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 …
Georgia
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.
COBB COUNTY, Ga. — Lancaster Pollard’s investment banking affiliate, OREC Securities LLC, has arranged $24.5 million in financing for the construction of a seniors housing community in the Atlanta suburbs of Cobb County. Brickmont Assisted Living is developing the 131-unit project, which will offer both assisted living and memory care. The financing is structured as a bond issuance. Conner Girdley led the transaction for Lancaster Pollard.
CARTERSVILLE, Ga. — American Lending Center (ALC), an EB-5 regional center, has opened The Fountains in Cartersville, an assisted living and memory care community in Cartersville. Located approximately 45 miles northwest of Atlanta, this project marks ALC’s first investment in the state of Georgia. Further details on the size of the project were not released.
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 …
ATLANTA — Woda Cooper Companies Inc. and Parallel Housing Inc. have opened Adair Court, a mixed-income seniors housing property in the Adair Park neighborhood of Atlanta. The 91-unit project is located in the heart of the city, near a major park, a MARTA train stop and the celebrated rails-to-trails system, the Atlanta BeltLine. Development costs were estimated at $15 million. Adair Court consists of two buildings with one- and two-bedroom units for seniors age 55 years and older. Nineteen of the units are reserved for residents earning up to 50 …
COVINGTON, Ga. — Greystone has provided $15.8 million in Freddie Mac financing for the construction of Legends of Covington, a 198-unit affordable seniors housing community in the Atlanta suburb of Covington. PJ McDevitt of Greystone originated the transaction on behalf of Dominium Holdings, one of the largest affordable housing development and management companies in the country. The Freddie Mac Tax Exempt Loan is part of the Freddie Mac Target Affordable Housing (TAH) Program. The financing includes a 30-month forward period for construction, with Freddie Mac’s permanent take-out carrying an 18-year …