FORT WASHINGTON, Pa. — Acts Retirement-Life Communities, one of the nation’s largest nonprofit senior living organizations, has acquired an 80,000 SF office building in Fort Washington for an undisclosed price. Acts will move its headquarters to the building and will be the sole occupant. Acts will move its operations from West Point, just a few miles away. Both municipalities are northern suburbs of Philadelphia. Acts has operated out of its current headquarters since 1989. The office complex was built in 2006 and will serve Acts’ primary base of operations for …
COVINGTON, Ga. — Greystone has provided $15.8 million in Freddie Mac financing for the construction of Legends of Covington, a 198-unit affordable seniors housing community in the Atlanta suburb of Covington. PJ McDevitt of Greystone originated the transaction on behalf of Dominium Holdings, one of the largest affordable housing development and management companies in the country. The Freddie Mac Tax Exempt Loan is part of the Freddie Mac Target Affordable Housing (TAH) Program. The financing includes a 30-month forward period for construction, with Freddie Mac’s permanent take-out carrying an 18-year …
MUNCIE, Ind. — Strawberry Fields REIT has acquired The Waters of Muncie, a skilled nursing facility located in Muncie, approximately 50 miles northeast of Indianapolis. The buyer paid $3.2 million in an all-cash deal. The Waters of Muncie is a 72-bed facility that is located at 2400 Chateau Drive in Muncie, Indiana. Services offered include comprehensive medical, memory care and rehabilitative therapy services. The facility serves both short- and long-term residents. “The Waters of Muncie is a well-located facility in suburban Indianapolis that offers exceptional care and rehabilitation services,” says …
EDMOND, Okla. — Spellman Brady & Co. has completed the extensive interior renovation of The Touchmark at Coffee Creek Retirement Community in Edmond, a northern suburb of Oklahoma City. The property part of a master-planned community. Originally built over 15 years ago, Touchmark sought to rejuvenate the common areas, as well as transform the basement into a health and fitness club. The renovation included the independent living and assisted living common areas, administration offices, main lobby and reception area. It also added two new dining spaces. The Grand Hall was …
BOSTON — Pennrose Development and LGBTQ Senior Housing Inc. have unveiled plans to convert the historic William Barton Rogers Middle School in Boston’s Hyde Park neighborhood into an LGBTQ-supported affordable seniors housing community. The $33 million project will transform the existing structure into 74 units of income-restricted rental units. Tenants must be at least age 62, and the community will be “specifically welcoming to seniors who identify as LGBTQ,” according to the developers. “As Boston’s residents continue to age, the need for safe, affordable housing that is welcoming to all …
NEW YORK CITY — Monticello Asset Management LLC has provided $40 million in first lien debt financing for an assisted living facility in the Bronx. The property features a total of 256 beds. The borrower and name of the facility were not disclosed. The loan will refinance existing debt. The borrower recently completed an extensive renovation of the facility including updates to the resident rooms, lobby, common areas and landscaping. Monticello provided the long-term financing for the borrower after it received full licensure in New York and has since stabilized …
HUNTLEY, Ill. — Resort Lifestyle Communities has opened Huntley Springs Retirement Resort, an active adult community in Huntley, approximately 50 miles northwest of Chicago. The property offers 128 apartments reserved for residents age 55 or older. “Our research indicated there was a significant need for additional independent senior living communities in Huntley,” says Phil Benjamson, COO of Resort Lifestyle Communities.
ILLINOIS — Capital Funding LLC has provided bridge-to-HUD financing for the acquisition of six skilled nursing facilities located throughout Illinois. The portfolio totals 594 total beds. The borrower, amount of capital, and names and locations of the properties were not disclosed. Capital Funding also financed the operations of a seventh skilled nursing facility in the portfolio, operated by Crown Healthcare. The lender expects to ultimately refinance the debt through HUD’S 232/223(f) program. Craig Casagrande originated the transaction for Capital Funding. Capital Finance LLC also provided working capital in the amount …
TIFFIN, Ohio — Trilogy Health Services has opened The Willows at Tiffin, an assisted living, memory care and acute care community in Tiffin, approximately midway between Cleveland and Toledo. Trilogy Health Services offers a full continuum of care in over 110 senior living communities throughout Kentucky, Indiana, Ohio and Michigan. The company is a subsidiary of Griffin-American Healthcare REIT III Inc.
DALLAS — Forefront Living has unveiled plans for a 112-unit residential building at Presbyterian Village North (PVN), a nonprofit continuing care retirement community (CCRC) in Dallas.