BALTIMORE — Capital Funding Group (CFG), a Baltimore-based lender, has arranged a $135 million bridge loan for the refinancing and dividend recapitalization of a skilled nursing portfolio. The portfolio features nine facilities and 1,448 beds across Maryland, Georgia and West Virginia. The borrower is an industry-leading owner of skilled nursing facilities. CFG’s Tim Eberhardt and Ava Julio originated the transaction for the company. Further details were not disclosed.
Erickson Hires Chandra Kumar as Executive Director of Charlestown Community in Catonsville, Maryland
CATONSVILLE, Md. — Erickson Senior Living has named Chandra Kumar, a longtime Erickson leader, as executive director of Charlestown in Catonsville, a first-ring suburb of Baltimore. Kumar comes to Charlestown from Greenspring, another Erickson Senior Living community in Springfield, Va. She joined Erickson Senior Living in 2014 as the associate executive director of Riderwood in Silver Spring, Md. and was promoted to executive director at Greenspring in 2016. Kumar is a licensed nursing home administrator. She holds a bachelor’s degree in accounting and gerontology from the University of Maryland and …
WHITE MARSH, Md. — Monarch Communities has unveiled plans for Monarch White Marsh, a 188-unit independent living, assisted living and memory care community in the Baltimore suburb of White Marsh. Construction is scheduled to begin this month on the $80 million project. The property is incorporated into a 113-acre, master-planned, mixed-use development known as Villages of White Marsh. The community will be connected to a 20-acre park via a walking bridge providing access to 40 acres of open space and walking trails. The project is slated to open in late …
ORLANDO — Foundry Commercial, in partnership with an investment fund managed by Morgan Stanley Real Estate Investing, has purchased the Spring Arbor Senior Living collection of 24 assisted living and memory care communities across the Mid-Atlantic. As part of the transaction, Foundry Commercial acquired the current operator, which will continue to manage the properties post-closing. The portfolio contains 1,424 units throughout Maryland, North Carolina and Virginia, with capacity for more than 1,800 residents. The Spring Arbor platform will continue operations under the Spring Arbor Senior Living brand. Capital Funding arranged …
WESTMINSTER, Md. — Lutheran Social Ministries of Maryland has named Scott Edens as executive director of Carroll Lutheran Village (CLV) in Westminster, 30 miles northwest of Baltimore. Edens provides leadership oversight of day-to-day operations, including following federal, state and local laws, regulations and standards governing long-term care facilities. With over 30 years of senior living experience, Edens has planned and coordinated renovation projects for two health care campuses, led three regions of 28 skilled nursing facilities, planned and directed an improvement process to increase admissions at four health care centers, …
NEW YORK CITY — JLL Capital Markets has arranged $145 million in acquisition and capital improvement financing for two seniors housing portfolios. The first portfolio includes six properties throughout the Northeast, and the second comprises nine properties in the Southeast. JLL worked on behalf of the borrowers, Sculptor Real Estate and its operating partners, to secure two separate nonrecourse loans, one for each portfolio, through national banks. Each loan was fully underwritten without a syndication requirement. Additionally, JLL represented the undisclosed seller in the marketing and sale of the portfolios. …
ROCKVILLE and WESTMINSTER, Md. — Tryko Partners has purchased two skilled nursing and assisted living properties in Maryland, including Brighton Gardens of Tuckerman Lane in Rockville and Sunrise of Carroll in Westminster. Developed in 1998, Brighton Gardens of Tuckerman Lane is a 140-bed assisted living and skilled nursing community. Tryko will rename the property’s two components to The Terraces at Tuckerman Lane and Tuckerman Rehabilitation & Healthcare Center. Renovations to the property are planned, including the construction of a secure memory care unit. Sunrise of Carroll is a 62-bed assisted …
Senior Lifestyle Corp. Completes $13M Renovation Project at Atrium Village in Owings Mills, Maryland
OWINGS MILLS, Md. — Senior Lifestyle Corp. has completed a $13 million renovation project at Atrium Village, a seniors housing community in the Baltimore suburb of Owings Mills. The project “completely reimagined” the property, adding 187 independent living, 58 assisted living and 20 memory care units. The renovation is part of a 20-year anniversary transformation to create a next-generation senior living experience, according to Senior Lifestyle. Atrium Village has partnered with the Community College of Baltimore County on weekly instructor-led classes.
CHARLESTON, S.C. — Berkadia Seniors Housing & Healthcare has arranged $47 million in financing for five skilled nursing facilities across the country. Jay Healy secured the financing on behalf of multiple borrowers. In the first loan, Berkadia arranged the HUD refinancing of a 40-bed, Medicare-only skilled nursing facility in Sacramento. The $14.5 million, 48 percent loan-to-value financing retired the construction debt and covered transaction costs for the California-based client. The facility was constructed in June 2018, but did not receive its Medicare certification until August 2019. Occupancy at the time …
GLEN BURNIE, ELLICOTT CITY and COLUMBIA, Md. — Enterprise Community Development has acquired and planned redevelopment projects at three affordable seniors housing communities: Park View at Furnace Branch in Glen Burnie, Park View at Ellicott City II in Ellicott City and Park View at Snowden River in Columbia. The combined cost to acquire and redevelop the properties is $60 million. Built in the early 2000s, all three communities serve low-income senior households earning up to 60 percent of the area median income. In total, the three properties consist of 292 …