-rate senior bridge loan to consolidate previous loans and reduce its cost of capital and will use the $1 million working capital facility to cover the day-to-day needs of the facilities. Together, the properties total 300 skilled nursing beds. “The MonticelloAM team did a remarkable job closing this transaction in 45 days to meet their timeline, underscoring our commitment to our …
GROTON, Conn. — Greystone has announced plans for the development of Vista Point at Fairview, a new nonprofit continuing care retirement community (CCRC) in Groton in southeast Connecticut. Construction on the $230 million project is scheduled to begin in summer 2026. Upon completion, the community will offer independent and assisted living units. The Town of Groton recently approved the development, and 220 seniors have registered early as depositors. The project team includes AG Architecture, C.E. Floyd Construction, 828 Interior Design, AgePop Marketing, Langan Civil Engineering, Ziegler Financial and the law offices …
WYOMING, Mich. — Walker & Dunlop has arranged $25.9 million in permanent financing for Rivertown Ridge, a seniors housing community located in Wyoming, roughly 5 miles outside Grand Rapids. The 10-year, fixed-rate Fannie Mae loan features three years of interest-only payments. Mary Stuart Hurst and Russell Dey of Walker & Dunlop secured the financing through Inner Circle Holdings on behalf of the borrower, Redstone Group Management Inc. Rivertown Ridge, which was built in 2019 as part of a master-planned community, features 152 units, with independent living, assisted living and memory care …
TOLEDO, Ohio and HOUSTON — An affiliate of Welltower Inc. (NYSE: WELL) has entered into an agreement to acquire NorthStar Healthcare Income Inc., a public, non-traded REIT that owns a diversified portfolio of seniors housing properties throughout the United States, for roughly $900 million. Toledo-based Welltower will take ownership of NorthStar Healthcare’s portfolio of 40 seniors housing communities in the acquisition. Founded in 2010, Houston-based NorthStar Healthcare’s portfolio includes independent living, assisted living and memory care properties. “We expect that this portfolio will serve to further enhance our regional densification …