WORCESTER, Mass. — Hunt Real Estate Capital has provided a $7.8 million loan to refinance Emanuel Village Apartments, an affordable seniors housing community in Worcester. The community features 75 units reserved for the disabled and those over age 62 who meet certain income restrictions. The community was initially developed in 1991 on a 3.8-acre parcel under the Section 202 program. The Section 202 financing was retired in 2005 with a refinance under the Section 223(f) program, and that loan was retired when the borrower acquired the asset. The new Section …
CHICAGO — Ventas Inc. (NYSE: VTR) has hired Carey Shea Roberts as executive vice president, general counsel, and ethics and compliance officer. Roberts will lead the company’s legal, compliance and enterprise risk management functions, reporting to Debra Cafaro, Ventas chairman and CEO. Roberts succeeds T. Richard Riney, the company’s first general counsel, who recently retired. Roberts joins Ventas from Assurant Inc., where she served as executive vice president, chief legal officer and corporate secretary. She previously served as deputy general counsel, corporate secretary and chief compliance officer of Marsh & …
SUGAR LAND, Texas — CBRE has arranged a $28.2 million bridge loan to refinance debt on Overture Sugar Land, a 200-unit active adult community in the Houston suburb of Sugar Land. The borrower is Greystar Development, which launched the Overture brand in 2013. There are now 29 Overture-branded active adult properties totaling over 7,500 units in the United States. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the non-recourse, floating-rate loan with 18 months of interest-only payments. The transaction was made through MF1 Capital, which …
PHILADELPHIA and TOLEDO, Ohio — Toledo-based real estate investment trust Welltower (NYSE: WELL) and Philadelphia-based Thomas Jefferson University and Jefferson Health have unveiled plans for a long-term strategic partnership. Under the deal, Welltower will buy an ownership stake in much of Jefferson’s real estate, while Jefferson will provide services at Welltower’s seniors housing properties. Welltower’s investment into Jefferson’s properties will allow the organization to reduce its fixed assets and redeploy the capital into other areas. Welltower also plans to help Jefferson accelerate its growth in ambulatory care through capital support …
RALEIGH, N.C. — Green Courte Partners (GCP), through one of its investment funds, has acquired The Aspens at Bedford Falls, a 182-unit seniors housing community in Raleigh. Construction of the community was completed in August 2019. GCP acquired the property along with its wholly owned subsidiary True Connection Communities, which will take over operations. The price and seller were not disclosed. GCP plans to convert the community from an active adult focus to a full-service independent living community. Post-conversion, the community will total 181 units, increasing buyer’s total portfolio to …
WINTERS, Calif. — Alliant Capital has completed an investment in Blue Mountain Terrace, a 63-unit affordable seniors housing development in Winters, a rural city approximately 25 miles west of Sacramento. Domus is developing the community, which will serve those age 62 and older earning between 25 and 60 percent of the area median income. The size of Alliant’s investment was not disclosed. “California’s demand for affordable housing is high statewide,” says Dudley Benoit, executive vice president at Alliant Capital. “In particular, the need for quality housing for low-income seniors is …
SAN DIEGO — JLL has hired Deborah Street as a senior vice president with the company’s Valuation Advisory division. Street will have a special focus on seniors housing, nursing care and multifamily. She will be based in San Diego. As part of the hire, Street will start a new Strategic Advisory national practice focused on developing and implementing real estate strategies. Services include improving the operating performance of existing assets, on-demand underwriting, strategic planning, transaction structure/return analysis, transaction management, and due diligence services for potential investment and development opportunities.
TUCSON, Ariz. — Watermark Retirement Communities has opened The Hacienda at the Canyon, an independent living, assisted living and memory care community in Tucson. The property is located on 10.5 acres at the historic landmark site of St. Anne’s Convent at Sabino Canyon. The community features an on-site integrative healthcare clinic run by TMCOne, two on-site home health care agencies, integrated personal wearable technologies and fitness systems. The development is the first to open under Watermark’s new upscale Élan Collection brand. Future locations are slated for Brooklyn Heights, Napa Valley …
HAMMOND, La. — Phoenix Senior Living has unveiled plans for The Phoenix at Hammond, a 91-unit assisted living and memory care community in the New Orleans suburb of Hammond. First Guaranty Bank is the lending partner for the project. Groundbreaking is scheduled to take place before the end of January. Phoenix Senior Living, founded in 2014, operates 26 communities throughout the Southeast. The Phoenix at Hammond will be the company’s second community in Louisiana.
SAN ANTONIO — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the real estate and operations of The Healthcare Center at Patriot Heights, a seniors housing campus in San Antonio. The property features 59 skilled nursing beds and 158 independent living units. The seller and price were not disclosed. This acquisition brings Ensign’s portfolio to 214 skilled nursing operations, 23 of which also include assisted living, across 13 states. Ensign owns the real estate at 90 of those properties.