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 …
Ohio
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.
Hunt Capital Partners Arranges $7.3M LIHTC Financing for Eastern Woods Senior Apartments in Findlay, Ohio
by Jeff Shaw
FINDLAY, Ohio — Hunt Capital Partners, in collaboration with Pennrose and Blanchard Valley Health System (BVHS), has arranged $7.3 million in federal low-income housing tax credit (LIHTC) equity financing for construction of Eastern Woods Senior Apartments. Located on 3.7 acres in Findlay, approximately 45 miles south of Toledo, the community will offer 50 affordable housing units. Residents must be 55 or older and earn up to 30, 50 and 60 percent of the area median income. Eastern Woods Senior will be the newest addition to BVHS’ existing Eastern Woods campus, …
CLEVELAND — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 133-unit assisted living and memory care community in Cleveland. A national owner-operator sold the community amid struggling occupancy. A private owner-operator seeking to expand in the Midwest acquired the property for an undisclosed price. The new owner plans to reposition the asset as an affordable option using the Ohio Assisted Living Waiver Program.
CINCINNATI — Gardner Capital has completed Roselawn Gardens, a LEED-certified seniors housing community in Cincinnati. The property features 50 apartments for seniors earning between 30 and 60 percent of the area median income. Construction was partially funded through the Low-Incoming Housing Tax Credit affordable housing program. Development partners included the Cincinnati Metropolitan Housing Authority, the Ohio Housing Finance Agency, Fifth Third Bank and Stratford Capital. Arco Construction served as the general contractor for the project. Wallick Communities is the operator.
HAILEY, Idaho — Silvercreek Senior Assisted Living, a seniors housing community in Hailey, has hired Lori Eberharter as its executive director. In her new role, Eberharter ensures compliance with Silvercreek’s quality standards, as well as state and federal regulations. Silvercreek has remained free of COVID-19 throughout the current crisis. The community offers assisted living and memory care services.
LEBANON, Ohio — Leo Brown Group, a developer, owner and operator of senior living properties in the Midwest, has started construction of Traditions of Lebanon, located in the northeastern suburbs of Cincinnati. The community will feature 146 units in a mix of independent living, assisted living and memory care options. Development costs are estimated at $35 million. Traditions Management, an affiliate of the developer, will operate the community upon completion. “We are excited to get started on this project, which we feel is a much-needed senior living option for the …