INDIANAPOLIS — Elevation Financial Group, through its Elevation Real Property Fund VII, has Crestwood Village East in Indianapolis for $20 million, or $40,300 per unit. The property sits on 20 acres and features 496 units ranging from 430 to 1,130 square feet. It is Elevation’s largest acquisition to date, in both unit count and price, and its first property in Indiana. The Justus Co. built the community in 1966 as part of a larger development, with the intent of offering an affordable lifestyle for seniors. A single family has owned …
MATTESON, Ill. — Alexi Senior Living Corp. has received $17.7 million in HUD financing, allowing the company to start construction of Alexi Senior Community in Matteson, a southern suburb of Chicago. Upon completion the property will feature 55 assisted living and 20 memory care units. The 81,500-square-foot building will be the first of four planned for the property. Future buildings will include an independent living building, scheduled for groundbreaking in August 2020, plus areas for early learning and higher education, leading to an intergenerational community. The development team includes architectural …
WESTBROOK, Maine — Boston Capital has invested in the development of Robert L. Harnois Apartments, a 61-unit affordable housing development for seniors in Westbrook, a suburb of Portland. The general partner is Westbrook Development Corp., based in Westbrook. Robert L. Harnois Apartments will serve seniors ages 62 or older earning 60 percent or less of the area median income (AMI). The five-story property is located near public transportation, a retail center and supportive services. Robert L. Harnois Apartments is Phase II of the adjacent Larabee Village, a 150-unit seniors housing …
AURORA, Ill. — Lancaster Pollard has provided $14.8 million in HUD financing for the development of a Thrive skilled nursing facility in Aurora, approximately 38 miles west of downtown Chicago. The 68-bed facility will focus on post-acute care. The borrower is Innovative Health and its Chicago-based parent company, which has three communities under construction. Brett Murphy of Lancaster Pollard arranged the long-term, non-recourse financing.
DALLAS — Buckner Retirement Services, a Dallas-based operator, has hired Phil Elmore as its director of hospitality, effective Jan. 20. The position will oversee the facilitation, coaching and curriculum development of resident experience training for staff at all six of Buckner’s communities across Texas. A 23-year veteran of the senior living industry, Elmore most recently served as president and CEO of Christian Care Centers Inc. from 2004 through 2018. Elmore is a 20-year member of Leading Age Texas. He also served on the board of the Educational Institute on Aging …
MIAMI — Lincoln Avenue Capital (LAC) has acquired Brownsville Transit Village I and II, a mid-rise, two-building affordable housing complex in Miami’s Brownsville neighborhood. The first building features 96 units available to any age, while the second features 100 units reserved for independent seniors. The purchase price was not disclosed. Both properties are part of a larger campus of affordable apartment buildings that were built in 2012, encompassing almost 500 affordable housing units plus ground-floor retail. The development is transit-oriented, located near the Metrorail Green Line station, with easy access …
CARLSBAD, Calif. — Lancaster Pollard has arranged $420 million in financing for Plum Healthcare Group, a Carlsbad-based skilled nursing operator. The transaction refinances debt for 26 independently licensed and operated skilled nursing facilities throughout California. The loans were through HUD’s Sec. 232/223(f) program. This was the first HUD transaction for Plum. In addition, it was the largest portfolio refinance closed by HUD/FHA in its fiscal year 2019 and one of the largest ever undertaken by the agency, according to Lancaster Pollard. The transaction is the conclusion of a $400 million …
MARLBORO, Md. — BMO Harris Bank’s Healthcare Real Estate Finance group has closed on a $75 million credit facility to fund development of a seniors housing community in Marlboro, approximately 18 miles southeast of downtown Washington, D.C. The borrowers are Largo Land Development LLC and Watermark Retirement Communities. The unnamed project will feature 219 beds of independent living, assisted living and memory care, as well as a separate, 64-unit active adult building. BMO, acting as administrative agent, partnered with People’s United Bank and Webster Bank for the credit facility. Richard …
WASHINGTON, D.C. — Berkadia’s Seniors Housing & Healthcare group has closed $57.2 million in loans for skilled nursing facilities in Alabama, Illinois, New Jersey, Maryland and Washington. Berkadia refinanced a portfolio of three skilled nursing facilities in Washington state for $26.2 million, or $120,212 per bed, utilizing HUD’s 232/223(f) program. Jay Healy arranged the financing on behalf of the Washington-based owner and operator, which used the loan proceeds to pay off short-term debt, fund improvements to the properties and reduce their debt service payments. The communities are located in Brewster, …
CHICAGO — Senior Living Investment Brokerage (SLIB), a Chicago-based real estate services firm, has hired Steve Gilleland as chief development officer. In this role, Gilleland focus on business development and client outreach, while also participating in company strategic planning. Gilleland served as managing director and head of the Healthcare Finance Group at CapitalSource for 16 years. He was responsible for leading the healthcare team in developing financing opportunities for the long-term care and seniors housing industry, directing origination efforts and the initial structuring of transactions as well as managing all …