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Affordable HousingDevelopmentNewsNorth Carolina

Greystone, Weaver-Kirkland Break Ground on 70-Unit Affordable Housing Community in Hudson, North Carolina

by Jeff Shaw

HUDSON, N.C. — Greystone Affordable Development and Weaver-Kirkland Development have broken ground on Kirkwood Grove Apartments, a 70-unit affordable seniors housing community in Hudson, approximately 65 miles northwest of Charlotte. Kirkwood Grove is the first of several affordable housing developments that are planned in North Carolina by this joint venture over the next couple of years. Kirkwood Grove will be Greystone’s first new-construction affordable housing development where it will serve as a long-term owner. The second property for the partnership will be The Havens at Oxford in Oxford, N.C., which …

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CCRCDevelopmentNewsNorth Carolina

LCS Development Begins 44-Unit Expansion at Plantation Village in Wilmington, North Carolina

by Jeff Shaw

WILMINGTON, N.C. — LCS Development has started construction of an expansion at Plantation Village, a continuing care retirement community in Wilmington. The project will add 44 independent living units with covered parking, a new artisan studio, woodshop, dog park, cocktail bar, billiards room, more indoor and outdoor dining options, and expanded garden area for residents. A theater room, board room and creative arts room are also planned. Herbert J. Sims & Co. guided the financing of the project. Construction is scheduled for completion by May 2023. Project partners include CJMW …

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CCRCFinanceNewsNorth Carolina

Ziegler Arranges $130.8M Financing for United Methodist Retirement Homes

by Jeff Shaw

DURHAM, N.C. — Ziegler has arranged $130.8 million in bond financing for United Methodist Retirement Homes (UMRH). Based in Durham, UMRH operates three communities in North Carolina: Croasdaile Village in Durham, Cypress Glen in Greenville and Wesley Pines in Lumberton. The portfolio totals nearly 1,000 units. The bonds comprise both public, fixed-rate bonds and direct bank-held bonds that enable UMRH to lock in cash flow savings while borrowing $32.6 million of new money capital with its maximum annual debt service unchanged. In addition, the financing will fund a 54-unit independent …

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AcquisitionsFinanceNewsNorth CarolinaSouth Carolina

LTC Provides $52.5M Loan for 13-Property Acquisition in North Carolina, South Carolina

by Jeff Shaw

WESTLAKE VILLAGE, Calif. — LTC Properties Inc. (NYSE: LTC) has provided a $52.5 million unitranche loan for the purchase of a 13‑property seniors housing portfolio located in North and South Carolina. An existing operator partner will manage the communities. The loan provides for additional commitments of $6.1 million for capital improvements and $650,000 for working capital, for a total investment commitment of approximately $60 million.

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CCRCDevelopmentNewsNorth Carolina

Acts Begins Construction of $59M Expansion at Matthews Glen in North Carolina

by Jeff Shaw

MATTHEWS, N.C. — Acts Retirement-Life Communities has started construction on a $59 million expansion at Matthews Glen, a 124-acre continuing care retirement community in Matthews. The project will add 72 independent living apartments and 16 villas to its campus. Construction is also underway to add additional assisted living residences. The new construction is Phase II of the expansion and features 1,650- to 1,785-square-foot apartments along with 2,275- to 2,500-square-foot duplex-style villas. Amenities include tennis and pickleball courts. Acts is also adding 40 suites to its OakBridge Terrace assisted living residence, which …

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CCRCFinanceNewsNorth Carolina

Ziegler Arranges $76.1M Financing for Nonprofit Owner-Operator EveryAge

by Jeff Shaw

NEWTON, N.C. — Ziegler has arranged $76.1 million in bond financing for EveryAge, a Newton-based nonprofit owner-operator formerly known as United Church Homes and Services. The company was founded in 1961 to develop and manage seniors housing properties in the Southeast. The bonds affect the borrower’s three continuing care retirement communities: Abernethy Laurels in Newton; Piedmont Crossing in Thomasville, North Carolina; and Lake Prince Woods in Suffolk, Virginia. The financing was achieved through four separate bond issues: $22.2 million in fixed-rate bonds to refund a series of 2017 bonds and …

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AcquisitionsNewsNorth CarolinaSouth Carolina

JLL Negotiates Sale of 558-Unit Portfolio in the Carolinas

by Jeff Shaw

CHARLESTON, S.C. — JLL Capital Markets has arranged the sale of nine senior living properties totaling 558 units of assisted living and memory care. Eight of the properties are in South Carolina with one property located in North Carolina. JLL arranged the sales on behalf of the seller, a large, publicly traded REIT. In the first transaction, eight properties totaling 506 units were sold to a private equity group and will rebranded with a new operator. The new owner plans to provide extensive capital expenditures for improvements to the communities. …

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AcquisitionsAffordable HousingFinanceKeyBankNewsNorth Carolina

KeyBank Provides $6.5M Loan for Cotton Street Commons Affordable Community in Monroe, North Carolina

by Jeff Shaw

MONROE, N.C. — KeyBank Community Development Lending and Investment (CDLI) has provided $6.5 million of capital for an affiliate of National Church Residences (NCR). The funds will be used to rehabilitate Cotton Street Commons an affordable senior housing property in Monroe, N.C. Cotton Street Commons is a 72-unit pet-friendly property, originally constructed in 1978, serving households with incomes between 30 percent and 60 percent of area median household income. Its 18 single-story buildings contain 64 one-bedroom and eight two-bedroom units and include accessible units. The $6.5 million construction loan, convertible …

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DevelopmentNewsNorth Carolina

Spellman Brady Completes Interior Redesign of Croasdaile Village in Durham, North Carolina

by Jeff Shaw

DURHAM, N.C. — Spellman Brady & Co. has completed a full interior renovation at Croasdaile Village, a seniors housing community in Durham. Croasdaile Village sought to revitalize 147,635 square feet of its campus. Other project partners included architecture firm SFCS and LCS Development The goal was to add competitive amenities focused on health and wellness. This was accomplished by elevating the existing wellness program, providing more gathering spaces for residents to socialize, and expanding on-site dining venue options. The renovation and addition were phased over the course of six years. …

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CCRCFinanceNewsNorth Carolina

HJ Sims Arranges $44M Refinancing for Aldersgate in Charlotte, North Carolina

by Jeff Shaw

CHARLOTTE, N.C. — HJ Sims has arranged a $44 million refinancing for Aldersgate United Methodist Retirement Community, a continuing care retirement community in Charlotte. Sims partnered with Aldersgate in 2019 with a financing for Generations at Shalom Park. In 2020, Sims identified a refunding opportunity for Aldersgate’s outstanding 2013 bonds. In 2017, the Tax Cuts and Jobs Act (TCJA) eliminated advance refundings using tax-exempt municipal bonds. Therefore, Sims utilized Cinderella Bonds, which would be taxable until the optional redemption date, after which the bonds would convert to tax-exempt, complying with …

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