MASHPEE, Mass. — Greystone has provided a $24.8 million Freddie Mac Optigo loan for the refinancing of a 70-unit seniors housing property in Mashpee, a town on Cape Cod. Built in 2018, Laurentide at Mashpee Commons includes studio, one- and two-bedroom units and offers assisted living and memory care services. Approximately 10 percent of the units are designated as affordable housing by the Cape Cod Housing Authority. Shailini Nehra of Greystone arranged the transaction on behalf of the owner-operator, Northbridge Cos. The fixed-rate, nonrecourse loan carries a 10-year term and …
PEACHTREE CITY, KENNESAW and MARIETTA, Ga. — Alabama-based Atlas Senior Living has acquired three assisted living and memory care communities, all located in the greater Atlanta area. The properties include Legacy Ridge at Brookstone in Kennesaw, Legacy Ridge at Peachtree in Peachtree City, and Legacy Ridge at Sandy Plains in Marietta Atlas will replace the current operator, Heritage Senior Living, effective April 1. The acquisitions bring Atlas’ total number of properties to 35, with 10 in Georgia.
PONTIAC, Ill. — Cambridge Realty Capital Cos. has provided a $7.4 million HUD-insured loan for Pontiac Supportive Living, a 60-bed supportive living facility located in Pontiac, approximately 90 miles southwest of Chicago. “The loan was underwritten by Cambridge Realty Capital Ltd. of Illinois, our specialists in FHA-insured HUD loans,” says Jeffrey Davis, Cambridge chairman. Further details were not disclosed.
LONG GROVE, Ill. — Minnesota-based New Perspective, through its Purpose First Partners venture with Boldt Capital, has acquired Arboria of Long Grove, a seniors housing community in the Chicago suburb of Long Grove. The property will be rebranded New Perspective Long Grove. The building includes 60 assisted living apartments and 40 memory care apartments. New Perspective is managing and operating the Long Grove location. The company also operates a community in nearby Silvis.
BLUFFTON, S.C. — MidCap Financial has provided a $20.6 million financing to recapitalize Vineyard Bluffton, a 96-unit assisted living and memory care community in Bluffton, just inland from Hilton Head Island. The borrower is Valeo Groupe Americas, which recently built the community. This is Valeo Groupe’s first transaction with MidCap Financial. The transaction was arranged through Peter Martz and Noam Kaminetzky of Meridian Capital Group.
SALINAS, Calif. — Monarch Advisors has arranged a $4.6 million refinancing a 12-bed assisted living facility in Salinas, located just south of Silicon Valley. In addition to refinancing existing debt, the loan will fund a 28-bed expansion at the community. The borrower is Songbird Care Homes, a local owner-operator. Monarch arranged a commitment from a national SBA lender for 25 years at a variable interest rate, with an option to convert to a fixed rate upon completion of the expansion project.
HANOVER, Mass. — Benchmark Senior Living has begun reserving apartments in preparation for Benchmark at Hanover, a 97-unit assisted living and memory care community in Hanover, approximately 23 miles south of Boston. The community is scheduled to open this summer. It will be Benchmark’s 64th community in the Northeast. Benchmark at Hanover totals 91,000 square feet. The site is located next to a YMCA and near shopping, dining and entertainment. Fatima Feliciano will be executive director. Udelsman Associates designed the community, which Callahan Construction is building.
MASHPEE, Mass. — Greystone has provided a $24.8 million Freddie Mac Optigo loan to refinance a 70-unit senior housing property in Mashpee, a town on Cape Cod. Built in 2018, Laurentide at Mashpee Commons in Barnstable County includes studio, one- and two-bedroom units and offers assisted living and memory care services. Approximately 10 percent of the units are designated affordable housing by the Cape Cod Housing Authority. Shailini Nehra of Greystone arranged the transaction on behalf of the owner-operator, Northbridge Cos. The fixed-rate, nonrecourse financing carries a 10-year term and …
WILLIAMSBURG, Va. — CBRE has arranged $17 million in Freddie Mac acquisition financing for Edgeworth Park at New Town in Williamsburg, located between Richmond and Norfolk. The borrower is a joint venture between Solera Senior Living and Wheelock Street Capital. Built in 2017, the community consists of 62 assisted living and 21 memory care units. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged the seven-year, floating-rate loan with four years of interest-only payments. The seller and total price were not disclosed.
REDWOOD CITY, Calif. — Sunrise Senior Living has opened Sunrise of Redwood City, an assisted living and memory care community in the Silicon Valley municipality of Redwood City. The community features 56 assisted living units, 19 memory care units and 17 “Terrace Club” units for those with mild to moderate memory loss. Sunrise is one of the largest senior living providers in the U.S. and Canada, with the capacity to serve more than 28,000 seniors across 274 communities.