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 …
North Carolina
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 …
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.
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 …
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 …
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. …
KeyBank Provides $6.5M Loan for Cotton Street Commons Affordable Community in Monroe, North Carolina
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 …
Spellman Brady Completes Interior Redesign of Croasdaile Village in Durham, North Carolina
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. …
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 …
CBRE Arranges Construction Funding for 12-Story Village on Morehead Community in Charlotte
CHARLOTTE, N.C. — CBRE Senior Housing has arranged an undisclosed amount of construction financing for The Village on Morehead, a seniors housing community in Charlotte. The borrower is a joint venture between Bridgewood Property Co. and Harrison Street. The 12-story, Class A development will feature 199 units of independent living, with assisted living services arranged by Bridgewood’s wholly owned management company, Retirement Center Management (RCM). The property sits on “an irreplaceable infill site between downtown Charlotte and the city’s most desirable neighborhoods,” according to CBRE. Aron Will, Austin Sacco and …