NEW YORK CITY — MonticelloAM has provided a $70 million senior bridge loan to finance a portfolio of skilled nursing facilities located across Massachusetts and Rhode Island. The portfolio comprises 700 beds across eight properties. The $70 million bridge debt carries a 24-month initial term and will be used to refinance existing debt on the portfolio. “Our team delivered comprehensive financing solutions across the capital stack, successfully restructuring a pre-existing loan,” says Joseph Borenstein, head of the healthcare bridge lending team at New York City-based MonticelloAM. “This transaction highlights our deep …
BOSTON — Blueprint has brokered the sale of a skilled nursing facility located in the Brighton neighborhood of Boston. Built in 1982 and totaling 78 beds, the property was 91 percent occupied at the time of sale. According to Blueprint, the facility was experiencing annual revenues over $10 million at the time of sale. Steve Thomes, Michael Segal, Andrew Sfreddo and Daniel Waldhorn of Blueprint represented the seller, a public REIT, in the transaction.
NEWTON, Mass. — Developer, owner and operator 2Life Communities has opened Opus Newton, a new middle-market senior living community in Newton, roughly 10 miles outside Boston. Units at the continuing care retirement community (CCRC), which totals 172 apartments, range in size from 650 square feet to 1,350 square feet. Monthly rental rates at the community range from roughly $2,000 to $5,000, with entry fees beginning at $400,000. Amenities at the community include a hair salon, convenience store, gym, fitness room, rehab room, health and wellness center, art studio, classroom, libraries, an …
NEWTON, Mass. — Diversified Healthcare Trust (Nasdaq: DHC) has entered into agreements with AlerisLife Inc. and seven different operators to transition the management of 116 of DHC’s senior living communities managed by Five Star Senior Living, the operating division of AlerisLife. The transition of these management agreements will occur in tranches beginning this month (September) and is expected to be completed by year’s end. AlerisLife is also selling all its assets, including its 17 owned communities, and expects to complete a full wind-down of its business and operations in the …
BOSTON — Phoenix3 Holdings, a collection of boutique culinary and hospitality solutions companies, has announced that it is rebranding and transitioning to Phoenix3 Collective. The company operates dining and hospitality programs within the senior living sector. Additionally, Phoenix3 has acquired Quality Culinary Solutions (QCS), an advisory firm dedicated to transforming dining operations within self-operated seniors housing communities. Phoenix3’s full suite now includes seven brands — Innovative Hospitality Solutions, Centicor Procurement Services, CrossCheck Quality Assurance, Culinour, Infuse Hospitality, QCS and Restaura, a dining management company for seniors housing communities.
NEWTON, Mass. — MassDevelopment has issued a $134.9 million tax-exempt bond to Lasell Village Inc. for the renovation and expansion of a senior living community located on the campus of Lasell University in Newton. The financing will fund the purchase of 1.4 acres of land owned by Lasell University and the construction of a new building. Upon completion, the new building will feature 42 independent living apartments, a bistro, fitness and wellness centers, a multipurpose room, common space and other amenities. Lasell Village is a charitable corporation that was formed in …
NEWTON, Mass. — Diversified Healthcare Trust (DHC), a Massachusetts-based real estate investment trust focused on healthcare properties, has secured two financings totaling $94 million. The financings include a $64 million five-year mortgage loan and a $30.3 million ten-year Fannie Mae mortgage loan. DHC plans to use the loans to repay the remaining $100 million of the company’s 9.75 percent senior notes due June 2025. A portfolio of six seniors housing communities managed by Five Star Senior Living secures the financings. With a fixed interest rate of roughly 6.6 percent, the $64 …
NEWTON, Mass. — Diversified Healthcare Trust (DHC), a Massachusetts-based REIT that owns roughly $7.2 billion of healthcare properties across 36 states, has received a $109 million mortgage financing through Freddie Mac. The 10-year, fixed-rate loan is secured by seven senior living communities comprising 1,184 units. Five Star Senior Living, the operating division of AlerisLife Inc., manages the properties, which are located in five states. DHC plans to use the proceeds to redeem a portion of its outstanding 9.750 percent senior notes due in 2025. “This new 10-year loan through Freddie Mac …
NEWTON, Mass. — Diversified Healthcare Trust (DHC) has announced the closing of a $135 million portfolio sale. Originally announced in September of last year, the sale involves the disposition of 18 triple-net leased senior living communities. Totaling 876 units, the properties are located across 10 states. Brookdale Senior Living acquired the portfolio. Massachusetts-based DHC plans to use the proceeds from the transaction to pay down its senior secured notes due in January 2026. “By divesting of these non-core assets, we are continuing to focus DHC’s portfolio on high-performing communities with significant …
WEYMOUTH, Mass. — Elksy Development has completed the construction of and opened Cornerstone of Weymouth, a new independent living community located in Weymouth, roughly 15 miles south of Boston. Architecture and design firm Meyer designed the building, which totals 154,962 square feet with 147 units. Amenities at the community include a theater room, game room, library, salon, fire pit, pickleball court, bocce court, outdoor grills and gardening beds. The property features three dining venues, including a coffee bar, pub and full-service restaurant. Sona Senior Living will operate the community on behalf …
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