HURST, Texas — Senior Living Investment Brokerage has arranged the sale of Bishop Davies Nursing Care Center, a 161-bed skilled nursing facility in Hurst, located between Dallas and Fort Worth. An owner-operator looking to exit the industry sold the property to a regional owner-operator from Louisiana for $8 million. The 70,000-square-foot facility sits on a 5.2-acre lot. It was 74 percent occupied at the time it was placed on the market, which was before the COVID-19 pandemic struck the United States.
SOUTHFIELD, Mich. — Plante Moran Living Forward (PMLF), a senior living development consulting branch of Plante Moran Cresa and an affiliated entity of Plante Moran, has made several promotions at its executive level. The Southfield-based company promoted Sally Heffernan to senior vice president, while Jacob Boss and Kyle DeHenau were promoted to vice president. Heffernan is the practice leader for the firm’s market study service line, which has produced more than 350 market studies for providers across the nation since its inception 10 years ago. She is part of a …
WASHINGTON and CALIFORNIA — MedCore Partners and The National Realty Group, together with BMO Harris Bank and Locust Point Capital, have acquired a 582-unit independent living, assisted living and memory care portfolio in seven markets in Washington and California. The communities in the initial acquisition include five assets in Washington: Birchview Memory Care in Sedro-Wooley with 60 units Discovery Memory Care in Sequim with 55 units The Sequoia in Olympia with 92 units Cooks Hill Manor in Centralia with 72 units The Village in Tacoma with 136 units The transaction also …
ALGONQUIN, Ill. —McShane Construction Co. has started building The Oaks at Algonquin, an independent living, assisted living and memory care community in Algonquin, a northwest suburb of Chicago. The three-story property will feature a total of 166 units. It is scheduled for completion in January 2022. Spectrum Retirement Communities is the property’s developer, and Vessel Architecture is the designer.
AURORA, Ill. — Walker & Dunlop Inc. has arranged a $14.6 million loan for the refinancing of The Vistas Fox Valley in Aurora. The 136-bed skilled nursing facility offers full medical support and rehabilitation services for seniors age 65 and older. Amenities include an onsite spa and salon, dining services, transportation options, family lounges and 24-hour medical assistance. Joshua Rosen of Walker & Dunlop led the origination team. The HUD loan will replace existing debt previously provided by Walker & Dunlop’s bridge lending program.
BATAVIA, Ill. — Lancaster Pollard Mortgage Co., a division of ORIX Real Estate Capital, has provided a $16.9 million HUD refinancing for Heritage Woods of Batavia, a 148-unit affordable assisted living community in the Chicago suburb of Batavia. The borrower is Gardant Management. Brett Murphy led the transaction for Lancaster Pollard.
BALTIMORE — Capital Funding Group (CFG), a Baltimore-based lender, had a record-setting first half of 2020, financing more than $600 million. CFG’s closed 27 bridge-to-HUD loans, 23 HUD loans and six lines of credit. The company recently launched a new off-balance-sheet financing program that will allow it to increase its lending capacity.
SCOTTSDALE, Ariz. — Cadence Living, a Scottsdale-based owner-operator, has hired Mindy Whitworth as vice president of operations for the Mountain Region. Whitworth is based in Denver and will have principal responsibility for the operations of Cadence’s growing portfolio in Colorado and Utah. She has over 25 years of experience in operations, sales and marketing in the senior living industry. Most recently, Whitworth was a regional vice president of operations for Milestone Communities. She has also held a similar role with MorningStar Senior Living and sales and marketing roles with Bethesda …
WELLINGTON, Fla. — Resort Lifestyle Communities (RLC) is scheduled to break ground on July 23 for Palomino Gardens, an active adult community in Wellington, approximately 65 miles north of Miami. The $30 million, 180,000 square foot community is the sixth RLC location in Florida. The number of units was not disclosed.
DALLAS — Lancaster Pollard Mortgage Co. has arranged a $20.8 million refinancing for a skilled nursing and memory care community in the Lake Highlands neighborhood of Dallas. The loan refinanced the existing debt and reimbursed the ownership group in excess of $1 million for recent capital improvements at the community. Kyle Hemminger led the transaction for Lancaster Pollard.