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.
Ohio
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 …
COLUMBUS, Ohio — Ohio Gov. Mike DeWine has formed several Congregate Care Unified Response Teams, with the goal of testing residents and staff members at skilled nursing facilities in the state. “Nursing facilities have been aggressive regarding testing and managing COVID-19 outbreaks on their own, but this effort will provide them with additional resources,” says DeWine. “As we continue to ramp up our testing in Ohio, we must deploy our resources in a way that will save the most lives.” The response team will include medically trained members of the …
GREEN SPRINGS, Ohio — Evans Senior Investments (ESI) has brokered the sale of of Eden Springs Garden Homes, a six-unit independent living community in Green Springs, a small village between Cleveland and Toledo. The property is part of the Eden Springs Healthcare & Senior Living campus, which was built in phases between 1963 and 2006. The larger campus was placed into receivership in January 2019. The court-appointed receiver sold the Garden Homes portion to an undisclosed buyer for $943,000, or $157,000 per unit. The six units were all occupied at …
YOUNGSTOWN, Ohio — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 150-bed skilled nursing facility in the Youngstown metro area. An owner-operator expanding in the Midwest acquired the property for an undisclosed price. The seller cited recent changes in leadership for declining occupancy, and de-licensed some beds to allow for more private rooms. The sale was positioned as a value-add opportunity.
MACEDONIA, Ohio — CBRE has arranged a refinancing for American House Macedonia, a 100-unit assisted living and memory care community in Macedonia, approximately midway between Cleveland and Akron. The borrower is a joint venture between Harrison Street and REDICO, which have partnered on over 25 seniors housing communities together. The operator, American House Senior Living Communities, is an affiliate of REDICO. Originally built in 2015, the community consists of 70 assisted living units and 30 memory care units. It is situated on a four-acre site less than a mile west …
Dwight Capital Closes $6.8M Financing for Canal Pointe Skilled Nursing Facility in Akron, Ohio
by Jeff Shaw
AKRON, Ohio — Dwight Capital has provided a $6.8 million bridge loan for the acquisition of Canal Pointe Nursing and Rehab, a 120-bed skilled nursing facility in Akron. Renovated in 2008, the property totals 57,724 square feet situated on 2.2 acres. Canal Pointe offers its residents services such as short-term rehabilitation, occupational therapy, respiratory care, trach care and behavioral care. The borrower was not disclosed.
UPPER ARLINGTON, Ohio — HJ Sims has arranged a total of $55 million in bond financing for First Community Village, a continuing care retirement community (CCRC) in Upper Arlington, a suburb of Columbus. National Church Residences manages the community. The bonds will be used to fund an independent living expansion at the property, called The Fairfax Project. The Fairfax Project includes the demolition of 30 existing independent living units, and construction of a four-story independent living building totaling 70 units. The expansion will also add a heated underground parking garage.
Resort Lifestyle Communities Opens Deerfield Springs Independent Living Near Cincinnati
by Jeff Shaw
LOVELAND, Ohio. — Resort Lifestyle Communities has opened Deerfield Springs, an independent living community in the Cincinnati suburb of Loveland. The property features 128 apartments in studio, one-, two- and three-bedroom layouts. “From our research, we found that Cincinnati’s metro was in great need of additional independent senior living options,” says Phil Benjamson, COO of Resort Lifestyle Communities.