BONITA SPRINGS, Fla. — Discovery Senior Living has acquired a portfolio of 16 seniors housing properties in Texas, North Carolina and New Mexico, the largest single acquisition in the Bonita Springs-based owner-operator’s history. Discovery’s partner on the acquisition was White Oak Healthcare REIT. The seller and names of the communities were not disclosed. As part of the purchase, Discovery launched a new brand — Morada Senior Living. Based in Dallas and wholly owned by Discovery, Morada will oversee the new portfolio with a dedicated management team led by a division …
DURHAM, N.C. — Hunt Capital Partners, Durham Housing Authority and California Commercial Investment Group Inc. have closed $7.5 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the acquisition and rehabilitation of J.J. Henderson Senior Apartments in Durham. The acquisition is a Rental Assistance Demonstration (RAD) transaction, a program administered through the U.S. Department of Housing and Urban Development (HUD). By utilizing RAD, Durham Housing Authority gains access to more public and private funding resources to refurbish and preserve the property. Additionally, J.J. Henderson Senior Apartments converts from a …
REIDSVILLE, N.C. — Live Oak Bank has provided an $8.5 million construction loan for development of a 58-unit independent living and assisted living project in Reidsville, located north of Greensboro near the Virginia border. The borrower, ALG Senior, has controlled a Certificate of Need necessary to operate assisted living within the county for many years. Following an extensive search, ALG identified and acquired a 12.5-acre site for development.
CHARLOTTE, N.C. — Bridgewood Property Co. has acquired 727 E. Morehead St. in Charlotte with plans to construct a luxury senior living community, The Village on Morehead, on the site. Bridgewood received rezoning approval for the site in July 2020 and plans to break ground in the spring of 2021. Bridgewood has selected Charlotte-based BB+M as the architects, LandDesign as the civil engineers and Choate Construction as the general contractor. Bridgewood’s long-standing operating partner, Retirement Center Management, will handle operations of the community upon completion.
HICKORY, N.C. — Woda Cooper Cos. has started construction of Center Crossing, a 50-unit affordable housing community for seniors in Hickory, 50 miles northwest of Charlotte. The property will be near the city’s downtown Union Square and close to many shopping, dining and cultural opportunities, plus various medical facilities and public offices. Center Crossing will serve seniors age 55 and older who earn up to 80 percent of area median income (AMI) with some units reserved for those at 40 percent, 50 percent and 60 percent AMI. The four-story, elevator-serviced …
GREENSBORO, N.C. — LCS Development has started construction of a $75 million expansion at WhiteStone, a Masonic and Eastern Star seniors housing community in Greensboro. The project includes the addition of 67 independent living units, a building with 36 private suites for assisted living/memory care, and an extensive renovation of the existing skilled nursing facility. “We’re looking forward to enhancing our services with this expansion,” says Mark Lewis, executive director of WhiteStone. “The addition of the assisted living suites will complete the continuum of care for residents and allow our …
HIGH POINT, N.C. — Ziegler has arranged $47.8 million in bond financing for a planned expansion project at Pennybyrn at Maryfield, a continuing care retirement community (CCRC) in High Point, just southwest of Greensboro. Located on 72 acres, Pennybyrn currently features 180 independent living units, 24 assisted living units, 24 memory care units and 125 skilled nursing beds. The planned expansion will add 42 new independent living apartments, with 74 percent of them pre-sold, as well as a 24-bed transitional rehabilitation therapy building. The project will also include improvements to …
CARY, N.C. — HJ Sims has arranged $6.6 million in financing for Samaritan Housing’s continued expansion plans at SearStone, a continuing care retirement community in Cary. Following the original Phase I development, SearStone consists of 131 independent living apartments, 38 independent living estate homes, 14 assisted living units and 25 skilled nursing beds. Sims financed the first phase of SearStone with a $117.5 million non-rated, fixed-rate bond issue in June 2012 and an expansion of the healthcare center in 2016 with an $8 million issue. Sims provided the original seed …
CHARLOTTE, N.C. — Singh, a developer that builds senior living communities under the Waltonwood brand, has named Tammy Mullins as the executive director of Waltonwood Cotswold. Mullins brings more than 20 years of senior living experience to her new role. She held multiple positions at senior living communities across the country, including business office manager, assistant executive director, executive director and regional director. Mullins is a Certified Director of Assisted Living (CDAL) and a Certified Dementia Practitioner (CDP). Waltonwood Cotswold opened in August 2016 in Charlotte. The assisted living and …
CHARLOTTE, N.C. — Liberty Senior Living has named Judi Donovan as executive director for The Barclay at SouthPark, a continuing care retirement community (CCRC) currently under construction in Charlotte. Donovan brings 17 years of senior living experience to the role. She will oversee daily operations of the community, which will feature 165 independent living apartments and all levels of care, including assisted living, memory support, skilled nursing and short-term rehabilitation. The Barclay is scheduled to open in SouthPark, a neighborhood approximately six miles south of downtown Charlotte, in early 2021. …