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 …
BETHESDA, Md. — Walker & Dunlop Inc. has arranged $43.2 million in financing for six skilled nursing facilities located across the state of Illinois. The financing included: $3.9 million for Aperion Care Bridgeport in Bridgeport. $6.9 million for Aperion Care Burbank in Burbank. $6.3 million for Aperion Care Dekalb in Dekalb. $3.6 million for Aperion Care Litchfield in Litchfield. $16.2 million for Aperion Care Wilmington in Wilmington. $6.4 million for Rock River Health Care in Rockford. Bethesda-based Walker & Dunlop’s Joshua Rosen and Brad Annis used Department of Housing and …
Kisco, Welltower Break Ground on 302-Unit Carnegie at Washingtonian Center in Gaithersburg, Maryland
GAITHERSBURG, Md. — Kisco Senior Living and joint venture partner Welltower (NYSE: WELL) have broken ground on The Carnegie at Washingtonian Center, an independent living, assisted living and memory care community in Gaithersburg, approximately 20 miles northwest of Washington, D.C. The seven-story complex will offer 302 one- and two-bedroom units on an 8.5-acre plot. Floorplans range from 837 to 1,487 square feet. The site is adjacent to RIO Lakefront at Washingtonian Center, a large shopping mall. The property is scheduled to open in spring 2024. A sales center is slated …
COLUMBIA, Md. — Brightview Senior Living has opened Brightview Columbia in Columbia, approximately midway between Baltimore and Washington, D.C. The community, Brightview’s 45th, features 91 independent living units, 53 assisted living units and 26 memory care units. Brightview Columbia was designed with a nod to Athol Manor, a historic property within walking-distance of the community. Brightview restored the manor and revitalized the adjacent Manor Park. Athol Manor was gifted by Brightview to the Community Foundation of Howard County.