Thursday, November 28, 2024
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Finance

CCRCFinanceNewsPeopleWashington

Emerald Communities Hires Diana Jamison as Chief Financial Officer

by Jeff Shaw

REDMOND, Wash. — Emerald Communities, a nonprofit owner-operator based in Redmond, Washington, has hired Diana Jamison as vice president and chief financial officer (VP-CFO). Jamison will be responsible for the overall strategic and operational aspects of finance, accounting and information technology. She will work closely with the president and CEO of Emerald Communities, senior management, the board of directors, residents and numerous community partners to ensure Emerald Communities and its senior living properties Heron’s Key and Emerald Heights all meet their financial and business goals. Prior to joining Emerald Communities, …

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FinanceIowaNews

Cambridge Provides $22.3M HUD Refinancing for The Views at Marion in Iowa

by Jeff Shaw

MARION, Iowa — Cambridge Realty Capital Cos. has provided a $22.3 million HUD Lean loan to refinance The Views at Marion in the Cedar Rapids suburb of Marion. The Views at Marion is a continuum-of-care facility with 40 skilled nursing beds, 38 assisted living beds and 34 memory care beds. The fully amortized, 40-year loan was provided for the owner, an Iowa limited liability company, using the HUD Section 223(a)(7) funding program, which is used to refinance existing HUD loans. The underwriter was Cambridge Realty Capital Ltd. of Illinois, the …

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DevelopmentFeaturesFinanceNews

CBRE Research: Cost of New Development Has Increased 17.8% in Last Two Years

by Jeff Shaw

DALLAS — Seniors housing development costs have risen sharply over the past two years, with labor and land the primary drivers of higher expenditures, according to new research from CBRE. The average cost of a seniors housing development has increased by 17.8 percent since 2020 to $317,400 per unit, or $333 per square foot. Dallas-based CBRE derived data from the valuations of 142 seniors housing developments scheduled for delivery. The properties in the data set included independent living, assisted living and memory care communities. Average returns (stabilized net operating income …

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CCRCDevelopmentFinanceFloridaNews

Ziegler Arranges $30M Bond Financing for Vicar’s Landing CCRC Expansion in Ponte Vedra Beach, Florida

by Jeff Shaw

PONTE VEDRA BEACH, Fla. — Ziegler has arranged $30 million in bond financing for Vicar’s Landing, a continuing care retirement community in Ponte Vedra Beach, approximately 20 miles southeast of Jacksonville. The community occupies a 24.3-acre site within Sawgrass, a 4,800-acre private resort and residential community. Sawgrass includes four golf clubs including TPC Sawgrass, the Sawgrass Marriott Resort, a shopping center and other residential and recreational amenities. Vicar’s Landing currently features 227 independent living units, 38 assisted living apartments and 60 skilled nursing beds. The financing will fund a Phase …

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FinanceNewsPeople

AlerisLife Appoints Heather Pereira as Chief Financial Officer

by Jeff Shaw

NEWTON, Mass. — AlerisLife Inc. (NASDAQ: ALR), a Newton-based operator, has appointed Heather Pereira as senior vice president, chief financial officer and treasurer. Pereira most recently served as vice president and corporate controller of Acushnet Holdings Corp. since May of 2017. Previously, starting in 2004, she held several roles within the accounting and finance departments of Acushnet Holdings. Pereira has over 20 years of accounting and finance experience and holds a master’s degree in accountancy, an MBA from Northeastern University and a bachelor’s degree from Boston College. Pereira succeeds Jeff …

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FinanceIndustry Voices

With a Seniors Housing Crisis on the Horizon, Creative Financing is Key

by Jeff Shaw

By Jessica Johnson, BOK Financial In the United States we’re on the verge of a senior living boom. In less than 10 years, by 2030, all baby boomers — totaling about 73 million people — will be older than age 65, according to the United States Census Bureau. With that boom comes a crisis in seniors housing. Owners, operators and investors face multiple challenges going forward, such as labor shortages, consolidation, inflation and rising costs, including for new construction — all while revenues have not kept pace. Even as the …

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DevelopmentFinanceNewsTexas

JLL Arranges $61M Construction Loan for The Preserve at Spring Creek in Garland, Texas

by Jeff Shaw

GARLAND, Texas — JLL has arranged a $61 million construction loan for The Preserve at Spring Creek, a 230-unit seniors housing project that will be located in the northeastern Dallas suburb of Garland. The country club-style facility will be situated on 35.5 acres and will offer assisted living, independent living and memory care services. Alanna Ellis and Allison Holland of JLL arranged the financing through a regional bank on behalf of the borrower, a joint venture between JAMP Enterprises LLC and Frontier Management LLC. The floating-rate loan carries a 15-year …

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Affordable HousingCaliforniaDevelopmentFinanceKeyBankNews

KeyBank Provides $49.3M Construction Loan for Affordable Seniors Housing Property in San Ysidro, California

by Jeff Shaw

SAN YSIDRO, Calif. — KeyBank Community Development Lending and Investment has provided $49.3 million in construction financing to 4132 Beyer L.P., a collaboration between nonprofit affordable housing Metropolitan Area Committee on Anti-Poverty of San Diego County and Riverside-based Kingdom Development. The partnership will use the funds to develop Ventana al Sur, an affordable seniors housing community in San Ysidro, just across the Mexican border from Tijuana. Ventana al Sur will include 100 one- and two-bedroom apartments for seniors, as well as a manager unit. The units will be restricted to …

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FinanceNewsSkilled Nursing

Greystone Provides $32M in Financing for Skilled Nursing Facilities

by Jeff Shaw

NEW YORK CITY — Greystone’s New York City-based skilled nursing financing team led by Scott Thurman has provided over $32 million in bridge and HUD-insured loans for skilled nursing facilities throughout the country. In the first deal, Greystone provided a $14 million bridge loan for the acquisition of a 155-bed skilled nursing facility in Chicago. Greystone intends to pursue long-term, permanent financing for the asset with a HUD-insured loan. Christopher Clare of Greystone originated the transaction. Thurman originated two separate loans to support the acquisition and stabilization of a 24-bed …

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FinanceKeyBankNewsUtah

KeyBank Provides $68.3M Refinancing for Seniors Housing Property in Salt Lake City

by Jeff Shaw

SALT LAKE CITY — KeyBank Real Estate Capital has arranged a $68.3 million permanent loan through Freddie Mac for The Woodbury Corp., Colmena Group and Western States Lodging. The loan refinances existing debt on Legacy Village of Sugar House, a seniors housing property in Salt Lake City. The 10-story Legacy Village of Sugar House features independent living, assisted living and memory care units. The property also offers retail space, parking and commercial space. Morgin Morris of KeyBank structured the 10-year, fixed-rate loan with an initial five years of interest-only payments. …

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