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Monark Grove Greystone in Birmingham, Alabama
AlabamaAssisted LivingIndependent LivingMemory CareNewsOperations

Atlas Senior Living Adds Two Alabama Communities to Management Portfolio

by Channing Hamilton

MADISON and BIRMINGHAM, Ala. — Atlas Senior Living has assumed management of two communities in northern Alabama: Monark Grove Madison in Madison and Monark Grove Greystone in Birmingham. KIRCO, a national commercial real estate development and investment firm based in Troy, Mich., built and owns the communities. KIRCO is also a partner with Atlas at the Legacy Reserve at Fritz Farm community in Lexington, Ky. “Our experience working together in Kentucky has set a high bar, and we look forward to continuing to redefine the senior living experience through our …

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Town Village Vestavia Hills
AlabamaFinanceIndependent LivingMichiganNewsOklahomaTennessee

JLL Arranges $115M Bridge Financing for Town Village Independent Living Portfolio 

by Jeff Shaw

DUBLIN, Ohio — JLL Capital Markets has secured a $115 million bridge financing for a portfolio of four Town Village independent communities totaling 852 units spanning across Alabama, Tennessee, Oklahoma and Michigan. JLL represented the borrowers, Chicago Pacific Founders and Grand Park Capital, in arranging the three-year, nonrecourse loan through Ally Bank. The properties were built between 2000 and 2002 and have all undergone renovations by the borrowers.  Jay Wagner, Rick Swartz, Joel Mendes, Dan Kearns, Jim Dooley and Robert Tonnessen led the JLL team.

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AcquisitionsAlabamaFinanceGeorgiaLouisianaNewsSkilled NursingTennessee

Dwight Mortgage Trust Provides $142M Acquisition Financing for Skilled Nursing Portfolio in the Southeast

by Jeff Shaw

ATLANTA; MEMPHIS, Tenn.; MOBILE, Ala.; and SHREVEPORT, La. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $142 million bridge acquisition loan for a portfolio of 10 skilled nursing facilities in prime urban areas surrounding Atlanta, Memphis, Mobile and Shreveport.  The properties include Bell Minor Home, Cambridge Post Acute Care Center, Nurse Care of Buckhead, Riverside Health Care Center, Rockdale Healthcare Center, Westminster Commons, Millington Healthcare Center, Parkway Health and Rehabilitation Center, Kensington Health and Rehabilitation, and Highland Place Rehabilitation and Nursing.  Collectively, these facilities total …

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AcquisitionsAlabamaAssisted LivingFinanceNews

Helios Arranges Sale of, Financing for Community in Alabama

by Jeff Shaw

ALABAMA — Helios has structured the sale and acquisition financing of an assisted living and memory care community in Alabama. A Mississippi-based regional owner-operator, Veritas InCare, sold the asset to a local owner-operator. The price and other details were not disclosed. Despite the community’s strong performance, dislocation in the debt markets and low liquidity impacted the buyer’s ability to use its existing lending relationships to fund the purchase. Helios stepped in to assist the buyer and structured a financing package with a regional lender that recapitalized the buyer’s existing community …

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AlabamaDevelopmentNews

SRI Management Opens 135-Unit Seagrass Village of Daphne in Alabama

by Jeff Shaw

DAPHNE, Ala. — SRI Management has opened the doors on Seagrass Village of Daphne, an independent living and assisted living community in the Gulf Coast city of Daphne. The property offers 45 independent living apartments, 45 independent living villas and 45 assisted living apartments across a 184,000-square-foot building. Project partners include Sage Development Group, Arrive Architecture Group, Lori Bates Interiors and EMJ Construction.

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AcquisitionsAlabamaFloridaNebraskaNewsOklahomaOperationsTexas

Sagora Senior Living Takes Over Operations at 17 Communities

by Jeff Shaw

FORT WORTH, Texas — Sagora Senior Living, a Fort Worth-based operator, has taken over management of 17 senior living communities across Alabama, Florida, Nebraska, Oklahoma and Texas.  Sagora expands its footprint in Vero Beach, Florida with the addition of two new communities: Heron Cove Assisted Living and Memory Care and Heron Point Independent Living. Both communities are located less than 10 miles from The Brennity of Vero Beach, another Sagora community. Sagora also recently opened Lynridge of Huntsville Assisted Living and Memory Care, expanding the operator’s Lynridge brand to a …

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AcquisitionsAlabamaCCRCNews

Ziegler Arranges Sale of 316-Unit St. Martin’s in the Pines CCRC in Birmingham, Alabama

by Jeff Shaw

BIRMINGHAM, Ala. — Ziegler has served as sell-side financial advisor for the sale of St. Martin’s in the Pines, a 316-unit continuing care retirement community in Birmingham. Diversicare Healthcare Services acquired the property from the independent ownership board. The price was not disclosed. Located in the eastern outskirts of the city near the Mountain Brook and Homewood suburbs, the property is near the University of Alabama at Birmingham and the UAB hospital system. The community comprises a four-story independent living facility with 97 apartments, a two-story assisted living and memory …

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Affordable HousingAlabamaDevelopmentFinanceGeorgiaNewsTexas

BWE Arranges $15.3M in Financing for Affordable Communities in the South

by Jeff Shaw

AUSTIN, Texas; DOUGLASVILLE, Ga.; and MOBILE, Ala. — BWE has arranged $15.3 million in permanent loans to finance three affordable housing communities in Austin, Douglasville and Mobile. Jon Killough and Tony Love originated the loans using HUD’s RAD for PRAC initiative, a new tool designed to preserve existing Section 202 housing as well as create new Section 8 housing across the country. Traditionally, Section 202 PRAC rental assistance could only be used for operating expenses, not debt servicing. The RAD for PRAC process allows borrowers to convert PRAC subsidies to …

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Affordable HousingAlabamaDevelopmentNews

Pennrose Opens 65-Unit Phase II Stoneridge Villas Affordable Community in Huntsville, Alabama

by Jeff Shaw

HUNTSVILLE, Ala. — Pennrose, the Huntsville Housing Authority (HHA), BLOC Global Development Group (BLOC) and other project partners have opened Stoneridge Villas Phase II, which adds 65 affordable seniors housing units to the Stoneridge Villas development at 1700 Balch Road. With the completion of the second and final phase, Stoneridge Villas now features 145 units and supportive services on a 21.7-acre site. Stoneridge Villas Phase II includes a mix of one and two-bedroom units for seniors in cottage-style buildings. All 65 units will be fully adaptable, with five apartments wheelchair-accessible …

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AcquisitionsAlabamaAssisted LivingNews

Proveer Senior Living Acquires Vitality Living Regency in Mobile, Alabama

by Jeff Shaw

MOBILE, Ala. — Proveer has acquired Vitality Living Regency, a seniors housing community in Mobile. The community features 70 assisted living units and 20 memory care units. The acquisition marks the eighth overall for Proveer, its fifth in the state of Alabama and second in Mobile. Blueprint Healthcare Real Estate Advisors brokered the sale. Proveer’s business model is a value-add strategy that includes purchasing communities at a relatively low basis, renovating the buildings and rebranding them under the Proveer flag. The community is now known as Proveer at Port City. …

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