OHIO, MICHIGAN and WISCONSIN — Lument has provided $87 million in HUD 232/223(f) loans for the refinancing of a portfolio of nine skilled nursing facilities located in Ohio, Michigan and Wisconsin. The properties total 691 beds. The operator, Atrium Centers Inc., provides short-term, post-acute rehabilitation and long-term nursing care. Each of the nine loans features a fixed interest rate. HUD 232/223(f) loans allow for the purchase or refinancing of nursing homes and assisted living facilities.
ANN ARBOR, Mich. — Lockwood Cos. has broken ground on Lockwood of Ann Arbor, a 154-unit seniors housing community in Ann Arbor. The three-story, 168,130-square-foot building includes 65 units dedicated as affordable housing. Development costs were estimated at $45 million. Rents will range from $864 for a one-bedroom apartment to $2,750 for a two-bedroom apartment.
FARMINGTON HILLS, Mich. — Spellman Brady & Co. (SBC) has completed the interior design for the newly constructed Anthology of Farmington, a 100-unit assisted living and memory care community in Farmington Hills, a suburb of Detroit. Anthology Senior Living, a CA Ventures – Senior Living Company owns and operated the property. Spellman Brady was responsible for the selection, procurement and installation of the project’s finishes, furniture, artwork and accessories. Spellman Brady collaborated with architect Roseman and Associates and general contractor Brinkmann Constructors.
DETROIT — Blueprint Healthcare Real Estate Advisors has arranged the sale of four communities in the Detroit and Saginaw metro areas. The buyer, Comfort Care Senior Living, is the operator of the properties. The seller was the former REIT landlord. The four communities total approximately 236 assisted living and memory care units with vintages ranging from 2013 to 2019. Consolidated with its REIT partner across multiple transactions, these communities constituted approximately a quarter of Comfort Care’s portfolio across the state. The communities exhibited strong performance trends pre-COVID, but faced occupancy …
JACKSON, Mich. — Grandbridge Real Estate Capital’s Tampa-based seniors housing investment sales team has arranged the recapitalization of Vista Grande Villa, a 318-unit campus in Jackson, approximately 35 miles west of Ann Arbor. Vista Grande Villa is an approximately 20-acre campus comprising 32 cottage homes, 181 independent living apartments, 46 assisted living units, 23 memory care units and 36 skilled nursing units. The recapitalization plan consisted of restructuring approximately $22 million of prior debt, together with new committed funding of roughly $8 million to put toward capital investment and stabilizing the …
TOLEDO, Ohio — Welltower Inc. (NYSE: WELL), a Toledo-based healthcare REIT, has agreed to acquire 33 seniors housing communities totaling 2,787 units in Michigan, Ohio and Tennessee. The purchase price is $548 million. The communities will be acquired as three separate portfolios from undisclosed sellers. The communities were available for purchase because the lease-up process was heavily damaged by the onset of the COVID-19 pandemic. With occupancy at only 63 percent, Welltower expects the communities will greatly improve their performance in 2023 and beyond. Welltower will install Michigan-based senior living operator …
LAKE OSWEGO, Ore. — Anthem Memory Care has been selected to manage nine memory care communities in Utah, Washington, Minnesota, Michigan and Ohio. The new communities bring Anthem’s portfolio up to 21 properties and mark the Lake Oswego-based operator’s entry into Utah, Washington, Michigan and Ohio. The properties, owned by Irwin Investors, were previously operated by Sinceri and include: Elk Ridge in Maplewood, Minnesota Edgemont Place in Blaine, Minnesota Robinwood Landing in Lansing, Michigan Glenwood in Dublin, Ohio Preserve at Beavercreek in Beavercreek, Ohio Greenfield Estates in Akron, Ohio Pheasant …
FARMINGTON HILLS, Mich. — Anthology Senior Living has opened the doors on Anthology of Farmington Hills, a seniors housing community in Farmington Hills, approximately 20 miles northwest of Detroit. The new 80,000-square-foot senior living community features 92 apartments and provides assisted living and memory care. Anthology has locations around the country, and its other Michigan locations include Novi, Northville, Rochester Hills and Troy. According to a recent report by the U.S. Census Bureau, almost 20 percent of the Oakland County population has already reached age 65 and older, a number …
ANN ARBOR, Mich. — Lockwood Cos. has broken ground on Lockwood of Ann Arbor, a mixed-income seniors housing community in Ann Arbor. The property will be a three-story, 168,130-square-foot building with 154 independent senior apartments, including 65 units dedicated as affordable housing. Lockwood of Ann Arbor represents an approximately $45 million investment in the City of Ann Arbor and Washtenaw County. Scheduled to open in Summer of 2023, Lockwood of Ann Arbor will feature 89 one-bedroom units and 65 two-bedroom units. The Ann Arbor Area Community Foundation projects a rising …
MICHIGAN — Northland Networks, a debt placement agent that finances senior living projects through a network of community banks, has arranged financing for a portfolio of three skilled nursing facilities in Southeast Michigan. The communities total 250 beds, which the loan represents a 65 percent loan-to-value ratio. “Community banks across the country are sitting on record sums of cash with nowhere to put it,” says Seth Kahn, managing director of Northland Networks. “Participating in senior living loans is an attractive option for many of these banks who, in the past, …