DES MOINES, Iowa — LCS, the nation’s third-largest senior living provider, has promoted Ross Kelderman to controller to oversee and provide leadership to the Des Moines-based organization’s corporate accounting, financial reporting, audits and finance technology. Kelderman joined the company in 2015 as director, accounting and financial reporting, and was promoted to senior director of accounting and reporting in 2020. Kelderman holds both a bachelor’s and master’s degree in accounting from Iowa State University. He is also a certified public accountant with an active license in the state of Iowa. LCS …
VIRGINIA BEACH, Va. — Ziegler has arranged $423.5 million in bond financing for Westminster-Canterbury on Chesapeake Bay (WCCB), a continuing care retirement community in Virginia Beach. The community is located on a 12-acre property fronting the Chesapeake Bay and currently includes 424 independent living units, 66 assisted living units, 14 memory care units and 108 skilled nursing beds. In addition, WCCB owns and operates a 172-unit rental independent living community called Opus Select, located a half mile away from the community. WCCB is carrying out an expansion to the community, …
MIRAMAR, Fla. — Pinnacle has received $41.2 million in financing to start construction of Pinnacle at La Cabaña, a 110-unit affordable housing development for seniors in the Miami suburb of Miramar. Construction is scheduled to begin this January. Pinnacle at La Cabaña will consist of one- and two-bedroom apartments with enhancements to ensure adaptability for aging residents. Of the total units, 11 will be available for seniors earning up to 28 percent of the area median income and the remaining will be affordable to seniors earning up to 60 percent …
PLUM CITY, Wis. — G Capital Markets has arranged the permanent refinancing of a skilled nursing and assisted living facility in Plum City, a tiny village of fewer than 1,000 residents approximately 60 miles southeast of the Twin Cities. The property was originally built in 1987 and renovated in 2005, with an assisted living expansion built in 2014. The community features 65 beds in 41 private and semi-private units, with a ratio of 70 percent skilled nursing to 30 percent assisted living. The community has performed strongly with occupancy consistently …
WISCONSIN — Ziegler has acted as exclusive financial advisor to Opal Senior Living on obtaining financing for the acquisition of a 72-unit assisted living and memory care community located in Wisconsin named St. Elizabeth Manor. Ziegler provided structuring advice and loan placement services.
PHILADELPHIA — The wants and needs of the labor force in seniors housing are different today than they were pre-pandemic, forcing operators to adapt on many levels, said Lynne Katzmann, founder and CEO of Juniper Communities. “The gig economy has created a new set of demands on us that we haven’t had to face before.” Katzmann has her finger on the pulse. Bloomfield, New Jersey-based Juniper is an owner and operator of 29 senior living communities in four states with a resident capacity of 2,300 and 1,750 employees. Ultimately, workers …
FLORIDA and OREGON — Berkadia Seniors Housing & Healthcare has provided four loans totaling $56.6 million in volume through HUD’s 232/223(f) program, all of which feature the program’s maximum loan term of 35 years. In the first transaction, Ed Williams of Berkadia Seniors Housing & Healthcare closed a $14.5 million 232/223(f) HUD loan secured by a 139-bed skilled nursing facility located in South Florida for a Florida-based client. The loan refinanced a bridge loan Williams placed in 2019 and a subsequent cash-out, borrow-up originated by the senior lender in August …
WALTHAM, Mass. — MassDevelopment has issued $17.8 million in tax-exempt bond financing on behalf of 2Life Leland LLC, an affiliate of 2Life Communities. The borrower will use bond proceeds to demolish a vacant former rest home at 21 Newton St. in downtown Waltham and build a three-story, 68-unit affordable rental housing facility for seniors in its place. Built in 1891, the existing building operated as The Leland Home before its closing in 2020. The new building, which will be known as Leland House, will include 66 one-bedroom apartments and two …
FORT WAYNE, Ind. — Merchants Capital has provided $17.4 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the construction of Reserve on Park Place, an affordable seniors housing community in Fort Wayne. Brown Capital Group, Leo Brown Group and Rogers Development Group are developing the 187-unit property. Restricted to seniors age 55 and older, the three-story community will feature 15 studios, 136 one-bedroom units and 36 two-bedroom units for residents earning up to 80 percent of the area median income. The units are designed to support senior and …
WOODBURY, N.Y. — Live Oak Bank has provided a $27.2 million refinancing for an 89-unit assisted living and memory care community in Woodbury. Located in the Hudson Valley, Benchmark Senior Living operates the stabilized community. Benchmark and its joint venture partner, Iron Point Partners LLC, developed the building. Although the name of the community was not disclosed, Orchard Estate of Woodbury is the only Benchmark-operated property in the town.