GRAND RAPIDS, CHELSEA and DEXTER, Mich. — Ziegler has closed $47.1 million in bond financing for United Methodist Retirement Communities (UMRC) and Porter Hills Presbyterian Village. UMRC is a nonprofit operators of a continuing care retirement community (CCRC) in Chelsea and independent living cottages in Dexter, with a combined total of 471 units. Porter Hills Presbyterian Village operates three CCRCs throughout the Grand Rapids metropolitan area with a combined total of 569 units at the three facilities. UMRC and Porter Hills entered into an affiliation agreement in early 2019, but …
Michigan
JACKSON, Mich. — Senior Living Investment Brokerage (SLIB) has arranged the sale of RidgeCrest Health Campus, an assisted living and skilled nursing community in Jackson, approximately 75 miles west of downtown Detroit. Built in 2010, the community features 50 skilled nursing beds and 40 assisted living units. Totaling 54,696 square feet, the property was more than 90 percent occupied at the time of sale despite the ongoing COVID-19 pandemic. The seller was a regional owner-operator with communities across Indiana, Ohio, Michigan and Kentucky. The buyer was a Michigan-based company looking …
DAVISON, Mich. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 32-unit assisted living community in Davison, a suburb of Flint. The property was built in 1997 and expanded in 2013. A REIT sold the community to a Grand Rapids-based operator.
Ziegler Arranges $22.5M Financing for Beacon Hill at Eastgate CCRC Expansion in Michigan
by Jeff Shaw
GRAND RAPIDS, Mich. — Ziegler has arranged $22.5 million in bank bonds for an expansion project at Beacon Hill at Eastgate, a 300-unit continuing care retirement community in the Eastgate neighborhood of Grand Rapids. The borrower is Michigan Christian Home. The financing package includes a $9.8 million long-term component with a 30-year amortization and a $12.7 million short-term loan with a three-year amortization that will be retired with initial entrance fees from the project. Built in 1960, the property currently features 170 entrance fee independent living units, 20 rental independent …
LINDEN, Mich. — Charter Senior Living and DMK Development Group have announced plans to partner for the development of an 81-unit seniors housing community in Linden, approximately 15 miles south of Flint. DMK Development Group secured approximately 8.3 acres of land near Linden Price Airport. Pending governmental approvals, construction could start as soon as this fall with completion scheduled for fall 2021. The new community will feature 56 assisted living and 25 memory care apartments in a mixture of studio, one- and two-bedroom suites. The project will represent a total …
MICHIGAN — Evans Senior Investments (ESI) has arranged the sale of two senior living/skilled nursing facilities and one standalone nursing home in Michigan for $38.5 million, or $98,000 per bed/unit. The portfolio consists of 88 assisted living units, 36 memory care units, and 270 skilled nursing beds. An independent owner-operator sold the properties to a Midwest-based owner-operator. The names and specific locations were not disclosed. Built in 1997, 2007, and 2008 the Senior Living portion of the portfolio was 100% private pay, while the properties’ Skilled Nursing census exhibited a …
Walker & Dunlop Provides $37M in HUD Financing for Three Facilities in Illinois, Michigan
by Jeff Shaw
AURORA AND KANKAKEE, Ill., and NOVI, Mich. — Walker & Dunlop Inc. has provided $37 million in financing for two senior living facilities in Illinois and one in Michigan. Walker & Dunlop provided $14.9 million for The Grove Fox Valley, a 156-bed skilled nursing facility in Aurora, Ill.; $14.9 million for WellBridge of Novi, a 100-bed skilled nursing facility in Novi, Mich.; and $7.4 million for Asbury of Kankakee, a 98-bed supportive living facility in Kankakee, Ill. Joshua Rosen of Walker & Dunlop led the origination team, which utilized HUD’s …
Michigan Strategic Fund Approves $256M Mixed-Use Development in Lansing to Include Seniors Housing
by Jeff Shaw
LANSING, Mich. — The Michigan Strategic Fund (MSF) has voted to approve the brownfield and tax-increment financing (TIF) plan for the Red Cedar project, a $256 million mixed-use development along Michigan Avenue in Lansing. The approval gives the developer, Continental/Ferguson Lansing LLC, the green light to move forward with construction. The developer expects to break ground on 181 market-rate apartments as well as an assisted living and memory care facility late this summer. A 792-bed student housing component is scheduled for completion in fall 2021. Construction of two dual-brand hotels, …
CHICAGO — Evans Senior Investments (ESI), a Chicago-based brokerage firm, has arranged the sale of six skilled nursing facilities in Michigan totaling 496 licensed beds. A publicly traded REIT sold the portfolio to an undisclosed buyer for $36 million, or $73,000 per bed. The portfolio’s occupancy was 86 percent with $43 million in annual revenues. However, the seller chose to divest the properties upon finding out the tenant would no longer be able to meet its lease obligations due to having to pay back millions in improper Medicaid payments.
GRAND RAPIDS, Mich. — BB&T Capital Markets has closed on $70.2 million in bond financing to fund the expansion of Clark Retirement Community’s Keller Lake campus in Grand Rapids. The financing consists of $64.5 million in tax-exempt bonds and $5.7 million in taxable bonds, all at a fixed rate. The Keller Lake expansion is currently under construction. The project will add 53 independent living units to the community to the continuing care retirement community. Upon completion, Clark Retirement Community’s two campuses will total 185 independent living units, 230 assisted living …