ILLINOIS — CFG, a subsidiary of CFG Bank, has provided two HUD loans totaling $13.6 million to refinance debt on two skilled nursing facilities in Illinois. The facilities accommodate a total of 173 beds. Further details were not disclosed. Tim Eberhardt and Ava Julio originated the transaction for CFG.
DAVENPORT, Iowa — Health Dimensions Group (HDG) has taken over management of Country Manor Memory Care in Davenport. Country Manor Memory care is the Quad Cities’ only freestanding memory care community, according to HDG. The community features 38 licensed beds. Further details were not disclosed.
GIG HARBOR, Wash. — Emerald Communities, a nonprofit operator with two continuing care retirement communities (CCRCs) in Washington, has appointed Chris Lucero as the new executive director at Heron’s Key in Gig Harbor, just across the Puget Sound from Tacoma. Lucero has more than 17 years of experience in the senior living industry. He holds a bachelor’s degree in marketing from the University of New Mexico. As executive director, Lucero will oversee the management, planning, organization, leadership, evaluation and control in all departments of Heron’s Key.
FAIRFAX, Va. — Arlington Partnership for Affordable Housing (APAH) has opened Ilda’s Overlook Senior Residences, an affordable seniors housing community in Fairfax, approximately 15 miles west of Washington, D.C. The community provides 80 affordable units to seniors age 62 and above with incomes at or below 60 percent of the area median income (AMI). Ilda’s Overlook was built in partnership with Fairfax County Redevelopment and Housing Authority (FCRHA) and Erickson Senior Living. The property’s name, Ilda’s Overlook, is a nod to Black history in Fairfax County. It references a community …
TOPEKA, Kan. — Marcus & Millichap has arranged the sale of Providence Living Center, a 78-bed, 24,000-square-foot nursing facility in Topeka. A limited liability company sold the asset to an undisclosed buyer for an undisclosed price. The Marcus & Millichap team included Rod Llanos and Colby Haugness.
TROY, N.Y. — The United Group of Cos. Inc, a Troy-based owner operator, has promoted Michael DiGiacomo to chief operating officer and Jeff Smetana to chief development officer. DiGiacomo will take on increased responsibility in all phases of operations as well as play the role of leading United Group’s growing management company. DiGiacomo was formerly United Group’s vice president of operations. In that role, he oversaw the management company’s operations and the asset management of United Group’s senior, student, multifamily and commercial portfolios. Before joining United Group, DiGiacomo was a …
JERSEY CITY, N.J. — Hudson Valley Property Group has completed the renovation of Grandview Terrace Apartments, a 283-unit affordable seniors housing complex in the Journal Square area of Jersey City. The $15.2 million, 16-month project upgraded the cabinetry, countertops, appliances, lighting, flooring, walls and water fixtures in the units and added amenities such as a new sky lounge with a stretching room, community room, library and a computer center. KeyBank provided construction financing for the project, and that loan was refinanced under HUD’s 223(f) program upon completion.
LIVERMORE, Calif. — G Capital Markets (GCap), a capital advisory firm based in Carmel, has arranged a recapitalization for Bethany Home, a 59-bed assisted living community in Livermore on the eastern edge of the Bay Area. Built in 2021 by a regional owner-operator, the property leased up in 2022 and has shown consistently strong performance for several years with cash flow margins well over 40 percent and occupancy of 90 percent, according to GCap. The bridge-to-HUD loan was structured with a large equity-out component and sized to maximize the takeout …
MIAMI — Housing Trust Group (HTG), a leading multifamily developer, and AM Affordable Housing, a nonprofit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, have opened Tucker Tower. The $44 million affordable housing community for seniors age 62 and older is located in the Perrine neighborhood of southern Miami. Tucker Tower, the eighth joint venture between HTG and AM Affordable Housing, will be exclusively available to income-qualifying residents, ensuring accessibility to those earning at or below 25, 30, and 60 percent of the area median income …
FRESNO, Calif. — Cambridge Realty Capital Cos. has arranged a $6 million acquisition loan for Twilight Haven Senior Living in the San Joaquin Valley city of Fresno. Twilight Haven comprises 60 independent living units, 116 assisted living beds and 50 skilled nursing beds. A California-based LLC was the borrower. A Utah-based industrial bank provided the capital. The seller was a nonprofit operator facing bankruptcy. The 25-year loan is fully amortizing.