Ohio

CINCINNATI — Northsiders Engaged in Sustainable Transformation (NEST) and Pennrose have opened John Arthur Flats, Cincinnati’s first LGBTQ-friendly affordable seniors housing community. Located in the Northside neighborhood, the development adds 57 affordable units for residents age 55 or older. The three-story, elevator-serviced building includes studio, one-, and two-bedroom apartments available for residents earning 30 percent to 60 percent of the area media income (AMI), with rents ranging from $444 to $1,212 per month. The new community helps meet the demand for inclusive, affordable housing in the region, where the National …

0 FacebookTwitterLinkedinEmail

OHIO — Evans Senior Investments (ESI) has arranged the sale of a 99-bed skilled nursing community in Ohio. Having been constructed in different phases from 1946 through 1985, the community received two significant renovations in 2013 and 2019. Consisting of 47 private rooms, the community was able to operate with an above-average quality mix. It was 70 percent occupied at the time of marketing, contributing to a breakeven net operating income. This was the buyer’s first acquisition in the skilled nursing space, although it was involved in the operations for …

0 FacebookTwitterLinkedinEmail

SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NYSE: CTRE), a San Clemente-based investor, has sold seven skilled nursing facilities in Ohio for $52 million. In connection with the completion of the sale, the company’s master lease with affiliates of Trio Healthcare was terminated. The portfolio includes approximately 600 skilled nursing beds along with approximately 100 seniors housing beds/units. “In February, we announced a plan to de-risk the portfolio by selling or re-tenanting 32 properties,” says Dave Sedgwick, CareTrust president and CEO. “Given how much the world has changed since we …

0 FacebookTwitterLinkedinEmail

SHELBY, Ohio — Fairfield Homes Inc. has announced plans for the rehabilitation of Park Village Apartments, an affordable seniors housing community in the Central Ohio city of Shelby. The apartment community consists of 80 one- and two-bedroom apartments. The renovations will result in highly efficient, well-appointed apartments that include universal design features, sustainable materials and environmentally sound products. The project will include updated interior finishes, full HVAC replacement, community amenities, walkways and landscaping. The property will become an Enterprise Green Certified Community. Fairfield Homes partnered with NDC Corporate Equity Fund, …

0 FacebookTwitterLinkedinEmail

DAYTON, Ohio — Related Affordable, a division of Related Cos., has completed the renovation project at Biltmore Towers, an affordable seniors housing community in Dayton. Partners on the project include St. Mary Development Corp., Ohio State Historic Preservation Office, City of Dayton, U.S. Department of Housing and Urban Development (HUD), Ohio Housing Finance Agency (OHFA) and Dayton/Montgomery County Port Authority. Opened in 1929, Biltmore Towers was once considered one of the most prominent hotels in America, hosting the likes of John F. Kennedy and Elvis Presley. The property was converted …

0 FacebookTwitterLinkedinEmail

OHIO, MICHIGAN and WISCONSIN — Lument has provided $87 million in HUD 232/223(f) loans for the refinancing of a portfolio of nine skilled nursing facilities located in Ohio, Michigan and Wisconsin.  The properties total 691 beds. The operator, Atrium Centers Inc., provides short-term, post-acute rehabilitation and long-term nursing care. Each of the nine loans features a fixed interest rate.  HUD 232/223(f) loans allow for the purchase or refinancing of nursing homes and assisted living facilities.

0 FacebookTwitterLinkedinEmail

CHARLESTON, W.V. — Lument Securities has advised Stonerise Healthcare, a skilled nursing and transitional care provider based in Charleston, on the company’s sale. The buyer was a group consisting of a New York-based real estate investment firm and its operating partner, CommuniCare Health Services. Stonerise was founded in 2009. Its integrated network of care includes transitional and skilled nursing care, therapy, home health and hospice services, which it provides throughout West Virginia and in Southeast Ohio. The skilled nursing portfolio features 18 owned and operated facilities across West Virginia totaling …

0 FacebookTwitterLinkedinEmail

NORTH OLMSTEAD and NORTH ROYALTON, Ohio — JLL Capital Markets has arranged a $73.6 million refinancing for two newly built seniors housing communities totaling 328 units in the Cleveland suburbs of North Olmsted and North Royalton. The properties include Vitalia North Olmsted, totaling 160 units, and Vitalia North Royalton, which offers 168 units. Both properties offer independent living, assisted living and memory care units. JLL worked on behalf of the borrower, Omni Smart Living, to secure the three-year, floating-rate loan through a national debt fund. Joel Mendes and Billy Lichtenstein …

0 FacebookTwitterLinkedinEmail

OLMSTEAD FALLS, WESTLAKE and CLEVELAND, Ohio — Ziegler has arranged $24.4 million in bond financing for Eliza Jennings, a nonprofit owner with three campuses in the greater Cleveland area. The Renaissance, located on 88 acres in Olmsted Falls, opened its facilities in 1989 and features a total of 314 units of senior living and care. The Devon Oaks campus was established in 2000 and operates a 66-unit assisted living facility (12 designated for memory care) in Westlake. Eliza Jennings Home was originally established in 1888, incorporated in 1922, and owns …

0 FacebookTwitterLinkedinEmail