MIAMI — Dwight Capital and its affiliate REIT, Dwight Mortgage Trust, which are both headquartered in Miami, financed $152.5 million in seniors housing during first-quarter 2024. Among the transactions were a $44 million bridge loan for a skilled nursing facility in the Southwest and $26 million in HUD financing for River Towne Center and Etowah Landing, a skilled nursing portfolio in Georgia. This Southeast transaction involves a 369-bed facility which rises seven stories on three acres and totals 117,000 square feet. The bridge loan, which closed in conjunction with a …
FRANKLIN and WAUKESHA, Wis. — BMO’s Healthcare Real Estate group has provided a $70.6 million bridge loan for a joint venture between New Perspective Senior Living, Boldt Capital and Fengate Asset Management as part of a larger programmatic relationship focused on acquiring, developing, and operating senior living communities. The BMO loan is secured by two senior living communities totaling 290 units in Franklin and Waukesha. Loan proceeds include capital allocated for future capital improvements and value enhancement. Further details were not disclosed.
MAPLE GROVE, Minn. — Grace Management Inc., a Maple Grove-based operator, has hired Abby Romaine as national director of sales strategy and development. In her new role, Romaine supports creating and implementing strategies to support the success of specific Grace Management senior living communities across the country. Romaine has worked in various industries, including healthcare, senior living and online media. She brings experience in fostering partnerships, education, strategic planning, enhancing sales strategy efforts and local professional collaborations.
GLENDALE, Ariz. — JLL Capital Markets has arranged financing for Inspira Arrowhead, a newly constructed seniors housing asset in Glendale, Arizona. The borrowers are funds managed by affiliates of Fortress Investment Group LLC and COGIR Senior Living. The amount of the financing was not disclosed. Inspira Arrowhead is a 187,393-square-foot, Class A community featuring 165 seniors housing units across three stories. Alanna Ellis and Alex Sheaffer led the JLL Capital Markets team.
KNOXVILLE, Tenn. — SRI Management, in conjunction with Bourne Financial Group, has acquired Trinity Hills of Knoxville. The community is located in the foothills of the Great Smoky Mountains in East Knoxville. It offers assisted living and memory care services. Further details were not disclosed.
CHANDLER, Ariz. — Senior Living Investment Brokerage (SLIB) has arranged the sale of North Chandler Place, a 198-unit continuing care retirement community in the Phoenix suburb of Chandler. The property features 119 independent living, 16 assisted living, 28 memory care and 35 skilled nursing units. It was built in 1966 with additions in 2002 and 2007. The property totals 192,208 square feet on approximately 15.2 acres of land. The seller is a group of investors that will reinvest their proceeds in other core assets in the portfolios. The buyer is …
SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NYSE:CTRE), a San Clemente-based REIT focused on skilled nursing properties, has funded a $26.7 million mortgage loan in connection with the borrower’s acquisition of a two-asset skilled nursing portfolio in Tennessee. The properties feature a combined total of 276 licensed beds. The borrower group under the loan is a regional healthcare real estate owner and investor. Affiliates of The Ensign Group Inc. (NASDAQ: ENSG) took over operations on May 1 pursuant to a new, long-term, triple-net master lease with the borrower. The loan …
By Ed Cadavona, Managing Partner, AO With a growing need and rising costs, building affordable housing continues to be a major challenge in the Golden State, California. The demand for housing exceeds current supply with the California Department of Housing and Community Development (HCD) estimating the need for 2.5 million new homes over the next eight years, with approximately 1 million designated for lower-income households. The issues are complex, requiring the state, cities, developers, financiers, communities and architects to come together to overcome the deficit of affordable housing for families …
DALLAS — The active adult subsector of seniors housing has officially emerged from its infancy as a commercial real estate market, but the specifics of the product type are still evolving as owners discover more and more about the incoming baby boomer residents. That was the message from CEOs in the sector, who spoke on a CEO panel titled, “Where the Active Adult Space Is Now, and What Comes Next?” at InterFace Active Adult, held April 18 at The Westin Las Colinas in Dallas. Panelists included Ben Burke, managing partner, …
KNOXVILLE and JACKSON, Tenn. — Berkadia has arranged the sale of two assisted living and memory care communities in Tennessee. Berkadia Seniors Housing & Healthcare, led by Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders, negotiated the 127-unit transaction on behalf of a publicly traded REIT. Mainstay Senior Living acquired the properties, which are located in the Knoxville and Jackson markets. Further details were not disclosed.