Author

Hayden Spiess

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FeaturesFrom The Magazine

Why HUD Lenders Believe the Wind is at Their Back, Despite Choppy Market Conditions

by Hayden Spiess

The consensus among lenders in the U.S. Department of Housing and Urban Development’s LEAN healthcare mortgage insurance program is that loan volume in fiscal year (FY) 2025 will surpass the prior year’s total of $3.1 billion due to a combination of factors. The lending program, which stems from Section 232 of the National Housing Act, plays a vital role in helping finance nursing homes and assisted living facilities. HUD LEAN is a streamlined program for processing Section 232 applications. “Lending volume should only rise in 2025,” predicts Sampada D’silva, chief …

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Active AdultFinanceMinnesotaNews

Thorofare Capital Provides $42.9M Refinancing for Active Adult Community in Minneapolis

by Hayden Spiess

MINNEAPOLIS — Thorofare Capital, an affiliate of Callodine Group LLC, has provided a $42.9 million bridge loan for the refinancing of Risor of St. Louis, an active adult community located in Minneapolis. Roers Cos. is the borrower.  Completed in November 2023, the community totals 170 units reserved for residents age 55 and older. The property was 78 percent occupied at the time of financing.  Amenities at the community, which totals six stories and features 4,000 square feet of ground-floor retail space, include covered parking, a coffee bar, golf simulator, pet wash, …

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Company NewsFinanceNewsOhioPeople

Ken Gould, Jason Dopoulos Launch Ikaria Capital Group

by Hayden Spiess

CLEVELAND — Industry veterans Ken Gould and Jason Dopoulos have launched Ikaria Capital Group, a platform specializing in debt solutions including bridge loans, recapitalizations, refinancings, construction and permanent financing, FHA/HUD loans and working capital lines of credit.  Cleveland-based Ikaria will feature a focus on skilled nursing and seniors housing facilities. Currently, the Ikaria team is processing a more than $1 billion pipeline of bridge loans through FHA/HUD.  Gould and Dopoulos previously worked with Lancaster Pollard and White Oak Healthcare Partners, respectively. “We are dedicated to this sector and have specifically created …

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Affordable HousingDevelopmentFinanceMichiganNews

Community Housing Capital, FHL Bank Atlanta Provide Financing for 60-Unit Affordable Seniors Housing Project in Southfield, Michigan

by Hayden Spiess

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 …

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FeaturesFrom The Magazine

Nonprofits Fight to Survive, Sell Properties to More Stable, For-Profit Entities

by Hayden Spiess

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, …

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Assisted LivingDevelopmentMemory CareNewsTexas

Thrive Senior Living, Orison Holdings to Open 75-Suite Community in Fort Worth, Texas

by Hayden Spiess

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 …

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AcquisitionsNewsSkilled NursingTexas

SLIB Brokers 120-Bed Skilled Nursing Facility in Lubbock, Texas

by Hayden Spiess

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. 

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ColoradoCompany NewsMemory CareNewsOperations

Ascent to Operate Memory Care Community in Greeley, Colorado

by Hayden Spiess

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. 

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Company NewsIndianaNewsPeople

Priority Life Care Appoints Bobby Petras President 

by Hayden Spiess

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 …

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FinanceNew JerseyNewsSkilled Nursing

MonticelloAM Provides $39M Financing for Two Skilled Nursing Facilities in New Jersey

by Hayden Spiess

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 …

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