Author

Jeff Shaw

AcquisitionsAssisted LivingIndianaNews

SLIB Arranges Sale of 45-Unit Vermillion Place in Anderson, Indiana

by Jeff Shaw

ANDERSON, Ind. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Vermillion Place in Anderson, approximately 30 miles northeast of Indianapolis. The community comprises 45 units of assisted living care on about two acres. This particular asset was family owned and it proved difficult to successfully run a smaller, single-site operation, according to SLIB. The owner made the decision to sell and was encouraged by its lender to divest.  The buyer is a private owner that previously provided the owners with operating, clinical and environmental consulting services for …

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AcquisitionsAssisted LivingNewsVirginia

Blueprint Brokers Sale of Two Communities in Central Virginia

by Jeff Shaw

VIRGINIA — Blueprint Healthcare Real Estate Advisors has arranged the sale of two assisted living and memory care communities in Central Virginia. The properties located approximately 75 miles apart from each other and total 128 total units. One is located in a densely populated, affluent market, and the other in a more tertiary submarket. The buyer, seller and price were not disclosed, nor were further details on the properties.The Blueprint team included Kory Buzin, Steve Thomes, Amy Sitzman and Giancarlo Riso.

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Assisted LivingDevelopmentNew YorkNews

FilBen Group Nears Completion of $54M Braemar at Montebello in New York

by Jeff Shaw

MONTEBELLO, N.Y. — Owner/developer FilBen Group, equity partner RSF Partners, general contractor McAlpine Contracting and designer H2M Architects + Engineers have completed the structural system and building enclosure, or “envelope,” for Braemar at Montebello.  Upon completion in 2024, the property will be a four-level, 133,675-square foot luxury assisted living residence on 6.2 acres in the Lower Hudson Valley village of Montebello. The parcel is adjacent to a larger site that includes the Montebello Commercial Center, which will offer Braemar’s residents access to retail, entertainment, dining, and medical services. The property …

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FinanceKentuckyNewsSkilled Nursing

CFG Provides $7.2M HUD Refinancing for Skilled Nursing Facility in Kentucky

by Jeff Shaw

KENTUCKY — Capital Funding Group (CFG) has provided a $7.2 million HUD-insured loan to refinance debt on a 162-bed skilled nursing facility in Kentucky.  CFG executed the original bridge loan, which allowed the borrower to acquire the facility’s real estate; the facility has since stabilized and is now exiting with permanent HUD financing. Further details on the property and borrower were not disclosed. Patrick McGovern originated the transaction for the CFG.

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Affordable HousingArizonaDevelopmentNews

Pennrose Breaks Ground on $28M Affordable Seniors Housing Project in Phoenix

by Jeff Shaw

PHOENIX — Pennrose, Butler Housing Co., CBC Financing Corp., the City of Phoenix, the Arizona Department of Housing and additional project partners have broken ground on Garfield Housing Phase II, an affordable housing community for low-income seniors in Phoenix’s Garfield neighborhood. The project is located at 1510 E. Portland St. Located adjacent to the Garfield Commons affordable housing community, the second phase will deliver 60 affordable apartments with community amenities and on-site supportive services for seniors age 55 or older. Completion is slated for winter 2024. The four-story, 58,000-square-foot community …

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Affordable HousingAlabamaDevelopmentFinanceGeorgiaNewsTexas

BWE Arranges $15.3M in Financing for Affordable Communities in the South

by Jeff Shaw

AUSTIN, Texas; DOUGLASVILLE, Ga.; and MOBILE, Ala. — BWE has arranged $15.3 million in permanent loans to finance three affordable housing communities in Austin, Douglasville and Mobile. Jon Killough and Tony Love originated the loans using HUD’s RAD for PRAC initiative, a new tool designed to preserve existing Section 202 housing as well as create new Section 8 housing across the country. Traditionally, Section 202 PRAC rental assistance could only be used for operating expenses, not debt servicing. The RAD for PRAC process allows borrowers to convert PRAC subsidies to …

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NewsPeople

Diversified Healthcare Trust Appoints Christopher Bilotto as President, CEO

by Jeff Shaw

NEWTON, Mass. — Diversified Healthcare Trust (NASDAQ: DHC) has appointed Christopher Bilotto as president and CEO, effective Jan. 1, 2024. Bilotto is an executive vice president of The RMR Group (NASDAQ: RMR), overseeing portfolio management for all office, industrial and retail properties managed by RMR and hotel and senior living asset management, as well as development and redevelopment across the United States. Prior to joining RMR in 2011, he worked at General Growth Properties in various management roles. Bilotto succeeds Jennifer Francis, who is retiring from RMR on July 1, …

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DevelopmentNewsTexas

Ryan Cos. Tops Out Grand Living at The Grove in Austin, Texas

by Jeff Shaw

AUSTIN, Texas — Ryan Cos. US Inc., Grand Living and Castletop Capital have topped out Grand Living at The Grove, a seniors housing community in Austin. Located at The Grove, a mixed-use development in Central Austin’s, the five-story senior living community will total approximately 348,353 square feet and feature 177 independent and assisted living apartments, as well as an entire wing dedicated to 36 memory care apartments. Resident move-ins are scheduled to begin in early 2025. Grand Living at The Grove will provide an age-in community, which allows residents to reside …

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Assisted LivingFinanceNewsTexas

Cambridge Funds $2.1M Refinancing for Wells Point Lodge in Pflugerville, Texas

by Jeff Shaw

PFLUGERVILLE, Texas — Cambridge Realty Capital has provided a $2.1 million first mortgage loan to refinance Wells Point Lodge in Pflugerville, a suburb of Austin.  Wells Point Lodge is a 60-bed assisted living community. Anthony Marino of Cambridge reports that the fully amortizing, 35-year loan was provided for the owner, a Texas limited liability company, using the HUD Section 232/223(f) mortgage insurance program. Cambridge’s early rate lock program was utilized, which allowed the owner to avoid the recent run-up in interest rates.

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AcquisitionsAssisted LivingNewsTennessee

Blueprint Brokers Sale of Community in Brentwood, Tennessee for Behavioral Health Conversion

by Jeff Shaw

BRENTWOOD, Tenn. — Blueprint Healthcare Real Estate Trust has arranged the sale of an assisted living and memory care community in Brentwood, a suburb of Nashville. The buyer plans to convert the property to residential mental health center, and has already executed a long-term lease with a tenant. Further details on the buyer, seller and price were not disclosed. Andrew Sfreddo, Kyle Hallion, Shane Harmon and Gunnar Raney led the Blueprint team.

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