BALTIMORE — Capital Funding Group, Inc., has added two new executives to head its bridge lending subsidiary, Capital Lending and Mortgage Group. Glen Dwyer will serve as president and Lauren Rexroat will be executive vice president.
BLUFFTON, Ind. — As part of a Chapter 11 planned bankruptcy sale, Senior Living Investment Brokerage has sold River Terrace Estates, a continuing care retirement community in Bluffton, Ind. The purchase price for the real estate was $6 million, but as part of the bankruptcy, the buyer also assumed about $2 million of refundable deposit liability and took over AP/AR. The all-in purchase price is approximately $8 million, which computes to a realized 7 percent cap rate.
ATLANTA — AdCare Health Systems, Inc. (NYSE MKT: ADK), (NYSE MKT: ADK.PRA), a long-term care provider, has leased two Georgia skilled nursing facilities as part of its ongoing strategic plan to transition from an owner and operator of healthcare facilities to a healthcare property holding and leasing company. The agreement is with affiliates of C-Ross Management, an operator of long-term care facilities.
BALTIMORE — Trevian Capital, a direct lender that provides short-term bridge loans for commercial real estate opportunities nationwide, has funded a $12.1 million bridge loan for two affordable seniors housing properties in Baltimore.
ST. PAUL, Minn. — Dougherty Mortgage has arranged a $5.1 million Fannie Mae loan for the refinancing of Riverview Highlands, a 54-unit seniors housing property in St. Paul. The 12-year loan includes a 30-year amortization schedule. Dougherty’s Minneapolis office arranged the loan for the borrower Riverview Highlands LLC.
WILLOUGHBY, Ohio — Artower Advisory Services, LLC has hired Steve Hays as the company’s director of business development. Hays was formerly Managing Partner of Ernst & Young’s national senior living consulting practice.
NEW YORK — Care Investment Trust LLC, a seniors housing-focused real estate investment and finance subsidiary of Tiptree Financial Inc. (NASDAQ: TIPT), has formed a joint venture to own and operate five senior housing communities with affiliates of Royal Senior Care Management, a privately-held owner and operator of senior housing facilities in the Southeast. The communities are all located in South Carolina and Florida.
BETHESDA, Md. — MidCap Financial, a specialty finance firm focused on the middle market in North America and Europe, has closed a $50 million transaction with Rice Health Care Centers, Inc. The loan is secured by 22 seniors housing and skilled nursing facilities on 16 distinct campuses throughout Wisconsin, and one in Michigan.
WASHINGTON, D.C. — Capitol Seniors Housing plans to open four new seniors housing communities in 2015, representing an investment of $90 million. Each community features a combination of assisted living and memory care residences.
KATY, Texas — Satterfield & Pontikes Construction has been selected by Medistar Corporation to construct an 80-bed skilled nursing facility at Katy Fort Bend Road and Colonial Parkway in far west Harris County. Work on the 60,000-square-foot building is scheduled to begin early this year. Construction is expected to take approximately 11 months.