FROSTBURG, Md. — Healthcare Transactions Group has arranged the sale of Frostburg Nursing and Rehabilitation Center, an 88-bed skilled nursing facility in Frostburg. University of Pittsburgh Medical Center (UPMC) Western Maryland owned and operated the facility. UPMC is one of the nation’s largest integrated health systems, including 40 hospitals. Mark Davis of Healthcare Transactions Group represented the seller. The price was not disclosed. The buyer, a New York-based owner-operator with an existing portfolio in the state, plans to rebrand the property as Mountain City Rehabilitation Center.
Maryland
MARYLAND — Monticello has provided $32 million in first lien debt financing for the refinance of a 177-bed skilled nursing property in Maryland. Monticello’s asset-based lending group, Monticello Commercial Capital, also added a $2 million working capital loan to the operating company. The borrower is an owner and operator with a current portfolio of 1,332 licensed beds. The name and location of the property were not disclosed.
ENGLEWOOD CLIFFS, N.J. — Oxford Finance LLC has provided a $64.6 million term loan and revolving line of credit to The Portopiccolo Group, a New Jersey-based, privately held company. Proceeds were used for the acquisition of three skilled nursing facilities — one in Maryland and two in North Carolina totaling 450 skilled nursing and 50 assisted living beds. The specific names and locations of the communities were not disclosed.
WALKERSVILLE, Md. — Greysteel has arranged the sale of Victoria Park at Walkersville, an 80-unit affordable seniors housing community in the Western Maryland town of Walkersville. Osprey Property Cos. sold the property to an undisclosed buyer for $10.2 million. The community was constructed in 2008 using Low-Income Housing Tax Credits. Residents must be at least 62 years old and meet low-income requirements. According to Greysteel, it is both the only seniors housing and affordable housing in Walkersville. Ari Firoozabadi, Henry Mathies and Fletcher Hultman from the Greysteel’s Washington, D.C. office …
MARLBORO, Md. — BMO Harris Bank’s Healthcare Real Estate Finance group has closed on a $75 million credit facility to fund development of a seniors housing community in Marlboro, approximately 18 miles southeast of downtown Washington, D.C. The borrowers are Largo Land Development LLC and Watermark Retirement Communities. The unnamed project will feature 219 beds of independent living, assisted living and memory care, as well as a separate, 64-unit active adult building. BMO, acting as administrative agent, partnered with People’s United Bank and Webster Bank for the credit facility. Richard …
WASHINGTON, D.C. — Berkadia’s Seniors Housing & Healthcare group has closed $57.2 million in loans for skilled nursing facilities in Alabama, Illinois, New Jersey, Maryland and Washington. Berkadia refinanced a portfolio of three skilled nursing facilities in Washington state for $26.2 million, or $120,212 per bed, utilizing HUD’s 232/223(f) program. Jay Healy arranged the financing on behalf of the Washington-based owner and operator, which used the loan proceeds to pay off short-term debt, fund improvements to the properties and reduce their debt service payments. The communities are located in Brewster, …
Greysteel Arranges $5.8M Sale of Victoria Park Jaycees Affordable Community in Maryland
by Jeff Shaw
WALDORF, Md. — Greysteel has arranged the sale of Victoria Park Jaycees, a 60-unit affordable seniors housing community in Waldorf, approximately 25 miles south of Washington, D.C. Ari Firoozabadi and Henry Mathies from the firm’s D.C. office represented the seller, Osprey Property Cos. An undisclosed buyer paid $5.8 million for the community. Victoria Park Jaycees was completed in 2003 using Section 42 Low-Income Housing Tax Credits. Eight are set aside for residents making up to 30 percent area median imcome (AMI), 16 units at 40 percent AMI, 20 at 50 …
Commonwealth Senior Living Acquires 10 Communities in Pennsylvania, Tennessee, Maryland, Virginia
by Jeff Shaw
CHARLOTTESVILLE, Va. — Commonwealth Senior Living, a Charlottesville-based owner-operator, has added 10 new senior living communities to its portfolio. The properties are in Pennsylvania, Tennessee and Virginia, consisting of over 660 units. The new communities include: Commonwealth Senior Living at Oak Ridge (Oak Ridge, Tennessee) Commonwealth Memory Care at Chesapeake (Chesapeake, Virginia) Commonwealth Senior Living at Monument Avenue (Richmond, Virginia) Commonwealth Senior Living at Stafford (Stafford, Virginia) Commonwealth Senior Living at Fredericksburg (Fredericksburg, Virginia) Commonwealth Senior Living at Berryville (Berryville, Virginia) Commonwealth Senior Living at Hagerstown (Hagerstown, Maryland) Commonwealth Senior …
SILVER SPRING, Md. — Pennrose has opened the doors on Pointe View at Aspen Hill in Silver Spring, located just north of Washington, D.C. The mixed-use property features 120 units, of which 108 are reserved for those age 62 and older making between 30 and 60 percent of the area median income. The remaining 62 units are for “very low income” residents, though the developer did not specify the requirements associated with that designation. Pennrose has partnered with The Senior Connection to provide on-site supportive services. Pointe View at Aspen …
CHICAGO — Harrison Street, a Chicago-based alternative asset investment firm, has acquired a portfolio of 11 properties managed by Brightview Senior Living located throughout Maryland, New Jersey and Massachusetts. Harrison Street and Brightview already partner on several properties. This acquisition adds 1,322 units to the portfolio. The price and seller were not disclosed. The properties include: Brightview Perry Hall, Nottingham, Maryland Brightview Rolling Hills, Catonsville, Maryland Brightview Towson, Towson, Maryland Brightview White Marsh, Baltimore Brightview South River, Edgewater, Maryland Brightview Greentree, Marlton, New Jersey Brightview Mount Laurel, Mount Laurel, New …