Author

Jeff Shaw

CCRCDevelopmentNewsPennsylvania

Erickson Opens Assisted Living Expansion at Maris Grove in Glen Mills, Pennsylvania

by Jeff Shaw

GLEN MILLS, Pa. — Erickson Senior Living has completed Evergreen Pointe, an expansion at Maris Grove, a continuing care retirement community in Glen Mills. Located approximately 25 miles west of Philadelphia, the project adds a 76,000-square-foot assisted living addition to the property. The expansion is part of a multi-year plan to grow and renovate the CCRC. Evergreen Pointe is located adjacent to the existing continuing care building, Rose Court, which is being renovated to include an expanded memory care neighborhood and redesigned lobby and bistro. The new neighborhood features 84 …

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Assisted LivingDevelopmentNewsSouth Carolina

Watercrest Nears Completion of 98-Unit Community in Myrtle Beach, South Carolina

by Jeff Shaw

MYRTLE BEACH, S.C. — Watercrest Senior Living Group is now accepting reservations at Watercrest Myrtle Beach in Myrtle Beach. The community sales office is now open for the property, which will feature 76 assisted living units and 22 memory care units. The property’s location is near beaches and golf courses, as well as medical centers, retail, dining, art and entertainment. Watercrest Myrtle Beach is one of two senior living development projects partnered between Watercrest, Corecam Capital Partners and Peninsula Alternative Real Estate. Their additional project, Watercrest Macon Assisted Living and …

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FinanceNewsWisconsin

Grandbridge Arranges $12.6M Refinancing for 100-Unit Community in Menasha, Wisconsin

by Jeff Shaw

MENASHA, Wis. — Grandbridge Real Estate Capital LLC has arranged a $12.6 million loan secured by a three-building, 100-unit, 146-bed seniors housing facility on two sites in Menasha, on the northern end of Lake Winnebago. Artin Anvar originated the permanent, fully amortizing modification loan through HUD’s FHA 232/223(f) Interest Rate Reduction (IRR) loan program. Structured with a 26.3-year term and 26.3-year amortization, the nonrecourse transaction closed with a fixed interest rate of 3.2 percent. The loan proceeds will be used to pay off an existing Grandbridge HUD loan. The borrower …

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AcquisitionsAssisted LivingKansasNews

Blueprint Negotiates Sale of Two Communities in Metro Kansas City

by Jeff Shaw

LEAWOOD and SPRING HILL, Kan. — Blueprint Healthcare Real Estate Advisors has arranged the sale of two assisted living and memory care communities in the Kansas City area. The properties were Leawood Gardens, a 70-unit community in Leawood, and Blackhawk Assisted Living, a 48-unit community in Spring Hill. Both communities were built in the early 2000s with subsequent renovations, and occupancies remained relatively stable above 90 percent prior to the operational transition to a West Coast-based national assisted living manager in 2017. Following a stretch of unexpected community-level leadership turnover …

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Affordable HousingDevelopmentGeorgiaNews

McShane Completes 124-Unit True Light Haven Affordable Community in Atlanta

by Jeff Shaw

ATLANTA — McShane Construction Co. has completed construction of True Light Haven, a 124-unit affordable seniors housing community in Atlanta Westside neighborhood. National Church Residences is the developer on the four-story project, which sits on 4.7 acres. The residence is located within walking distance of the West Lake MARTA train station and the Westside beltline biking and walking trail. It is also just three miles from the Mercedes Benz Stadium and Downtown Atlanta. True Light Haven was designed to achieve National Green Building Standard (NGBS) Gold certification. The architect of …

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FinanceMinnesotaNews

HJ Sims Arranges $132.4M Financing for Benedictine Health System

by Jeff Shaw

MINNEAPOLIS — HJ Sims has arranged $132.4 million in financing for Benedictine Health System, a Minneapolis-based nonprofit healthcare system providing long-term care services, congregate housing, assisted living, rehabilitation, healthcare and social services. Historically, most of Benedictine’s affiliates were financed on a standalone basis, resulting in 36 separate loans for 19 different borrowers. The various series of debt were held by eight different banks or servicers with inconsistent terms, covenants and reporting requirements. Benedictine’s board and executive leadership team sought to actualize a capital framework to ensure growth, transformation of service …

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Affordable HousingCaliforniaDevelopmentFinanceNews

Hunt Capital Partners Negotiates $5.6M LIHTC Financing for St. Stephen’s Retirement Center in San Diego

by Jeff Shaw

SAN DIEGO — Hunt Capital Partners, in collaboration with CRP Affordable Housing and Community Development LLC and its affiliate Castellan Holdings LLC, has arranged $5.6 million in Low-Income Housing Tax Credit (LIHTC) equity financing for St. Stephen’s Retirement Center. Located in San Diego, St. Stephen’s Retirement Center is the acquisition and rehabilitation of 60 affordable housing units for seniors. The development will provide a variety of supportive services. As of the closing date of May 12, 2021, this transaction was the first development in California and the fifth in the …

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NewsPeopleTexas

Methodist Retirement Communities Names Kristi Baird as Executive Director of Stevenson Oaks in Fort Worth

by Jeff Shaw

FORT WORTH, Texas — Methodist Retirement Communities has named Kristi Baird as executive director of Stevenson Oaks, a nonprofit senior living community under construction in Fort Worth. Greystone is development partner on the project. The bulk of Baird’s experience comes from 20 years with Marriott Hotels, most recently serving as assistant general manager for The Sinclair. Baird served on the pre-opening team at The Sinclair which allowed her to contribute to many aspects of how the hotel operates today such as design elements, service standards, and team culture. Baird is …

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DevelopmentNewsWashington

Ryan Cos. Completes 405,992 SF Wesley at Tehaleh in Bonney Lake, Washington

by Jeff Shaw

BONNEY LAKE, Wash. — Wesley Homes, Presbyterian Homes & Services (PHS) and Ryan Cos. US have completed construction of Wesley at Tehaleh, a 405,992-square-foot senior living community within the master-planned community of Tehaleh by Newland in Bonney Lake, a suburb of Seattle. The two-building property sits on 16.8 acres and features 18 memory care apartments, 168 independent living apartments and 42 assisted living apartments. “This new community has been in the works for over three years,” says Kevin Anderson, president and CEO of the community. CGA was architect on the …

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AcquisitionsAssisted LivingMassachusettsNewsSkilled Nursing

Blueprint Brokers Sale of Skilled Nursing, Assisted Living Community in Northbridge, Massachusetts

by Jeff Shaw

NORTHBRIDGE, Mass. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a seniors housing campus featuring 154 skilled nursing beds and 26 assisted living units in the Worcester suburb of Northbridge. The community, which was not named, was built in 1970 on 13 acres. It totals 93,000 square feet following expansions in 1995 and 2005. Owner-operator Salmon Health and Retirement sold the property as a non-core community in its portfolio. A Massachusetts-based investor acquired the asset for an undisclosed price.

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