COMMACK, N.Y. — HJ Sims has arranged a $102.1 million financing for Fountaingate Gardens, an independent living community being built in Commack, located on Long Island. The Gurwin Healthcare System has been providing healthcare services to Long Island residents since 1988 through the Gurwin Jewish Nursing and Rehabilitation Center and the Fay J. Lindner Assisted Living Residences. Gurwin Jewish Healthcare Foundation acquired land adjacent to Fay J. Lindner Residences with the goal of completing the continuum of care through development of an independent living community to be known as Fountaingate …
DEARBORN, Mich. — Henry Ford Village has entered into a stalking horse asset purchase agreement with MED Healthcare Partners, in accordance with bid procedures approved by the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division. Under the terms of the stalking horse agreement, MED would acquire substantially all the community’s assets for $69 million. Pending approval, MED will add the continuing care retirement community (CCRC) into its portfolio, which currently includes five CCRCs,150 skilled nursing facilities and 20 assisted living and memory care facilities across the country. …
Journey of nonprofit executive leads her all the way from college music major to receptionist to CEO. By Jeff Shaw Terri Cunliffe truly got in on the ground floor. Her first job in seniors housing was as a receptionist in the 1980s after quitting college, where she majored in music. Her administrator saw Cunliffe’s potential and encouraged her to return to school and work on a new degree that would be more befitting a career in seniors housing. The rest, as they say, is history. Cunliffe came back to the …
MOORESTOWN, N.J. — Acts Retirement-Life Communities has started a $10 million renovation and expansion project at The Evergreens, a senior living community in Moorestown, a suburb of Philadelphia. The renovations feature new construction and upgrades to existing common areas throughout the senior living community, which is home to approximately 216 residents. The project is scheduled to take approximately two years to complete, finishing sometime in 2022. The Evergreens’ 32-acre campus includes 200 independent living apartment homes, an on-site health care center with 66 assisted living suites and a 34-bed skilled …
MORGANTON, N.C. — Carolinas HealthCare System Blue Ridge has completed a renovation project at Grace Ridge Retirement Community in Morganton, located in the Blue Ridge Mountains. Beginning in 2020, Grace Ridge partnered with North Carolina-based Frank L. Blum Construction Co. and Steele Group Architects in the project. ID Collaborative designed the interior. Grace Ridge is a continuing care retirement community spanning 52 acres.
LINCOLN, Neb. — Ziegler has arranged $38 million in bond financing for Eastmont, a continuing care retirement community (CCRC) in Lincoln. Proceeds of the Bonds, along with other available funds, will be used to finance an expansion project. Transforming Age operates the community, which opened in 1968. Currently, the community comprises 121 independent living apartments, 53 assisted living apartments and 22 skilled nursing beds. The expansion will add a four-story building featuring 50 independent living apartments. In addition, Eastmont plans to convert 10 assisted living apartments into five penthouse independent …
WILMINGTON, Del. — Acts Retirement-Life Communities has started a $78 million expansion at Country House, a senior living community in Wilmington. The project will add 20 new cottage homes, 62 independent living apartments and a clubhouse featuring a variety of new amenities to the campus, which is home to approximately 200 residents. The 2,100-square-foot cottages will feature stone finishes, open floor plans, fully appointed kitchens, covered patios and two-car garages. Phase II of the project includes an expanded clubhouse and residential apartments. The clubhouse will include new casual and fine …
FAIRFAX, Va. — The undisclosed owner of The Virginian, a senior living community in the Northern Virginia city of Fairfax, will break ground this Thursday on a $56.5 million renovation project. The 18-month renovation with “completely reimagine” the seven-story, 367,000-square-foot building. Following the project, the community will include four wings featuring 155 independent living apartments, 56 assisted living units and 38 memory care residences. Located on a 32-acre wooded campus just northeast of the city’s downtown are, The Virginian is one of the only senior living communities in Northern Virginia, according …
CAMARILLO, CARLSBAD, RANCHO MIRAGE and SAN JUAN CAPISTRANO, Calif. — CareTrust REIT Inc. (NASDAQ: CTRE) has purchased four continuing care retirement communities (CCRCs) in the upscale Southern California submarkets of Camarillo, Carlsbad, Rancho Mirage and San Juan Capistrano. The campuses, which hotelier Marriott International Inc. originally developed between 1999 and 2000, total 637 assisted living, skilled nursing and memory care beds. CareTrust’s initial investment in the four rental CCRCs, inclusive of capital expenditure commitments and transaction costs, was approximately $126.1 million. Bayshire Senior Communities, an existing CareTrust tenant based in …
WALL TOWNSHIP, N.J. — Ziegler has underwritten $114.8 million in bond financing for Springpoint Senior Living. The borrower is a regional senior living system based in Wall Township. Originally founded in 1916 as the Presbyterian Home of the Synod of New Jersey, the company changed its name to Springpoint Senior Living in 2010. Springpoint operates eight continuing care retirement communities (CCRCs) in New Jersey and Delaware, 19 affordable housing communities, a home care agency and a continuing care at home program. Springpoint formed a new obligated group for the refinancing, …