OMAHA, Neb. — Greystone has provided an $11.9 million HUD-insured loan for the refinancing of Heritage Pointe Assisted Living in Omaha. The community features 108 assisted living beds and 20 memory care beds. Amenities include full dining service, recreational activities, exercise facilities, a movie theater and a salon. Eric Rosenstock and Jesse Yodice of Greystone originated the financing on behalf of the borrower, Heritage Communities. The 35-year loan features a fixed interest rate.
NOVATO, Calif. — Sundt Construction Inc. has completed the historic renovation of Elegance Hamilton Hill, a senior living community in the Bay Area city of Novato. The property is situated on the former site of the Hamilton Army Airfield used during World War II. The assisted living and memory care community’s architectural integrity was preserved and rehabilitated during construction. Admired for its Spanish-inspired architecture, the four-story hospital sits on a nearly four-acre site in the Hamilton neighborhood. The $27 million project features 48 assisted living units and 32 memory care …
BIRMINGHAM, Ala. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 55-unit independent living and assisted living community in Birmingham The Alabama-based developer purchased the existing assisted living community in 2016 and completed a full renovation, as well as the addition of new units. Further, ownership built a new, three-story independent living community on-site to complement the existing assisted living community. Inspired Healthcare Capital bought the property for an undisclosed price. The new owner plans to retain the existing operator.
CONROE, Texas — Spectra Properties has started construction of Worthington Manor at the Lakes of Wedgewood in Conroe. Insight Senior Living will manage the property upon completion, which is scheduled for November. At more than 135,000 square feet, the community is situated on 26 acres and will include 72 assisted living apartments and 46 memory care units. The development was funded in part by the U.S. Housing and Urban Development (HUD) Federal Housing Administration (FHA).
WEST WHITELAND TOWNSHIP, Pa. — Capitol Seniors Housing has opened Arbor Terrace Exton, an assisted living and memory care community in West Whiteland Township, a suburb of Philadelphia. The 78,000-square-foot community totals 88 units across three interconnected neighborhoods. The site is located near major medical facilities, restaurants and shopping locations. Meyer Senior Living Studio designed the project, which IMC Construction built. The Arbor Company is the operator.
SANDY SPRINGS, Ga. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 160-unit assisted living and memory care community in Sandy Springs, just north of Atlanta. The community, which was not identified, recently underwent a multi-million-dollar renovation. The buyer is a turnaround specialist entering Georgia for the first time. Details on the seller and price were not disclosed.
HOUSTON — Denver-based operator MorningStar Senior Living and Houston-based real estate firm Hines have opened an information center at MorningStar Assisted Living & Memory Care at River Oaks in Houston. The community is scheduled to open this fall, featuring 85 assisted living units and 27 memory care suites. The six-story community is bordered by River Oaks, West University, The Texas Medical Center, Montrose, downtown and the Galleria. Its central location allows access to nearby amenities, including the Museum District, the Houston Zoo, Rice University, Levy Park and dining and shopping experiences.
SANTA ROSA, Calif. — JLL Capital Markets has arranged financing for development of The Lodge at Piner Road, a 92-unit seniors housing community. Blue Mountain Enterprises and Calson Management are developing the property, located in Santa Rosa, part of Sonoma County. Although the amount of the financing was undisclosed, it represents a 75 percent loan-to-cost ratio. A private lender provided the funds. The Class A property will total 37,762 square feet and consist of 66 assisted living units and 26 private memory care units. The property is adjacent to both …
OSWEGO, N.Y. — Lument has provided $8.3 million in HUD financing for Gardens of Morningstar, a 106-unit assisted living community in Oswego, located along Lake Ontario north of Syracuse. The transaction represents a refinancing via the FHA Sec. 232/223(f) program. The property was vacant until 2016, when current ownership acquired and substantially renovated the building. Lument helped ownership structure a bridge loan in 2017 that consolidated construction debt and positioned the facility for a HUD/FHA refinance. The new loan paid off the existing bridge loan and reimbursed the borrower for …
SAN JOSE — Atria has completed construction of Atria Almaden, a 200-unit seniors housing community in the Almaden neighborhood of San Jose. The property is located near Almaden Lake Park, Santana Row and the San Pedro Square Market. The four-story community offers assisted living and memory care. Atria opened the community with aggressive infectious disease control measures under a health and safety initiative. The company vaccinated its first residents and staff on Dec. 21 and has now vaccinated more than 30,000 resident and staff across the U.S.