OSAGE, CHARLES CITY and CLEAR LAKE, Iowa — SVN Senior Housing has arranged the sale of a three-property, 130-unit assisted living portfolio in Iowa. T The properties were located in the communities of Osage, Charles City and Clear Lake and were stabilized at the time of sale. A private investment group sold the assets to an Iowa-based investment group with properties in Iowa, Minnesota and Wisconsin. Jennifer Espeland and John Klement led the SVN team in the transaction.
BURLINGTON, Iowa — Cambridge Realty Capital Cos. has provided a $10.4 million HUD Lean loan to refinance Oakview Nursing and Rehabilitation and Ridgeview Assisted Living, a dual-facility campus also known as The Views of Burlington. Located in Burlington, just across the Mississippi River from Illinois and just north of the Missouri border. Oakview Nursing and Rehabilitation is a 60-bed skilled nursing facility and Ridgeview Assisted Living is a 42-bed facility. Andrew Erkes, Cambridge president, says the fully amortized, 35-year loan was provided for the owner, an Iowa limited liability company. …
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 …
GUTHRIE CENTER, Iowa — Cambridge Realty Capital Cos. has provided a $5.3 million HUD Lean loan to refinance The New Homestead Senior Living Community, an 89-bed skilled care, assisted living and independent living facility located in Guthrie Center. The fully amortized, 35-year loan was provided for the owner, an Iowa limited liability company, using the HUD Section 232 pursuant to Section 223(f) funding program. Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans, underwrote the transaction. Located approximately 50 miles west of Des …
NEW YORK CITY — Monticello and its affiliates have provided $89 million in first-lien debt financing for the refinancing of 10 skilled nursing facilities and one assisted living facility. Totaling 1,188 beds, the portfolio is located in California, Colorado and Iowa. Further details were not disclosed.
DES MOINES, Iowa, and SOUTH BEND, Ind. — AHEPA Affordable Housing Management Co. (AMC) has received two HUD Section 202 Supportive Housing for the Elderly program grant awards totaling $16.7 million to support the development of two new affordable seniors housing communities. The award for the 100-unit Des Moines project is $8.9 million. The award for the 80-unit South Bend project is $7.8 million. “The need for affordable housing, especially for very low-income seniors, is great,” says Steve Beck, AMC’s president and CEO. “Each of our existing affordable elderly housing …
DAVENPORT, Iowa — Marcus & Millichap Capital Corp. (MMCC) has arranged financing of $20.3 million for the development of Meadowview of Davenport, a seniors housing facility located in Davenport. “This loan enables our clients to build new infrastructure to house and support senior living in Davenport and the surrounding communities,” says Frank Montalto, vice president capital markets, located in MMCC’s Chicago office. Montalto and Dean Giannakopoulos, senior vice president capital markets, arranged the financing. “We secured a five-year, 75 percent leverage construction loan with a 3.75 percent interest rate for …
DES MOINES, Iowa, and LINCOLN, Neb. — Immanuel Communities has acquired two Lifespace retirement communities: Deerfield in Des Moines and Grand Lodge at the Preserve in Lincoln. Immanuel Communities and Lifespace Communities are both nonprofit senior living organizations. The acquisition of these communities extends Immanuel’s Midwest commitment to Iowa and Nebraska while allowing Lifespace an opportunity to continue focusing on geographic regions where it currently has multiple communities. Deerfield and Grand Lodge at the Preserve join Immanuel’s existing Signature Communities (Lakeside, Lakeside Lofts and Pacific Springs in Omaha and The …
WOODBINE, Iowa — Lument Securities has advised Sherer Management, a multi-generational seniors housing and care owner and operator based in Woodbine, on the sale of two businesses as well as the company’s exit from the seniors housing industry. Sherer Management is a family-owned business that operated continuing care retirement communities in western Iowa, Rose Vista in Woodbine and Longview Home in Missouri Valley, which offer skilled nursing, assisted living and independent living services, in addition to hospice services through Generations Hospice. The company operated the communities for over 60 years. …
LINCOLN, Neb., and DES MOINES, Iowa — Immanuel Communities has acquired two continuing care retirement community (CCRC) campuses in Lincoln and Des Moines. Lifespace Communities, also a nonprofit owner-operator, was the seller. Terms of the transaction were not disclosed. Deerfield and Grand Lodge at the Preserve will join Immanuel’s portfolio in third-quarter 2021. The campuses comprise 349 apartments with a mix of independent living, assisted living, memory care, residential care, and skilled-nursing and long-term care. The acquisitions are part of Immanuel’s plans to expand its Midwest presence.