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Michigan

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Assisted LivingMemory CareMichiganNews

BHI Provides $49M Bridge-to-HUD Financing for Portfolio in Michigan

by Hayden Spiess

DETROIT — BHI, the U.S. branch of Bank Hapoalim B.M., has provided $49 million in bridge-to-HUD financing for a portfolio of three communities located in suburbs of Detroit.  Shahid Imran, doing business as Hampton Manor, is the borrower.  The portfolio includes Hampton Manor of Dundee, Hampton Manor of Trenton and Hampton Manor of Hamburg. Together, the communities total 221 units, with 171 assisted living and 50 memory care units.  Proceeds from the bridge-to-HUD facility will be used refinance existing debt and facilitate a partnership buyout, with Imran assuming full ownership of …

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Affordable HousingDevelopmentFinanceMichiganNews

Community Housing Capital, FHL Bank Atlanta Provide Financing for 60-Unit Affordable Seniors Housing Project in Southfield, Michigan

by Hayden Spiess

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 …

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Assisted LivingFinanceIndependent LivingMemory CareMichiganNews

Walker & Dunlop Arranges $25.9M Permanent Financing for Community Near Grand Rapids

by Hayden Spiess

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 …

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Assisted LivingFinanceMemory CareMichiganNews

Bayview PACE Provides $4.3M in C-PACE Funds for Seniors Housing Property in Metro Detroit

by Channing Hamilton

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.  …

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Lockwood of Ann Arbor in Ann Arbor, Michigan
DevelopmentIndependent LivingMichiganNews

Lockwood Cos. Opens 154-Unit Independent Living Community in Ann Arbor, Michigan

by Channing Hamilton

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 …

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Town Village Vestavia Hills
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JLL Arranges $115M Bridge Financing for Town Village Independent Living Portfolio 

by Jeff Shaw

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.

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AcquisitionsCCRCMichiganNews

Blueprint Brokers Sale of 374-Unit Samaritas CCRC in Grand Rapids, Michigan

by Jeff Shaw

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 …

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AcquisitionsMichiganNewsSkilled Nursing

ESI Brokers Sale of 108-Bed Countryside Care Center in Jackson, Michigan

by Jeff Shaw

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 …

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Manor & Villages, Jenison, Mich.
FinanceMichiganNews

Ziegler Arranges $52.1M Bond Financing for Sunset Manor Owner-Operator in Michigan

by Jeff Shaw

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. …

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DevelopmentIndianaInvestmentKentuckyMichiganNewsOhio

Trilogy Health Services Announces Expansion Plans in Indiana, Kentucky, Michigan, Ohio

by Jeff Shaw

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 …

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