NIAGARA FALLS, N.Y. — Monticello Asset Management LLC has facilitated a $7.2 million bridge-to-HUD loan for a 160-bed skilled nursing facility in Niagara Falls. The name of the facility was not disclosed.
REDDING, Calif. — Ray Stone Inc. has acquired River Oaks Retirement Community, a 102-unit independent living community in Redding, approximately 160 miles north of Sacramento. The price was not disclosed.
CORTLAND, N.Y., and WINFIELD, Ill. — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged two loans totaling $30 million for skilled nursing facilities near Syracuse, N.Y., and Chicago.
WEST DES MOINES, Iowa — Co-developers MorningStar Senior Living and Confluent Development have broken ground on MorningStar at Jordan Creek, an 85-unit assisted living and memory care community in West Des Moines.
WINCHESTER, Va. — CBRE has arranged a $7.4 million loan for a joint venture between Care Investment Trust and affiliates of Inspirit Senior Living. The capital will be used to purchase Hilltop House Assisted Living, a 73-unit independent living, assisted living and memory care community.
BRICK, N.J. — Marquis Health Services has completed the $2.8 million repositioning of Willow Springs Rehabilitation and Healthcare Center in Brick.
Already facing a labor shortage, the U.S. seniors housing industry could be dealt a “devastating” blow if president-elect Donald Trump were to limit the number of lower-wage immigrants coming into the country in order to accommodate an increased number of high-wage skilled immigrants, says Jeff Sands, managing principal and general counsel for HJ Sims. “It’s a real issue this industry is grappling with,” especially given the growing number of facilities.
PHILADELPHIA — TD Bank has invested a total of $20.6 million to convert the long-vacant Spring Garden School in Philadelphia into a 49-unit affordable community for seniors and homeless veterans.
EDINA, Minn. — CBRE has arranged a $33.2 million loan for a joint venture between The Waters Senior Living and an undisclosed institutional investor. The capital will be used for the acquisition of The Waters of Edina, a 139-unit assisted living and memory care community in the Minneapolis suburb of Edina.
PLYMOUTH, Minn. — United Properties has broken ground on Cherrywood Pointe of Plymouth, a 94-unit seniors housing community in the Minneapolis suburb of Plymouth.