CLEVELAND — KeyBank Real Estate Capital (KBREC) and KeyBanc Capital Markets (KBCM) have secured $31 million of financing for National Church Residences, which will use the funds to renovate an affordable seniors housing community in Cleveland. Built in 1976, the 171-unit Carnegie Tower at Fairfax is a 12-story, project-based Section 8 apartment building on two acres adjacent to the Cleveland Clinic. The units are available in one- and two-bedroom configurations. The project will preserve the building as affordable housing and ensure the long-term viability of the development. KBREC provided $14 …
Ohio
BRUNSWICK and NILES, Ohio — United Church Homes has acquired two apartment communities for older adults from Harbor Woods Living. The properties, built in 2016, are located south of Cleveland in Brunswick and Niles, and operate as Harbor Woods Living at Brunswick and Harbor Woods Living at Niles. Each four-story building features 127 one- and two-bedroom apartments. This acquisition is part of United Church Homes’ plan to expand its portfolio of middle-market housing for older adults.
MAYFIELD HEIGHTS, Ohio — Anthology Senior Living, a new organization created by development firm CA Ventures, has opened Anthology of Mayfield Heights in the suburbs of Cleveland. The property features 180 units of independent living, assisted living and memory care in 164,000 square feet. “Our team has been operating several senior living communities in 11 states including Ohio since our launch as Anthology Senior Living in 2019,” says Benjamin Burke, president of Anthology Senior Living. HED designed the community.
BEACHWOOD, Ohio — Sunshine Retirement Living has named Brandy Delp as the executive director of Windsor Heights Assisted Living and Memory Care of Beachwood in the suburbs of Cleveland. In her new role, Delp is responsible for all day-to-day management and operations of the community, including financials, marketing, and government and community relations. She will also oversee all health and safety programs including new heightened procedures and protocols to prevent and mitigate COVID-19 infection. A licensed practical nurse (LPN), Delp is also a certified dementia practitioner and a certified executive …
LEXINGTON, Ky., and CINCINNATI — CBRE has arranged an undisclosed amount of financing for three seniors housing communities in the Lexington and Cincinnati metro areas. The borrower is a joint venture between LCS Real Estate and Nuveen Real Estate. All three properties fall under the Magnolia Springs brand. Of the 328 units in the portfolio, 232 are for assisted living and 96 are for memory care. Aron Will, Austin Sacco and Matthew Kurornen of CBRE National Senior Housing arranged three separate, non-crossed, five-year, floating-rate loans with 36 months of interest-only …
MAPLE HEIGHTS and WEST UNION, Ohio — The Sohm America Integrations Group (SAI) has opened two Alpine House-branded communities in Ohio. Both are historical buildings that were extensively renovated. The property in the Cleveland suburb of Maple Heights once housed a hotel that hosted Elvis Presley and Johnny Cash before its conversion to independent living and assisted living. The property in West Union, approximately 65 miles east of Cincinnati, was the site of the former Adams County Hospital. The SAI Group is an umbrella group for multiple independent companies committed …
ROCKY RIVER, Ohio — Evans Senior Investments (ESI) has brokered the sale of Rockport Senior Living, a 117-unit assisted living and memory care community in the Cleveland suburb of Rocky River. A local independent owner sold the property to an undisclosed buyer for $4.8 million, or $41,000 per unit. Built in 1967, Rockport Senior Living was originally a hotel that was converted into a senior living facility in 1986. Located less than 10 miles from downtown Cleveland, the facility has a unit mix of 108 assisted living units and nine …
COLUMBUS, Ohio — Ziegler has arranged $27.9 million in bond financing Ohio Living Communities. The funds will be used for an expansion project at the company’s Westminster-Thurber campus in Columbus. Named Heritage Pointe, the 11-story building will add 56 independent living units to the community. The total project cost is approximately $39.2 million. A development timeline was not released. The bonds consist of tax-exempt, fixed-interest-rate serial term bonds with a final maturity in 2045. In addition to Heritage Pointe construction, the financing will fund $2.5 million of other capital projects …
DAYTON, Ohio — KeyBank has arranged a $38 million financing package for renovations to The Biltmore Towers, an affordable housing community in Dayton. KeyBank Community Development Lending and Investment (CDLI) secured a $6 million equity bridge loan and KeyBank Real Estate Capital’s (KBREC) Commercial Mortgage Group secured $16 million of fixed-rate Fannie Mae financing. Additionally, the Key Community Development Corp. provided $16 million of low-income housing tax credit (LIHTC) and historic tax credit (HTC) equity combined. St. Mary Development Corp. and Related Cos. are leading the redevelopment project. Built in …
OHIO — Blueprint Healthcare Real Estate Advisors has arranged a new lease for four skilled nursing facilities in Ohio for an undisclosed price. The portfolio is located in northwest Ohio near the Indiana border, as well as the Columbus and Cincinnati metro areas. The four properties total 613 licensed beds. The Columbus-based operator was seeking an exit to the skilled nursing industry, so the REIT owner sought a replacement. Blueprint helped replace the operator and negotiate the new lease.