LOS ANGELES —Live Oak Bank has provided a $25 million bridge-to-sale loan to finance a community located near Los Angeles. An entity doing business as Harbert Seniors Housing Fund I LP is the borrower. The financing features a three-year initial term, 36 months of interest-only payments and $2.8 million in potential future earnout proceeds. The property totals 97 units, with independent, assisted living and memory care residences.
DALLAS — What’s in a name? Plenty, according to the industry professionals that operate and market active adult communities. Jane Arthur Roslovic, co-founder and CEO of Treplus Communities, says that “if anybody called [her] a senior” she’d “smack them.” Roslovic’s quip came during a panel discussion — titled “Operating and Marketing: Best Practices in Lease-Up, Sales and Programming” — at the 5th annual InterFace Active Adult conference. The daylong event took place Wednesday, May 7, at The Westin Las Colinas in Dallas. Roslovic and her fellow panelists argued that the …
PORTLAND, Ore. — Merrill Gardens, a senior living owner and operator, has added three communities to its Oregon portfolio. Located in metro Portland, the properties include Merrill Gardens at Cedar Mill, Merrill Gardens at Sherwood and Merrill Gardens at Hillsboro. Merrill Gardens acquired the communities as part of a joint venture with PGIM. An ownership group led by Rembold sold the Cedar Mill and Sherwood properties. Built in 2016, Merrill Gardens at Cedar Mill in Portland totals 163,975 square feet with 147 independent living, assisted living and memory care units. Merrill …
ORLANDO, Fla. — JLL and HJ Sims have arranged $134.3 million in tax-exempt bond financing for a seniors housing development currently underway in Orlando. Dubbed Millenia Moments Orlando, the community will feature 151 independent living, 78 assisted living and 32 memory care units. Trinity Community Development Foundation, a nonprofit formed by Trinity Broadcasting Network (TBN), is the developer and borrower. Completion of the facility, which will total 316,900 square feet, is scheduled for 2027. The community will feature floorplans in one- and two-bedroom layouts. Memory care residences will include 26 private …
FORT MYERS, Fla. — National CORE has announced plans to develop Oak Park Senior Living, an affordable seniors housing project in Fort Myers. Upon completion, the four-story community will feature 144 apartment units for residents age 62 and older earning between 30 and 65 percent of the area median income. Residences will include 124 one-bedroom apartments and 20 two-bedroom apartments. Amenities at the property will include a community room, cybercafe, swimming pool, fitness room, community garden and pickleball court. Residents will have access to computer training, daily activities and free assistance …
RICHMOND, Ky. — Blueprint has brokered the sale of a 49-unit assisted living community located in Richmond, roughly 35 miles southeast of Lexington. A Midwest-based private equity group acquired the property, which was built in 2009, for an undisclosed price. A New York-based owner and operator was the seller. Kyle Hallion, Connor Doherty and Ryan Kelly of Blueprint arranged the transaction.
Bendix Anderson, a veteran journalist and longtime contributor to Seniors Housing Business, passed away suddenly Thursday, April 17. He was 53 years old. A versatile writer with expertise in the affordable housing sector, Anderson covered multiple real estate asset classes over the course of his career and wrote on everything from property insurance to private equity. “Bendix was an extremely bright and unassuming person who had a great rapport with his sources. In the wake of his death, several real estate professionals in the seniors housing space have told me how …
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 …
LOS ALAMITOS, Calif. — Marcus & Millichap has brokered the $34.5 million all-cash sale of two senior living properties located in Los Alamitos. The properties include Alamitos West Health & Rehabilitation Center, a 142-bed skilled nursing facility and Katella Senior Living, a 73-unit, 77-bed assisted living and memory care community. International Equity Partners was the buyer. Nick Stahler, Michael Mooney and Hap Knowles of Marcus & Millichap represented the undisclosed seller in the transaction. Stahler procured the buyer. Tony Solomon is Marcus & Millichap’s broker of record in California.
MURFREESBORO, Tenn. — Tennessee-based National Health Investors Inc. (NHI) has acquired a portfolio of six Agemark memory care communities located in Nebraska for $63.5 million. The seller, Agemark Senior Living, will continue to operate the properties, which total 205 units, on a 15-year master lease with two five-year renewal options. “Agemark is an innovative leader in providing exceptional personalized care to memory care residents and we have long admired their commitment,” says Eric Mendelsohn, president and CEO of NHI. “That is why we are thrilled to announce our new partnership today, …
