SOUTHFIELD, Mich. — Community Housing Capital (CHC) and the Federal Home Loan Bank of Atlanta (FHLBank Atlanta) have provided financing for John Grace Arms, an affordable seniors housing project in Southfield. Sourced from FHLBank Atlanta’s Affordable Housing Program (AHP) general fund and administered through CHC, a member of FHLBank, the financing totals $750,000 in grant funding. An adaptive redevelopment of a historic school building, John Grace Arms will total 60 rental units with 5,000 square feet of community space. MiSide is the developer of the project, which is scheduled for completion …
WYOMING, Mich. — Walker & Dunlop has arranged $25.9 million in permanent financing for Rivertown Ridge, a seniors housing community located in Wyoming, roughly 5 miles outside Grand Rapids. The 10-year, fixed-rate Fannie Mae loan features three years of interest-only payments. Mary Stuart Hurst and Russell Dey of Walker & Dunlop secured the financing through Inner Circle Holdings on behalf of the borrower, Redstone Group Management Inc. Rivertown Ridge, which was built in 2019 as part of a master-planned community, features 152 units, with independent living, assisted living and memory care …
TAYLOR, Mich. — Bayview PACE has provided $4.3 million in commercial property-assessed clean energy (C-PACE) financing for the 81-unit Hampton Manor of Taylor seniors housing community, located about 17 miles southwest of Detroit. The sponsor was Build Senior Living, the development arm of Hampton Manor Assisted Living. The 81-unit Hampton Manor of Taylor is situated on a six-acre landscaped site that includes 60 parking spaces. Licensed for 102 beds, Hampton Manor-Taylor features 65 assisted living units and 16 memory-care units with extra capacity for second persons and/or additional companion units. …
ANN ARBOR, Mich. — Lockwood Cos., a developer and manager of senior living communities, has opened Lockwood of Ann Arbor. With a focus on independent living, the community features 154 senior apartments, with 65 of these units designated as affordable housing. Households earning up to 60 percent of area median income will be eligible for the affordable units. The $47 million development is designed to provide high-quality, accessible living for seniors in Washtenaw County, addressing the growing need for seniors housing as the local population continues to age. The facility is equipped …
DUBLIN, Ohio — JLL Capital Markets has secured a $115 million bridge financing for a portfolio of four Town Village independent communities totaling 852 units spanning across Alabama, Tennessee, Oklahoma and Michigan. JLL represented the borrowers, Chicago Pacific Founders and Grand Park Capital, in arranging the three-year, nonrecourse loan through Ally Bank. The properties were built between 2000 and 2002 and have all undergone renovations by the borrowers. Jay Wagner, Rick Swartz, Joel Mendes, Dan Kearns, Jim Dooley and Robert Tonnessen led the JLL team.
GRAND RAPIDS, Mich. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a continuing care retirement community (CCRC) in Grand Rapids. Blueprint was selected by Samaritas, a Michigan-based nonprofit owner and operator, to negotiate the disposition. Since its original construction in 1977, the 40-acre community has grown to include 24 independent living cottages, 148 independent living apartments, 17 assisted living units, a 60-unit memory care community, and a 125-bed skilled nursing and long-term care facility. The buyer was Optalis Healthcare, a post-acute rehabilitation and long-term care provider across …
JACKSON, Mich. — Evans Senior Investments (ESI) has arranged the sale of Countryside Care Center, a skilled nursing facility in Jackson. The transaction was executed on behalf of an independent owner-operator looking to recycle capital and exit the industry. Countryside Care Center is situated 40 miles west of Ann Arbor and 35 miles south of Lansing. The facility was built in 1968 and licensed for 108 skilled nursing beds. Despite its longstanding presence, the center was facing challenges at the time of marketing, operating only 80 of its beds with …
JENISON, Mich. — Ziegler has arranged $52.1 million in bond financing for Sunset Manor Inc., a nonprofit owner-operator based in the West Michigan city of Jenison. Sunset Manor was established in 1973 to care for the elderly residents of West Michigan and beyond. Sunset owns and operates four facilities in Jenison, Grandville and Grand Haven. Per the 2023 LeadingAge Ziegler 200, Sunset Manor is the 138th largest nonprofit senior living provider in the nation with a total of 696 units consisting of 384 independent living units and 312 assisted living units. …
LOUISVILLE, Ky. — Trilogy Health Services has announced an investment plan to develop and expand senior living and assisted living services in Indiana, Kentucky, Michigan and Ohio. The investment aims to help address the growing demand for senior living accommodations and services. The plan includes expanding facilities across several states and developing a new campus. Trilogy will kick off its patio home expansions this summer in Sylvania, Ohio, with 26 new independent living patio homes for seniors at The Lakes of Sylvania. The expansion is projected to start in July …
OAKLAND COUNTY, Mich. — Walker and Dunlop Investment Sales (WDIS) has arranged the sale of Blossom Village, Blossom Ridge and Blossom Springs, a senior living portfolio located in Oakland County, approximately 35 miles northwest of Detroit. This portfolio encompasses a total of 245 luxury villas, independent living, assisted living and memory care units. The Moceri family sold the assets to StoryPoint Group for an undisclosed price. Built in 2019 by the Moceri family, the portfolio is now known as the Flourish Collection by StoryPoint Group and will be added to …
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