BREVARD, N.C. — The Atlanta-based seniors housing and healthcare finance team of Grandbridge Real Estate Capital has provided a $34.7 million Fannie Mae loan for Chattanooga-based BrightSpace Senior Living. The funds were used to provide financing for College Walk Retirement Community, a 168-unit independent living and assisted living community in Brevard. Further details were not disclosed.
BURLINGTON, N.C. — Ziegler has arranged three separate loans to fund the acquisition of The Village at Brookwood (TVAB), a continuing care retirement community (CCRC) in Burlington. Opened in 2003, TVAB features 155 independent living units, 12 assisted living units, 12 memory care units and 24 skilled nursing units on a 47-acre plot. The buyer, Well-Spring, is the current operator and also owns/operates a second CCRC in nearby Greensboro. Alamance Regional Medical Center originally developed TVAB, but the health system was acquired by Cone Health in 2011, after which Well-Spring …
ORLANDO — Foundry Commercial, in partnership with an investment fund managed by Morgan Stanley Real Estate Investing, has purchased the Spring Arbor Senior Living collection of 24 assisted living and memory care communities across the Mid-Atlantic. As part of the transaction, Foundry Commercial acquired the current operator, which will continue to manage the properties post-closing. The portfolio contains 1,424 units throughout Maryland, North Carolina and Virginia, with capacity for more than 1,800 residents. The Spring Arbor platform will continue operations under the Spring Arbor Senior Living brand. Capital Funding arranged …
WESTLAKE VILLAGE, Calif. — LTC Properties Inc. (NYSE: LTC), a Westlake Village-based REIT that primarily invests in seniors housing and health care properties, has made a $36 million investment for the refinancing of debt on four assisted living communities and a land parcel. The four assisted living communities located in North Carolina have a combined total of 217 units and are operated by an existing LTC partner. The communities are newly constructed with an average age of under four years. The land parcel includes approximately 7.6 acres adjacent to one …
CHARLOTTE, N.C. — Charter Senior Living has taken over management of The Social at Cotswald in Charlotte, and has renamed the community Charter Senior Living of Charlotte. The asset offers assisted living and memory care services. The number of units was not disclosed. The change in management will increase the family of Charter Senior Living retirement communities to more than 40 throughout the United States.
HICKORY, N.C. — Woda Cooper Cos. Inc. has opened Center Crossing, a 50-unit, four-story affordable seniors housing community in Hickory that offers one- and two-bedroom apartments. Five of the units are accessible for those with mobility challenges, including two units specifically equipped for those with sight and hearing impairments. The property serves residents aged 55 and older who earn 40 to 80 percent area median income (AMI). Rental rates range from $356 to $921 per month, depending on unit size and income restriction. Community amenities include an onsite management office, …
CARY, N.C. — Bonaventure has broken ground on Acclaim at Cary Pointe, a seniors housing community in Cary, located in the Raleigh-Durham area. The four-story building, Bonaventure’s first in the state, will feature 138 units ranging from 681 to 1,164 square feet. The type of care was not disclosed. Two similar communities under Bonaventure’s Acclaim brand opened this past summer: Acclaim at Belmont Bay in Woodridge, Va., and Acclaim at East Beach in Norfolk, Va. Headquartered in Alexandria, Va., Bonaventure is an integrated asset management company specializing in multifamily design, …
CHARLOTTE, N.C. — KeyBank Real Estate Capital (KBREC) has provided a $14.3 million construction loan, $8.4 million equity bridge loan and $13.3 million Fannie Mae loan for the development of Eastway Park Apartments in Charlotte. The community will feature 132 age-restricted units for those 55 years of age or older, with income ranging from 30 to 80 percent of area median household income. The property will be subject to an agreement ensuring ongoing affordability for at least 30 years. The developer is Harmony Housing. Forty of the one-bedroom units will offer …
CHARLOTTE, N.C. — Raleigh-based Greystone Affordable Development and Charlotte-based Urban Trends Real Estate Inc. have released plans to develop Eastway Crossings, a $28.9 million affordable housing community located on Charlotte’s east side. The development will be funded through the Low-Income Housing Tax Credit (LIHTC) program. Greystone Affordable Development and Urban Trends are co-developers working on behalf of Harmony Housing, a national nonprofit specializing in affordable and workforce housing. Eastway Crossings is Greystone Affordable Development’s first new construction project in the Charlotte market. The community will offer residential units for senior …
CHARLOTTE, N.C. — Arden, a new brand of 55-plus active adult communities, has unveiled plans to build its first four properties in metro Charlotte. All four developments are scheduled for groundbreaking in 2022. Arden has further plans to expand the brand across the Southeast. “We are excited to offer a new option for active adults that offers the perks of age-qualified living at rates more consistent with traditional multifamily housing apartment homes,” sais Jim Lindsey, managing partner with Arden. “In doing this, we hope to open up the benefits of …