MCMINVILLE, Ore. — Lancaster Pollard has arranged a $4.9 million HUD loan to refinance Marjorie House, a 45-bed memory care community in McMinnville, approximately 35 miles southwest of Portland. Senior Development Resources operates the community. The borrower is Giza Development, which used the original bridge loan from OREC Structured Finance Co. to buy out other investors and refinance construction debt. Under HUD rules, the project was immediately available for permanent refinancing, and Giza received long-term rate through the FHA Section 232/223(f). Ross Holland led the transaction for Lancaster Pollard.
Memory Care
SELLERSVILLE, Pa. — Evans Senior Investments (ESI) has negotiated the sale of Hidden Meadows on the Ridge and The Laurels, a 94-unit assisted living and memory care campus in Sellersville, approximately 30 miles north of Philadelphia. An independent owner-operator sold the property, its only asset. An East Coast-based REIT bought the campus for $18,200,000 or $194,000 per unit. Hidden Meadows on the Ridge features 54 assisted living units, while The Laurels Memory Care features 40 units. Built in 2007 and renovated in 2018, the community boasts many recent updates including …
STOCKBRIDGE and MORROW, Ga. — Evans Senior Investments (ESI) has arranged the sale of two GoldenCrest Assisted Living communities in Georgia. The portfolio consists of a community in Stockbridge and a community in Morrow, approximately eight miles apart south of Atlanta. The portfolio sold for $12 million, or $124,000 per unit. Built in 1990, GoldenCrest at Eagles Landing in Stockbridge is a 57-unit assisted living community that is consistently over 90 percent occupancy. Built in 1996, GoldenCrest at Morrow is a 40-unit community that recently transitioned all units to memory …
Frontier Management Takes Over Operations at Former Autumn Leaves Location in Metro Atlanta
by Jeff Shaw
WOODSTOCK, Ga. — Frontier Management has taken over operations at The Reserve at Towne Lake, a 48-unit memory care community in the northern Atlanta suburb of Woodstock. The community is formerly an Autumn Leaves location. Frontier Management was founded in 2000 and currently operates 101 seniors housing communities in 11 states.
NEW YORK CITY — JLL has arranged a $47.5 million loan for the refinancing of The 80th Street Residence, an assisted living facility in Manhattan. The property specializes in enhanced memory care and comprises 61 units and 70 beds. IDB Bank, a New York-based private and commercial bank, provided the loan. Peter Rotchford, Zach Rigby, Jason Skalko and Dillon Donald of JLL arranged the loan on behalf of property owners Wayne Kaplan and Larry Morehead.
NEW YORK CITY — New York-based Meridian Capital Group’s seniors housing and healthcare team has arranged $60 million in financing for two portfolios of memory care assets across Ohio, Georgia, South Carolina, Colorado, California and Tennessee. Ari Adlerstein, Ari Dobkin and Josh Simpson of Meridian negotiated the two transactions, which will refinance existing debt on the properties. In the first transaction, Meridian arranged $27.5 million for four memory care facilities totaling 264 beds in Ohio and Georgia. The five-year loan features a fixed rate and limited personal guarantees. In the …
VIRGINIA and TEXAS — Meridian Capital Group’s seniors housing and healthcare team arranged $58 million in senior and mezzanine financing to refinance a portfolio of memory care facilities in Virginia and Texas. The team also arranged the sale of an assisted living and memory care facility in Richmond, Va., and arranged $6 million in acquisition and construction financing in conjunction with the sale.