SOUTHEAST MICHIGAN — VIUM has provided $58 million in bridge-to-HUD financing for a six-building portfolio in Southeast Michigan. The borrower, a regional owner-operator based in New Jersey, used the funds to purchase the portfolio, which features nearly 700 skilled nursing beds and more than 50 assisted living units. Further details on the seller, buyer and location were not disclosed. VIUM provided financing via senior debt and mezzanine tranches.
GRAND RAPIDS, Mich. — Ziegler has arranged a total of $42.9 million in bond financing for Holland Homes, a nonprofit owner-operator. Holland Home was formed in 1892 and operates 12 facilities on two campuses totaling 1,167 units, all in Grand Rapids. The bonds were issued in two separate transactions. The Economic Development Corp. of the City of Kentwood issued $9.9 million in bonds, which will be used to pay for capital improvements at the Breton Woods continuing care retirement community campus. A second set of bonds, totaling $33 million, will …
MARSHALL and MT. PLEASANT, Mich. — Blueprint Healthcare Real Estate Advisors has brokered the sale of Maplewood of Marshall and Maplewood of Mt. Pleasant, located approximately 100 miles away from each other in Central Michigan. The assets feature a combined total of 93 assisted living units. Built in the late 1980s and 1990s with renovations in the early 2000s, the communities were well maintained with over 95 percent occupancy prior to the onset of the global pandemic. The operator ultimately decided to exit its only assisted living communities to concentrate …
BLOOMFIELD, Mich. — American House Senior Living Communities and MHT Housing Inc. have unveiled plans for American House Village at Bloomfield, an independent living community in Bloomfield, a suburb of Detroit. The property will feature 150 units within Village at Bloomfield, a mixed-use development that includes apartment, fitness, medical, hotel, grocery, retail and office uses. American House Senior Living Communities will operate the community upon completion.
TRAVERSE CITY, Mich. — CBRE Senior Housing has arranged $20.8 million in financing for Cordia at Grand Traverse Commons, a 110-unit independent living and assisted living community in Traverse City. The community is located within the Village at Grand Traverse Commons, one of the largest historic preservation and adaptive reuse developments in the country. Initially built in 1883 as an asylum, a local company began redeveloping the campus into a mixed-use neighborhood development in 2003. Cordia Senior Living and Cypress Partners re-purposed and converted the last section of the campus …
KALAMAZOO, Mich. — Ziegler has arranged $20.7 million in financing for Friendship Village Kalamazoo, a continuing care retirement community in Kalamazoo. The bonds consist of $8.7 million of Limited Obligation Revenue Refunding Bonds issued through the Michigan Strategic Fund and $12 million of Limited Obligation Revenue and Revenue Refunding Bonds issued through the Economic Development Corp. (EDC) of the City of Kalamazoo. Proceeds will refund outstanding bond issues from 2010 and 2014 along with other debt, and reimburse costs of some improvements to the community.
CARLSBAD, Calif. — Integral Senior Living (ISL), a Carlsbad-based operator, has taken over management of six senior living communities in Indiana and Michigan. The company also named Adam Parton as regional vice president of operations and Brandy Ross as regional director of sales and management. Parton joins the ISL team with a decade of experience in senior living operations management, particularly in the Midwest. He is a Licensed Nursing Home Administrator in three states. Ross is an industry veteran with years of experience growing and managing senior living communities across …
BATTLE CREEK, Mich. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Advantage Living Center Battle Creek, an 82-bed skilled nursing facility in Battle Creek. The property was built in 1967 and renovated 1985. The seller elected to pursue an exit of its Battle Creek location as it was an underperforming, geographic outlier compared to the owner-operator’s network of facilities in and around metro Detroit. The buyer was a New York-based company looking to expand in the Midwest with a new operating partner.
JENISON, Mich. — HJ Sims has arranged $41.9 million in financing for Sunset Retirement Communities, a multi-campus, nonprofit senior living provider located in Michigan. In 2009, Sunset embarked on development of Waterford Place in the Grand Rapids suburb of Jenison, completing the campus in 2015. In 2020, Sunset pursued Phase III of the development, including the addition of 62 independent living apartments, 20 villas and amenity spaces. The market study for Phase III (completed in March 2020) supported the need for the expansion. COVID-19 slowed down pre-sales and created a …
DEARBORN, Mich. — An affiliate of Sage Healthcare Partners has been awarded the winning bid to acquire Henry Ford Village out of bankruptcy. Located on 35 acres, Henry Ford Village is a continuing care retirement community (CCRC) in the Detroit suburb of Dearborn. Sage’s bid of $76.3 million exceeded the $69M stalking horse bid placed by MED Healthcare Partners in March. The transaction is subject to bankruptcy court approval, as well as regulatory approvals and customary closing conditions. In accordance with the terms outlined in the asset purchase agreement presented …