NEW JERSEY — Monticello and its affiliates have provided $38 million in first lien debt financing for the acquisition of one rental-model retirement community in New Jersey. The community features 226 independent living units, 113 assisted living and memory care beds and 60 skilled nursing beds. The transaction also includes a $1 million working capital loan to the operating company of the property provided by Monticello’s asset-based lending group, Monticello Commercial Capital. The borrower is an owner and operator of various models of senior living. The name and location of …
AKRON, Ohio — Dwight Capital has provided a $6.8 million bridge loan for the acquisition of Canal Pointe Nursing and Rehab, a 120-bed skilled nursing facility in Akron. Renovated in 2008, the property totals 57,724 square feet situated on 2.2 acres. Canal Pointe offers its residents services such as short-term rehabilitation, occupational therapy, respiratory care, trach care and behavioral care. The borrower was not disclosed.
CHRISTIANA, Pa. — Capital Funding LLC has arranged $10.8 million in bridge-to-HUD financing for the acquisition of Harrison House of Christiana in Lancaster County. The property is a 139-bed skilled nursing facility. The borrower was not disclosed. Concurrent with the real estate closing, Capital Finance also provided a $3.5 million line of credit. Craig Casagrande and Andrew Jones originated the transaction for Capital Funding.
CARLSBAD, Calif. — Integral Senior Living (ISL) and Solstice Senior Living (SSL), a joint venture of Integral Senior Living and NorthStar Healthcare Income Inc., have named Collette Gray as president and CEO and Jennifer Ferrer as CFO. In these positions, they will have C-Suite responsibilities for both ISL and SSL. “Bringing leadership of both ISL and SSL together allows us to streamline the services we provide for our communities and ensure both Integral Senior Living and Solstice Senior Living are receiving exceptional management, as well as having community-specific needs and …
GREENVILLE, S.C. — Ziegler has arranged a total of $35.7 million in bond financing for The Woodlands at Furman, a nonprofit continuing care retirement community (CCRC) in Greenville. The community opened in 2009 adjacent to Furman University on land leased by The Furman University Foundation. The property currently features 132 independent living apartments, 28 independent living villas (some of which are under construction), 32 assisted living apartments, 16 memory care units and 30 private skilled nursing units. The bond financing will fund an expansion at the property, adding 44 independent …
TOLEDO, Ohio — Welltower (NYSE: WELL) has agreed to sell a portfolio of seniors housing properties in California, Nevada and Washington for more than $740 million. The announcement was made on the company’s fourth-quarter earnings call on Wednesday, Feb. 12. Very few details have been released, however, with Welltower not disclosing the names, locations, buyers or number of properties. The portfolio was 97 percent occupied with a net operating income of $36.7 million in 2019.
MOORESTOWN, N.J. — Private equity investment firm Tryko Partners has acquired Lutheran Crossings at Moorestown, a seniors housing community featuring 201 beds of skilled nursing and a 63-unit assisted living campus. The property is located on 14 acres in Moorestown, across the Delaware River from Philadelphia. The price was not disclosed. The community is slated for a two-phase, $12 million improvement campaign under the new ownership. The property has been separated into its skilled nursing and assisted living pieces and rebranded as Cambridge Rehabilitation & Healthcare Center and Cambridge Enhanced …
BRIDGEWATER, N.J. — LCS has unveiled plans for an $8 million revitalization of Laurel Circle, an independent living community in Bridgewater, approximately 40 miles southwest of Manhattan. The community’s wellness center will see some of the most dramatic changes, according to LCS, including new gym equipment. In addition, LCS will add a new outpatient clinic to provide more health services. The plan also calls for upgrades to the community’s salon and lobby.
TUCSON, Ariz. — Watermark Retirement Communities, a Tucson-based operator, has hired John Toro as national director of capital and plant operations. Toro served as Watermark’s regional director of plant operations in the West and Southwest from 2015 to 2017. He has handled similar responsibilities for other providers during his two decades in the senior living field, most recently as national director of plant operations for Senior Lifestyle Corp. He will now be responsible for Watermark’s full, national portfolio. Watermark currently operates 60 communities, making it the 13thlargest operator in the …
SAN FRANCISCO — The American Society on Aging (ASA), a San Francisco-based association of more than 5,000 professionals seeking to improve the quality of life of older adults and their families, has appointed Peter Kaldes as chief executive officer. Kaldes was previously a leader and advocate in aging in South Florida as president and CEO of the South Florida Institute on Aging (SoFIA). Prior to joining SoFIA, Kaldes was a senior executive in JPMorgan Chase’s Office of Corporate Responsibility, where he managed a $20 million philanthropic program. Previously Kaldes was …