COLUMBUS, Ohio — Ziegler has arranged $27.9 million in bond financing Ohio Living Communities. The funds will be used for an expansion project at the company’s Westminster-Thurber campus in Columbus. Named Heritage Pointe, the 11-story building will add 56 independent living units to the community. The total project cost is approximately $39.2 million. A development timeline was not released. The bonds consist of tax-exempt, fixed-interest-rate serial term bonds with a final maturity in 2045. In addition to Heritage Pointe construction, the financing will fund $2.5 million of other capital projects …
POINT PLEASANT, N.J. —Crest Pointe Rehabilitation & Healthcare Center has broken ground on a 3,000-square-foot building expansion. The new therapy gym is part of a multi-million-dollar renovation project at the skilled nursing facility in Point Pleasant, approximately 50 miles south of New York City on the Jersey Shore. Crest Pointe is working with Marquis Health Services, a leading nursing home consulting firm, on the design and implementation of the renovation project. A timeline for completion was not released.
CHAMBERSBURG, Pa. — Lancaster Pollard, a division of ORIX Real Estate Capital, has provided $11.5 million in financing for the Providence Place Senior Living campus in Chambersburg. Located in the southern portion of the state near the Maryland border, the funds will refinance existing debt. The loan features long-term, fixed-rate financing. Miles Kingston, Doug Harper and Casey Moore led the transaction for Lancaster Pollard.
CHICAGO — Draper and Kramer, a national full-service real estate firm based in Chicago, has hired Jeffrey Ross as senior vice president and chief underwriter for Federal Housing Administration/Housing and Urban Development financing in Draper and Kramer’s Commercial Finance Group. A 30-year veteran of the commercial real estate industry, Ross will be responsible for FHA/HUD loans for third-party clients acquiring multifamily, seniors housing and healthcare properties, as well as Draper and Kramer’s own multifamily acquisitions and developments. Before joining Draper and Kramer, Ross was senior vice president and chief FHA …
Music programming can relieve isolation while still enforcing safety measures. By Amy Jeffs, Status Solutions Before the pandemic, senior living residents were already dealing with the burdens of social isolation and loneliness. One study even found that over half of residents without cognitive impairment reported feeling lonely. And now that residents are more isolated than ever, it’s only gotten worse. The effects are more than emotional, but can cause many negative consequences such as increased risk of “cognitive decline and progression of Alzheimer’s disease, recurrent stroke, obesity, elevated blood pressure, …
BETHESDA, Md. — Brightview Senior Living has opened Brightview Grosvenor an assisted living and memory care community in Bethesda, approximately 10 miles north of downtown Washington, D.C. The community shares the land of Wild Acres, the former home of National Geographic president, editor and photojournalist Gilbert Grosvenor. Brightview Grosvenor features 58 assisted living, 26 memory care and 12 “enhanced care” apartments on three acres. Enhanced care apartments are designed for residents with conditions that require special attention, such as Parkinson’s Disease or ALS.
WOODBURY, Minn. — Ryan Cos. and Great Lakes Management have partnered to plan the joint venture’s third Talamore-branded seniors housing community, this one located in Woodbury, just east of the Twin Cities of Minneapolis and St. Paul. The companies acquired the site in mid-September. The planned project features 200 units of independent living, assisted living, memory care and “care suites.” Ryan Cos. will develop, design and build the project, while Great Lakes Management will operate the property upon completion. The companies expect to break ground by mid-2021, with the planned …
COTTAGE GROVE, Wis. — Evans Senior Investments (ESI) has arranged the sale of Aster Senior Communities of Cottage Grove and Drumlin Residences, a 154-unit independent living, assisted living and memory care campus in Cottage Grove, a suburb of Madison. The campus first opened its doors in 2006 with the 70-unit assisted living community, then followed by the 24-unit memory care community in 2016 and the 130-unit Drumlin Residences independent living section in January of 2018. The campus maintained over 93 percent occupancy for the last few years. ESI represented the …
KING CITY, Ore. — JLL Capital Markets has arranged the sale of King City Senior Village in King City, a suburb of Portland. Focus Healthcare Partners soled the property to Livingston Street Capital for an undisclosed price. King City Senior Village is a 114-unit independent living property consisting of two living options: duplex cottages and traditional apartments. The community was built in 1986 and underwent significant renovations in 2018. The JLL Capital Markets team representing the seller includes Cody Tremper, Mike Garbers and Dean Ferris. “The property is standalone independent …
BOULDER, Colo. — Truist has provided a $50 million refinancing for Frasier, a continuing care retirement community (CCRC) in Boulder. The 20-acre campus is home to more than 350 residents, and is currently planning an expansion project, according to the community website. The refinancing “will provide significant cash flow savings to allow Frasier to create additional liquidity and flexibility,” according to Truist. Approximately $11 million of the transaction is a “Cinderella refunding,” where a prior issuance can be refunded and automatically convert its taxable debt to non-taxable debt in the …