ATLANTA; MEMPHIS, Tenn.; MOBILE, Ala.; and SHREVEPORT, La. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $142 million bridge acquisition loan for a portfolio of 10 skilled nursing facilities in prime urban areas surrounding Atlanta, Memphis, Mobile and Shreveport. The properties include Bell Minor Home, Cambridge Post Acute Care Center, Nurse Care of Buckhead, Riverside Health Care Center, Rockdale Healthcare Center, Westminster Commons, Millington Healthcare Center, Parkway Health and Rehabilitation Center, Kensington Health and Rehabilitation, and Highland Place Rehabilitation and Nursing. Collectively, these facilities total …
ALABAMA — Helios has structured the sale and acquisition financing of an assisted living and memory care community in Alabama. A Mississippi-based regional owner-operator, Veritas InCare, sold the asset to a local owner-operator. The price and other details were not disclosed. Despite the community’s strong performance, dislocation in the debt markets and low liquidity impacted the buyer’s ability to use its existing lending relationships to fund the purchase. Helios stepped in to assist the buyer and structured a financing package with a regional lender that recapitalized the buyer’s existing community …
DAPHNE, Ala. — SRI Management has opened the doors on Seagrass Village of Daphne, an independent living and assisted living community in the Gulf Coast city of Daphne. The property offers 45 independent living apartments, 45 independent living villas and 45 assisted living apartments across a 184,000-square-foot building. Project partners include Sage Development Group, Arrive Architecture Group, Lori Bates Interiors and EMJ Construction.
FORT WORTH, Texas — Sagora Senior Living, a Fort Worth-based operator, has taken over management of 17 senior living communities across Alabama, Florida, Nebraska, Oklahoma and Texas. Sagora expands its footprint in Vero Beach, Florida with the addition of two new communities: Heron Cove Assisted Living and Memory Care and Heron Point Independent Living. Both communities are located less than 10 miles from The Brennity of Vero Beach, another Sagora community. Sagora also recently opened Lynridge of Huntsville Assisted Living and Memory Care, expanding the operator’s Lynridge brand to a …
BIRMINGHAM, Ala. — Ziegler has served as sell-side financial advisor for the sale of St. Martin’s in the Pines, a 316-unit continuing care retirement community in Birmingham. Diversicare Healthcare Services acquired the property from the independent ownership board. The price was not disclosed. Located in the eastern outskirts of the city near the Mountain Brook and Homewood suburbs, the property is near the University of Alabama at Birmingham and the UAB hospital system. The community comprises a four-story independent living facility with 97 apartments, a two-story assisted living and memory …
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 …
HUNTSVILLE, Ala. — Pennrose, the Huntsville Housing Authority (HHA), BLOC Global Development Group (BLOC) and other project partners have opened Stoneridge Villas Phase II, which adds 65 affordable seniors housing units to the Stoneridge Villas development at 1700 Balch Road. With the completion of the second and final phase, Stoneridge Villas now features 145 units and supportive services on a 21.7-acre site. Stoneridge Villas Phase II includes a mix of one and two-bedroom units for seniors in cottage-style buildings. All 65 units will be fully adaptable, with five apartments wheelchair-accessible …
MOBILE, Ala. — Proveer has acquired Vitality Living Regency, a seniors housing community in Mobile. The community features 70 assisted living units and 20 memory care units. The acquisition marks the eighth overall for Proveer, its fifth in the state of Alabama and second in Mobile. Blueprint Healthcare Real Estate Advisors brokered the sale. Proveer’s business model is a value-add strategy that includes purchasing communities at a relatively low basis, renovating the buildings and rebranding them under the Proveer flag. The community is now known as Proveer at Port City. …
ALABAMA — Capital Funding Group (CFG) has provided $84.7 million in bridge-to-HUD financing for the acquisition of seven skilled nursing facilities and one assisted living community in Alabama. The borrower is Venza Care. The portfolio totals 797 beds. Capital Funding Group’s Craig Casagrande and Andrew Jones originated the transaction.
ALABAMA — Blueprint Healthcare Real Estate Advisors has arranged the sale of three seniors housing communities in Alabama. Sold by a publicly traded REIT, the portfolio consists assisted living and memory care communities totaling 202 units across the state’s three largest metros. The assets were originally constructed in 1999 and 2000. Texas-based Proveer Senior Living acquired the properties and plans to undertake significant capital projects across the assets. This acquisition strategically enhances the buyer’s growing footprint throughout the state of Alabama. The price was not disclosed.
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