HILLIARD, Ohio — True Connection Communities has completed development of Verena at Hilliard, an active adult community in Hilliard, a suburb of Columbus. The property features one- and two-bedroom options and offers direct interior access to the Hilliard branch of the Columbus Metropolitan Library. A grand opening will be held on Wednesday, June 8.
GROVE CITY, Ohio — Treplus Communities has started construction of Dogwood Commons, a 105-unit active adult community in the Columbus suburb of Grove City. A groundbreaking ceremony was held Thursday, May 19, at the 21-acre site.
NILES, Ohio — Cambridge Realty Capital Cos. has provided a $15.3 million HUD-insured loan for Continuing Healthcare of Niles, a 136-bed skilled nusring facility located in Niles, approximately midway between Cleveland and Pittsburgh. Cambridge Realty Capital Ltd. of Illinois, Cambridge’s specialists in FHA-insured HUD loans, originate the loan. Further details were not disclosed.
MASON, Ohio — Senior Living Investment Brokerage (SLIB) has arranged the sale of Cedar Village, a seniors housing community in Mason, Ohio, approximately 22 miles northeast of downtown Cincinnati. Cedar Village features 105 independent living/assisted living units and 162 skilled nursing beds. The seller was a nonprofit owner based in Indiana divesting of its only community in Ohio. The buyer was a regional owner with other properties nearby. The price was not disclosed. Ryan Saul of SLIB handled the transaction. “This transaction offered a great opportunity for a company looking …
MILAN, Ohio — Cambridge Realty Capital Cos. has provided a $6.1 million HUD-insured loan for Continuing Healthcare of Milan, a 92-bed skilled nursing facility in Milan, a small village of fewer than 1,500 residents between Cleveland and Toledo. The loan refinances existing debt on the property. “The loan was underwritten by Cambridge Realty Capital Ltd. of Illinois, our specialists in FHA-insured HUD loans,” says Jeffrey Davis, Cambridge’s chairman.
BONITA SPRINGS, Fla. — Discovery Senior Living and National Health Investors (NYSE: NHI) have formed a joint venture to acquire and rebrand nine former Holiday Retirement communities. The properties are located in Arkansas, Georgia, Ohio, Oklahoma, New Jersey and South Carolina and total 1,094 units. Discovery Senior Living and its subsidiary management companies have taken over operations. Additionally, Discovery will assume operations of Isles of Vero Beach, a 230-unit assisted living community in Vero Beach, Florida, through Discovery and NHI’s existing joint venture. That property will be renamed Discovery Village …
OHIIO and PENNSYLVANIA — Blueprint Healthcare Real Estate Advisors has brokered the sale of five skilled nursing facilities totaling 347 beds in Ohio and Pennsylvania. The seller was a public REIT and its operating partner. The seller and price were not disclosed.
BOWLING GREEN, Ohio — Monarch Advisors has arranged $18.9 million financing for the development of a 105-unit, 116-bed skilled nursing, assisted living and memory care community in Bowling Green, approximately 22 miles south of Toledo. The borrower is Trilogy Opportunity Fund I, a development fund based in Louisville, Kentucky. The loan represents 80 percent of the total cost of the project. Monarch secured a senior loan commitment from a local bank for a five-year term and a 3.5 percent fixed interest rate. The loan is structured as interest only for …
TOLEDO, Ohio — Welltower Inc. (NYSE: WELL), a Toledo-based healthcare REIT, has agreed to acquire 33 seniors housing communities totaling 2,787 units in Michigan, Ohio and Tennessee. The purchase price is $548 million. The communities will be acquired as three separate portfolios from undisclosed sellers. The communities were available for purchase because the lease-up process was heavily damaged by the onset of the COVID-19 pandemic. With occupancy at only 63 percent, Welltower expects the communities will greatly improve their performance in 2023 and beyond. Welltower will install Michigan-based senior living operator …
SPRINGFIELD, Ohio — Blueprint Healthcare Real Estate Advisors has arranged the sale of Good Shepherd Village, a skilled nursing facility in Springfield. The community was built in the 1960s and was renovated in the 1990s. A private equity owner-operator based in New York was the buyer. Although the seller, price and number of beds were not released, the purchase price equated to approximately $83,000 per bed.
