OHIO — VIUM has provided a $20 million bridge-to-HUD loan for a 120-bed skilled nursing facility in Ohio. The borrower acquired the property in August 2021. Seeking higher leverage on the community, the transaction increases the debt load from $9 million. Further details were not disclosed.
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 …
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.
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 …
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 …
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 …
HILLIARD, Ohio — True Connection Communities has opened Verena at Hilliard, an independent living community in Hilliard, a first-ring suburb of Columbus. Verena at Hilliard features luxury one- and two-bedroom residences. In addition to offering direct interior access to the Hilliard branch of the Columbus Metropolitan Library, the community’s amenities include a fitness and wellness center with yoga studio, pickleball and bocce ball courts, putting green, fishing pond, walking paths and an outdoor heated patio. True Connection Communities serves as the community’s operator. The number of units was not disclosed.
COLUMBUS, Ohio — Blueprint Healthcare Real Estate Advisors has brokered the sale of five skilled nursing facilities and the sub-lease of two more, all located in Columbus. Locally owned and operated since 1984, the seven communities consisted of roughly 750 dually certified skilled nursing beds and 200 seniors housing units. While historically operating near stabilized levels with consistent $70+ million in annual revenue, performance drastically declined during the COVID-19 pandemic. Citing a desire to exit the skilled nursing industry, the regional owner-operator elected to sell five of the assets and …
OHIO — Evans Senior Investments (ESI) has arranged the sale of an assisted living and memory care community in Ohio. A private equity firm based on the East Coast sold the asset to Eden Senior Care, an Illinois-based owner-operator with a presence in Ohio. The price and name of the community were not disclosed. The community’s campus comprises seven separate cottages. Each cottage is made up of both assisted living and memory care units. Originally built in 1999, the seniors housing community has a total of 90 units and was …
CLEVELAND — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 335-unit skilled nursing and seniors housing portfolio in the Cleveland metro area. The seller was a regional owner-operator seeking to exit the industry. A private equity buyer based in New York acquired the portfolio for an undisclosed price. Further details on the portfolio were not disclosed.