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AcquisitionsCCRCIndianaMissouriNews

Boncrest Resource Group Buys Two Brookdale CCRCs in Missouri, Indiana

by Jeff Shaw

RAYMORE, Mo., and INDIANAPOLIS — Subsidiaries of Boncrest Resource Group Inc. have acquired two continuing care retirement communities (CCRCs) from Brookdale Senior Living: Foxwood Springs in the Kansas City suburb of Raymore and Robin Run Village in Indianapolis. Following a brief transition period where Brookdale will continue to manage the properties, Boncrest plans to install Texas-based ER Senior Management as operator. The new operator specializes in active adult and age-in-place communities. The acquisitions are the first for Boncrest, a nonprofit organization based in Atlanta formed in 2017 to address the …

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Assisted LivingDevelopmentFinanceIndianaNews

Northland Networks Arranges $19.4M Construction Financing for Bridgepointe Gardens Near Louisville

by Jeff Shaw

JEFFERSONVILLE, Ind. — Northland Networks has arranged $19.4 million in financing for the development of Bridgepointe Gardens, a seniors housing community in Jeffersonville, located just across the Ohio River from Louisville, Kentucky. The borrower is Denton Floyd Real Estate Group, a growing real estate development firm with over 3,500 multifamily units in Kentucky and Indiana. This project will be the company’s second senior living community and will be managed by Vitality Senior Services, an affiliated organization. Construction on the project has already begun. When completed, the community will feature 115 …

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Affordable HousingIndianaNewsOperations

AHEPA Management to Operate Two Affordable Assisted Living Communities in Indiana

by Jeff Shaw

FISHERS, Ind. — AHEPA Affordable Housing Management Co. (AMC) has reached an agreement with Gardant Management Solutions to assume management of two affordable assisted living lifestyle communities located in Indiana, effective March 1. Through its newly launched subsidiary, Hellenic Management Company, Fishers-based AMC will assume management of two affordable assisted living communities AMC owns, Hellenic Senior Living of Indianapolis and Hellenic Senior Living of New Albany. “We are excited about future opportunities for growth and that optimism begins with reaching an agreement with Gardant to assume management of these two …

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CCRCFinanceIndianaNews

Greystone Provides $23.8M HUD Financing for Hubbard Hill CCRC in Elkhart, Indiana

by Jeff Shaw

ELKHART, Ind. — Greystone has provided a $23.8 million HUD-insured loan to refinance Hubbard Hill, a nonprofit continuing care retirement community (CCRC) in Elkhart, located near the Michigan border east of South Bend. The community recently expanded to 220 units of independent living, assisted living, memory care, skilled nursing and short-term rehabilitation on its 70-acre campus. Greystone’s Lisa Fischman originated the financing, which carries a 30-year term and fixed interest rate. The loan refinances a previous HUD loan, and represents $280,000 in annual savings.

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IndianaMichiganNewsOhioOperationsTennessee

Rose Senior Living Selects Life Care Services to Manage Six Communities in the Midwest

by Jeff Shaw

BLOOMFIELD HILLS, Mich. — Rose Senior Living, a Bloomfield Hills-based owner, has selected Life Care Services to operate Rose’s entire portfolio of seniors housing communities. The portfolio includes: Heritage at Irene Woods, Memphis, Tennessee; Rose Senior Living and Rose Villas, Avon, Ohio; Rose Senior Living, Beachwood, Ohio; Rose Senior Living, Carmel, Indiana; Rose Senior Living, Clinton Township, Michigan; and Rose Senior Living at Providence Park, Novi, Michigan. Included in the agreement is management of a seventh community, Rose Senior Living, Farmington Hills, Michigan, which is scheduled for groundbreaking in 2021.

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AcquisitionsIndianaNewsSkilled Nursing

ESI Arranges $7.8M Sale of Pine Haven Skilled Nursing Community in Evansville, Indiana

by Jeff Shaw

EVANSVILLE, Ind. — Evans Senior Investments (ESI) has brokered the sale of Pine Haven Health & Rehab Center, a 113-bed skilled nursing facility in Evansville, in the southwest corner of the state near the Kentucky border. An owner-operator focused on the Southeast sold the property, as it was the only asset the company had in the Midwest. An undisclosed buyer paid $7.8 million for the facility. Built in two phases in 1957 and 2001, Pine Haven was hit hard by the COVID-19 pandemic, accumulating a total of 66 positive cases …

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AcquisitionsIllinoisIndianaIowaNewsSkilled Nursing

ESI Brokers Sale of 21 Skilled Nursing Facilities in the Midwest

by Jeff Shaw

CHICAGO — Evans Senior Investments (ESI), a Chicago-based brokerage firm, has arranged the sale of 21 skilled nursing facilities in the Midwest. The transactions represented the exit from the long-term care industry of a a regional owner-operator. The portfolio consisted of three separate transactions for each state — Indiana, Iowa and Illinois. The combined purchase price for all three transactions was $86 million, or $54,0000 per functional bed/unit. The Indiana portfolio consisted of 11 communities totaling 751 licensed skilled nursing beds and 109 senior living units. At the time of …

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DevelopmentIndependent LivingIndianaNews

Discovery Senior Living to Complete Multi-Million-Dollar Renovation of Indianapolis Community

by Jeff Shaw

INDIANAPOLIS — Discovery Senior Living has unveiled plans for a multi-million-dollar capital investment and renovation of Discovery Commons at College Park, a 116-unit independent living community located in Indianapolis. The multi-phase project will include interior and exterior improvements. The initial phase will include new seating and gathering areas, including an upgraded lobby. Interior enhancements will also include renovated bathrooms, new flooring, lighting, furniture and décor as well as a new color palette. The initial phase is underway with completion slated for late summer. The second phase calls for a renovation …

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AcquisitionsFinanceIndependent LivingIndianaM&T Realty Capital CorporationNews

M&T Provides $26.4M Acquisition Financing for Independent Living Community in Indianapolis

by Jeff Shaw

INDIANAPOLIS — M&T Realty Capital Corp. has provided a $26.4 million bridge loan for the acquisition of an 811-unit independent living property in Indianapolis. The financing features 80 percent loan-to-value ratio, a two-year term, a fixed rate of 4.7 percent and full-term interest-only payments. John Taylor of M&T Realty Capital’s Florham Park, New Jersey, office led the transaction. The buyer, seller and name of the community were not disclosed.

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AcquisitionsIndependent LivingIndianaNews

Elevation Acquires 496-Unit Crestwood Village East in Indianapolis

by Jeff Shaw

INDIANAPOLIS — Elevation Financial Group, through its Elevation Real Property Fund VII, has Crestwood Village East in Indianapolis for $20 million, or $40,300 per unit. The property sits on 20 acres and features 496 units ranging from 430 to 1,130 square feet. It is Elevation’s largest acquisition to date, in both unit count and price, and its first property in Indiana. The Justus Co. built the community in 1966 as part of a larger development, with the intent of offering an affordable lifestyle for seniors. A single family has owned …

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