LONGVIEW, Texas — Cambridge Realty Capital Cos. has provided a $3.9 million HUD Lean loan to refinance Summer Meadows, a 115-bed skilled nursing care facility in Longview. The fully amortized, 29-year loan was arranged for the owner, a New York limited liability company, using the HUD Section 232 pursuant to Section 223(a)(7) funding program. Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans, underwrote the transaction.
TENNESSEE — Monticello has provided a $3 million working capital loan to the operating companies of two skilled nursing properties totaling 336 beds in Tennessee. The borrower is an owner and operator with a current portfolio of 8,752 licensed beds and has an established relationship with Monticello.
CHICAGO — Ventas Inc. (NYSE: VTR) has appointed Marguerite Nader, president and CEO of Equity LifeStyle Properties, as an independent member of its Board of Directors. Nader, 52, is a seasoned real estate investment trust (REIT) executive. Equity LifeStyle Properties owns and operates over 400 communities across the United States and British Columbia. Since joining Equity LifeStyle Properties, Nader has served in a wide variety of departments including asset management, sales and marketing, finance and acquisitions over the past 20 years. Nader is a member of Equity Lifestyle’s Board of …
AUBURN, Mass. — Pennrose has closed on financing for the redevelopment of the Mary D. Stone school building in Auburn, a suburb of Worcester. The project will turn the three-story, 1920s-era property into a 55-unit affordable seniors housing community. Plans call for the renovation of the historic school, demolition of some later-built wings and construction of a new expansion. The property sits on 1.3 acres, and construction is set to begin before the end of the month. Comprising a mix of studio, one-bedroom and two-bedroom apartments, 80 percent of the …
WASHINGTON, D.C. — Despite the ongoing effects of the COVID-19 pandemic, which has a higher mortality rate among seniors than other age groups, a recent survey shows that the majority of consumers still find independent living and assisted living to be an appealing option for seniors. The survey was commissioned by the American Seniors Housing Association (ASHA), a D.C.-based organization serving the seniors housing industry. Research firm ProMatura Group is conducting the study, which is still ongoing and polls prospective customers from the lead lists of 115 ASHA member communities. …
FAIRPORT, N.Y. — Lancaster Pollard has provided $17.2 million in financing for Aaron Manor Rehabilitation and Nursing Center, a 142-bed skilled nursing facility in Fairport, a village east of Rochester. The FHA Sec. 232/223(f) loan will refinance several types of acquisition loans into a single payment structure. The new financing is nonrecourse and features a fixed rate. The current owner bought the property in 2018 and improved the operations and financial performance at the facility. Miles Kingston led the transaction for Lancaster Pollard, a division of ORIX Real Estate Capital.
A four-phase strategy to build an internal brand promise while creating opportunities to bolster staff dedication. By Mike Ulm, Pathway to Living When I started out in this industry years ago, my perception of seniors housing was steeped in some widely held misconceptions. In fact, the first time I stepped into a nursing home I was filled with angst, scared both to and of death. But that changed quickly when I formed a very special connection with an 88-year-old resident who not only shared a love for baseball but had actually grown …
CORAL GABLES and WEST PALM BEACH, Fla. — ZOM Senior Living and Watermark Retirement Communities have acquired two seniors housing development sites in Coral Gables and West Palm Beach, both cities located on the Atlantic Coast of South Florida. The Watermark at Merrick Park in Coral Gables will comprise 196 units including independent living, assisted living and memory care, with 50,000 square feet of amenities. The site is adjacent to the Shops at Merrick Park and across the street from a train station. The Watermark at West Palm Beach will …
MYRTLE BEACH, S.C. — Watercrest Senior Living Group and its equity partners, Peninsula U.S. Real Estate and Corecam Capital Partners, have broken ground on Watercrest Myrtle Beach Assisted Living and Memory Care in Myrtle Beach. The property will feature 76 assisted living units and 22 memory care units near the Atlantic Coast and many golf courses. Bank of Texas financed the construction, and Shiel Sexton is the builder. The project is scheduled for completion in late 2021.
SPRINGFIELD, Ore. — Senior Living Investment Brokerage has negotiated the sale of ElderHealth & Living Memory Care Village in Springfield. Built in 1988 and expanded in 1996, the memory care community features 95 beds across 59 units. The facility is approximately 30,215 square feet and is situated on approximately 5.1 acres of land. A regional operator with multiple West Coast communities acquired the property for an undisclosed price. The seller, a local owner-operator divesting its only seniors housing community, will stay on as a consultant. A local bank provided a …