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ColoradoDevelopmentNews

MorningStar Senior Living Opens 160-Unit Community in Centennial, Colorado

by Jeff Shaw

CENTENNIAL, Colo. — MorningStar Senior Living and Edgemark Development have opened MorningStar at Holly Park, a 160-unit seniors housing property in Centennial, a suburb southeast of Denver. Situated on three acres, MorningStar at Holly Park offers 85 independent living, 50 assisted living and 25 memory care units in a four-story residential building. The project team includes Rosemann & Associates as architect, JHL Constructors as general contractor and Thoma-Holec Design as interior designer. MorningStar and Edgemark co-developed and co-own the community.

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Active AdultDevelopmentMissouriNews

Midas Construction Underway on $37.8M Viva Bene Active Adult Community in St. Peters, Missouri

by Jeff Shaw

ST. PETERS, Mo. — Midas Construction is underway on Viva Bene, a $37.8 million active adult community in the St. Louis suburb of St. Peters.  Developed by Avenue, the 161-unit luxury property is located at 101 Viva Bene Circle.  Greystar is the property manager. Completion is slated for this fall.

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FinanceNewsWashington

Northmarq Originates $35M Refinancing for Senior Living Community in Gig Harbor, Washington

by Jeff Shaw

GIG HARBOR, Wash. — Northmarq has arranged $35 million in refinancing for The Lodge at Mallard’s Landing, a seniors housing property in Gig Harbor, across the Puget Sound from Tacoma.  The Lodge at Mallard’s Landing offers 147 private-pay independent living, assisted living and memory care units. Stuart Oswald of Northmarq’s Seattle office arranged the six-year, fixed-rate loan through a correspondent life insurance company. The financing features an earn-out component allowing the borrower to draw additional dollars as NOI improves. Built in two phases from 2010 to 2015, the development consists …

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Active AdultDevelopmentFinanceMinnesotaNews

Colliers Mortgage Provides $20.9M HUD Loan for Construction of Seniors Housing Community in Minnesota

by Jeff Shaw

MAPLEWOOD, Minn. — Colliers Mortgage has provided a $20.9 million HUD loan for the construction of The American Cooperative on Lake Phalen in Maplewood, an eastern suburb of the Twin Cities.  The 56-unit cooperative is designed for residents age 62 and older. The property will be built on the north shore of Lake Phalen between Keller and Phalen regional parks and golf courses. Units will range from 1,200 to 1,900 square feet. The loan features a 40-year term and amortization.

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AcquisitionsAssisted LivingNewsSkilled NursingTexas

Blueprint Negotiates Sale of 78-Unit Community in Katy, Texas

by Jeff Shaw

KATY, Texas — Blueprint Healthcare Real Estate Advisors has arranged the sale of an assisted living and skilled nursing facility in Katy, a suburb of Houston. Opened in 2018, the facility consists of 70 short-term rehab beds and 34 assisted living beds scross 78 units. The community maintained a steady lease-up trajectory that was quickly halted due to industry-wide COVID headwinds that caused statewide decreases in elective surgeries. With a minimal amount of dually certified beds, the seller struggled to turn a profit, according to Blueprint. The seller was a …

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Affordable HousingDevelopmentMichiganNews

Cherry Health, Woda Cooper Plan 56-Unit Shea Ravines Affordable Community in Wyoming, Michigan

by Jeff Shaw

WYOMING, Mich. — Woda Cooper Cos. and Cherry Health have received tax credits from the Michigan State Housing Development Authority for development of Shea Ravines, a 56-unit affordable housing community in the Grand Rapids suburb of Wyoming. The $18.2 million project includes 20 permanent supportive housing (PSH) units for the formerly homeless. The site is adjacent to Cherry Health’s Wyoming Community Health Center. The development will provide one-bedroom and two-bedroom apartments for singles, families, and seniors who earn up to 80 percent of area median income The project is targeting …

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FinanceNews

Forbright Bank Provides $50M in Financing for Four Seniors Housing Properties

by Jeff Shaw

CHEVY CHASE, Md. — Forbright Bank’s healthcare lending team closed three new loans in the first quarter of 2024. The loans helped finance the acquisition of two assisted living and two skilled-nursing facilities in the Southeast and Midwest. In total, more than $50 million of bridge and bridge-to-HUD lending financed about 500 beds for seniors across the four facilities. Further details were not disclosed.

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DevelopmentMassachusettsNews

Wingate Living to Develop 69-Unit Project in Needham, Massachusetts

by Jeff Shaw

NEEDHAM, Mass. — Regional owner-operator Wingate Living has announced plans to develop a 69-unit seniors housing project in Needham, a western suburb of Boston.  One Wingate Way East will offer one- and two-bedroom units with more than a dozen different floor plans.  Construction is expected to begin before the end of the year. The type of care was not disclosed.

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NewsOperationsPeople

Spring Arbor Promotes Jennifer Earp to Director of Operations 

by Jeff Shaw

RALEIGH, N.C. — Spring Arbor Senior Living, a Raleigh-based operator of assisted living and memory care communities in 10 states across the Mid-Atlantic, Southeast and Midwest, has promoted Jennifer Earp to director of operations. Earp has worked for Spring Arbor for the past three years and most recently served as the executive director of Spring Arbor of Cary. She began her career in senior living and care in 2008. In her expanded role, Earp will support the Spring Arbor assisted living communities in Maryland with operational leadership. She will also …

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AcquisitionsNevadaNews

Bascom Ground Acquires Homestead at Boulder City in Nevada for $3M

by Jeff Shaw

BOULDER CITY, Nev. — The Bascom Group LLC has acquired Homestead at Boulder City, a seniors housing community in the Las Vegas suburb of Boulder City, for $3 million.  Homestead is a single-story building constructed in 1999. It features 72 units of seniors housing. Vincent Punzi and Lowell Takahashi of Berkadia arranged the debt financing for the acquisition, with Kairos Investment Management Co. as the lender. Brad Goodsell, Vince Viverito, Jason Punzel and Brad Clousing of Senior Living Investment Brokerage (SLIB) represented the undisclosed seller. Apartment Management Consultants will provide property …

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