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FinanceNewsOhio

Ziegler Arranges $24.5M Bond Financing for Otterbein SeniorLife

by Jeff Shaw

LEBANON, Ohio — Ziegler has arranged $24.5 million in bond financing for Otterbein SeniorLife, a nonprofit operator based in the Cincinnati suburb of Lebanon. The borrower’s portfolio totals 1,440 independent living units, 489 assisted living units and 1,020 skilled nursing units across nine SeniorLife communities and nine Neighborhood-branded skilled nursing communities. The bonds were issued through the State of Ohio, acting by and through the Ohio Higher Educational Facility Commission. In addition to these bonds, Ziegler also priced $20.5 million of tax-exempt, forward-delivery bonds that are scheduled to close on …

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AcquisitionsFinanceIndependent LivingNewsOhio

HJ Sims Arranges $26.3M Acquisition Financing for Polaris Retirement Community in Columbus, Ohio

by Jeff Shaw

COLUMBUS, Ohio — HJ Sims has arranged $26.3 million in financing for United Church Homes, a seniors housing provider based in Sandusky. The borrower will use the funds to acquire Polaris Retirement Community in Columbus from Polaris Retirement Living Properties LP. The newly built independent living community features 136 one- and two-bedroom apartments. The Polaris Retirement Community was in the final stages of construction when UCH was invited to bid on acquiring the project. The acquisition was structured to have UCH take possession following the issuance of a Certificate of …

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AcquisitionsNewsOhioSkilled Nursing

Blueprint Brokers Sale of 92-Bed Park View Nursing Center in Edgerton, Ohio

by Jeff Shaw

EDGERTON, Ohio — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Park View Nursing Center, a 92-bed skilled nursing facility in the Northwest Ohio town of Edgerton. The property opened in 1968 and was part of a larger portfolio of communities sold in 2020. The operator and REIT landlord elected to spin off Park View as a geographic outlier to the rest of that portfolio. A Kentucky-based operator seeking to grow through ownership purchased the facility for an undisclosed price.

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AcquisitionsNewsOhioSkilled Nursing

Blueprint Brokers Sale of 120-Bed Skilled Nursing Facility in Cleveland

by Jeff Shaw

CLEVELAND — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 120-bed skilled nursing facility near John Carroll University in Cleveland. The property was built in the 1960s and renovated in the 1990s The asset was strategically identified for disposition as it did not fit within the seller’s core operating model. The buyer was a private equity owner-operator based in New York City. The price was not disclosed.

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FinanceIndianaNewsOhio

Ziegler Arranges $8.5M Financing for Otterbein Homes Portfolio in Ohio, Indiana

by Jeff Shaw

LEBANON, Ohio — Ziegler has arranged $8.5 million in financing for Otterbein Homes, a Lebanon-based operator of senior living communities in Ohio and Indiana. Otterbein’s portfolio includes 1,300 independent living units, 450 assisted living units and 1,000 skilled nursing units across its eight SeniorLife Communities and nine Neighborhoods. In 2020, Otterbein acquired Sunset Retirement Communities, a life plan community with two locations in northwest Ohio. The financing will include these two new additions to Otterbein’s portfolio. Proceeds of the bond financing, along with other available funds, will be used to …

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Active AdultDevelopmentNewsOhio

Homestead Senior Living Breaks Ground on 131-Unit Active Adult Community in Blacklick, Ohio

by Jeff Shaw

BLACKLICK, Ohio — Homestead Senior Living has broken ground on Homestead Village, a 131-unit active adult community in Blacklick, approximately 10 miles east of Columbus. The property will span 122,275 square feet and is scheduled to open in October 2022. Development costs were estimated at $14.5 million, with Homestead Construction as the contractor. Homestead’s “active senior” designation is marketed toward people 55 and older, are just retired and do not require any form of assisted living. The average resident age is between 60 and 75.

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FinanceFloridaKeyBankNewsOhioTexas

KeyBank Provides $21.5M in Financing for Three National Church Residences Affordable Communities

by Jeff Shaw

SEBRING, Fla., RAVENNA, Ohio, and GRAND PRAIRIE, Texas — KeyBank has provided $21.5 million of capital for National Church Residences (NCR) to rehabilitate three affordable seniors housing properties in Florida, Ohio and Texas. Fair Havens Village is an 80-unit property in Sebring, with 79 studios and one-bedroom affordable units plus a manager unit in three buildings. The property was originally constructed in 1985. The renovation will improve safety and accessibility and includes roof repairs, common area and residential unit improvements, and modernization of HVAC, electrical and plumbing systems. In addition …

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AcquisitionsIndependent LivingNewsOhio

Blueprint Arranges Sale of 136-Unit Polaris Retirement Community in Columbus, Ohio

by Jeff Shaw

COLUMBUS, Ohio — Blueprint Healthcare Real Estate Advisors has arranged the sale of Polaris Retirement Community, a 136-unit independent living community in Columbus. The four-story community is directly adjacent to the POLARIS Commerce Center, Ohio’s largest mixed-use development. The top floor was built to assisted living licensing specifications for added options in the future. Developed in collaboration with Pittsburgh-based Graziano Construction and Development Company Inc. and Sweetbay Senior Living, Polaris Retirement Living Properties LP engaged Blueprint to market the property and facilitate the sale process. United Church Homes Inc. (UCH), …

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Affordable HousingDevelopmentNewsOhio

NEST, Pennrose Break Ground on LGBTQ-Friendly Affordable Seniors Housing in Cincinnati

by Jeff Shaw

CINCINNATI — Northsiders Engaged in Sustainable Transformation (NEST) and Pennrose have broken ground on John Arthur Flats, Cincinnati’s first LGBTQ-friendly affordable senior housing community. Located in the city’s Northside neighborhood, the new development includes 57 affordable apartments and on-site supportive services. The community is slated for completion in the summer of 2022. The three-story, elevator-serviced building will include a mix of studio, one-, and two-bedroom apartments for seniors earning 30 percent to 60 percent of the area median income (AMI). The community is located near the Northside business district, McKie …

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Assisted LivingDevelopmentNewsOhio

Confluent, HRA Break Ground on 108-Unit HarborChase of Shaker Heights in Ohio

by Jeff Shaw

SHAKER HEIGHTS, Ohio — Confluent Senior Living and Harbor Retirement Associates (HRA) have broken ground on a 106,698-square-foot assisted living and memory care community in Shaker Heights, a suburb of Cleveland. Representing the first project of its kind to break ground in this city within the past 20 years, HarborChase of Shaker Heights will address the unmet demand among local residents for this housing option. The three-story community will offer 108 licensed senior living units, comprising 80 apartments for assisted living and 28 units for memory care residents. The community …

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