Sunday, November 24, 2024
Read the Magazine Subscribe

Maryland

FinanceMarylandNewsSkilled Nursing

Walker & Dunlop Provides $43M HUD Financing for Six Skilled Nursing Facilities in Illinois

by Jeff Shaw

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 …

Continue Reading
0 FacebookTwitterLinkedinEmail
DevelopmentMarylandNews

Kisco, Welltower Break Ground on 302-Unit Carnegie at Washingtonian Center in Gaithersburg, Maryland

by Jeff Shaw

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 …

Continue Reading
0 FacebookTwitterLinkedinEmail
DevelopmentMarylandNews

Brightview Opens 170-Unit Community in Columbia, Maryland

by Jeff Shaw

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.

Continue Reading
0 FacebookTwitterLinkedinEmail
AcquisitionsFinanceMarylandNews

MidCap Financial Provides $46M First Mortgage Loan for Sonata Senior Living Portfolio in South Florida

by Jeff Shaw

BETHESDA, Md. — MidCap Financial has provided a $46 million, floating-rate, first mortgage loan for Fortress Investment Group. The funds will facilitate the acquisition of a portfolio of five senior housing communities totaling 444 units across South Florida. Sonata Senior Living is the operator of the portfolio Allison Holland at Jones Lang LaSalle arranged the financing.

Continue Reading
0 FacebookTwitterLinkedinEmail
Active AdultDevelopmentMarylandNews

Pennrose Begins Leasing at Residences at Glenarden Hills II Active Adult Community in Maryland

by Jeff Shaw

GLENARDEN, Md.— Pennrose has started leasing at Residences at Glenarden Hills II, the second of the six-phase Glenarden Hills master-planned community. The community is available to seniors age 55 and older, expanded from the previous 62-plus eligibility. The community features one- and two-bedroom apartments available for $1,299 to $1,617 per month. The number of units was not disclosed. Once complete, the 27-acre Glenarden Hills master-planned community will include seniors and family affordable apartments, market-rate and affordable rental townhomes, and for-sale townhomes.

Continue Reading
0 FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentMarylandNews

Reid Community Development Corp. Completes Affordable Community in Glenn Dale, Maryland

by Jeff Shaw

GLENN DALE, Md. — The Reid Temple African Methodist Episcopal Church, Reid Community Development Corp., UrbanMatters Development Partners LLC and Atlantic Pacific Communities have announced a virtual ribbon cutting to be held May 19 at Woodlands at Reid Temple, an affordable seniors housing community in Glenn Dale. Located between Baltimore and Washington, D.C., construction on the 252-unit community began in 2019. Maryland’s Community Development Administration provided financing for the project through its Risk Share loan program, while PNC Bank participated as the bridge lender and tax credit equity partner. The …

Continue Reading
0 FacebookTwitterLinkedinEmail
FinanceMarylandNewsWashington

Grandbridge Arranges $11.2M in Seniors Housing Loan Modifications

by Jeff Shaw

SEATTLE and GAITHERSBURG, Md. — Grandbridge Real Estate Capital arranged $11.2 million in financing across three modification loans. Artin Anvar arranged the interest rate reduction (IRR) modifications through HUD’s IRR program. The first transaction, totaling $984,721, was secured by Hilltop Manor, a 35-unit assisted living community in Seattle. The loan features a 20-year term and 20-year amortization. The second transaction, totaling $955,717, was secured by Spring Manor, a 54-unit memory care facility in Seattle. The loan features a 20-year term and 20-year amortization. The largest transaction, totaling $9.2 million, was …

Continue Reading
0 FacebookTwitterLinkedinEmail
AcquisitionsMarylandNews

Commonwealth Senior Living Acquires 48-Unit Community in Salisbury, Maryland

by Jeff Shaw

SALISBURY, Md. — Commonwealth Senior Living has acquired The Village at Harbor Pointe in Salisbury, located across the Chesapeake Bay from Washington D.C. The community currently features 12 independent living cottages, 26 assisted living beds and 10 memory care beds. The seller was Sterling Care. The new owner will rebrand the property as Commonwealth Senior Living of Salisbury, the 34th community in the company’s portfolio. Commonwealth has also unveiled a $6.8 million renovation and expansion plan, scheduled to start this year. Following the project, the community will feature 44 assisted …

Continue Reading
0 FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentMarylandNews

Pennrose Opens Phase II of Residences at Glenarden Hills Affordable Community in Maryland

by Jeff Shaw

GLENARDEN, Md. — Pennrose, Redevelopment Authority of Prince George’s County, B&W Solutions and SHABACH! Ministries has opened Residences at Glenarden Hills II, an affordable housing expansion in the Washington, D.C. suburb of Glenarden. The development is the second of the six-phase Glenarden Hills master-planned community, which will include senior and family affordable apartments, market-rate and affordable rental townhomes and for-sale townhomes across 27 acres. The Residences at Glenarden Hills II extends and completes the four-story building built in Phase I, adding an additional 55 units of affordable seniors housing, a …

Continue Reading
0 FacebookTwitterLinkedinEmail
DevelopmentMarylandNewsPeople

Pennrose Promotes Patrick Stewart to Lead Development in Maryland

by Jeff Shaw

PHILADELPHIA — Pennrose, a Philadelphia-based developer developer of multifamily properties including seniors housing, has promoted Patrick Stewart to regional vice president of the Maryland region. Stewart will assume responsibilities for the region following the recently announced promotion of Ivy Dench-Carter to senior vice president for development. Stewart joined Pennrose in 2013 and has since served in Pennrose’s Baltimore office, most recently as a senior developer. He has been active in all facets of the real estate development process, including financial analysis; feasibility; assembling and leading the development team; securing entitlements; …

Continue Reading
0 FacebookTwitterLinkedinEmail
Newer Posts
Older Posts