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Affordable HousingCaliforniaDevelopmentNews

Hunt Provides LIHTC Financing for Rehabilitation, Expansion of Valley Pride Village in San Fernando Valley

by Jeff Shaw

SYLMAR, Calif. — Hunt Capital Partners (HCP), in partnership with Alliance Property Group (APG) and Community Bible Community Development Corporation (CBCDC), has provided $37 million in federal Low-Income Housing Tax Credit (LIHTC) equity and $15.1 million in state LIHTC financing for the redevelopment and expansion of Valley Pride Village. The affordable seniors housing property is located in Sylmar, northwest of Los Angeles. The development project will preserve its 88 existing homes and introduce 92 new housing options. Valley Pride Village’s rehabilitation and expansion will help alleviate the urgent need for …

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FinanceNews

Berkadia Arranges $66M Financing for Four Communities

by Jeff Shaw

CHARLESTON, S.C. — Berkadia has arranged $66 million in four separate transactions for a set of seniors housing communities. Jay Healy of Charleston-based Berkadia Seniors Housing & Healthcare completed the financings on behalf of the borrowers.  Healy closed a $20 million bridge-to-HUD loan to refinance a maturing construction loan for PruittHealth. The three-year loan, structured in partnership with a publicly traded REIT, features interest-only payments and isprepayable at any time. The property is a 90-bed skilled nursing facility located in North Tampa, Florida. Atlanta-based PruittHealth developed the community in 2022 …

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DevelopmentMemory CareNew JerseyNews

Marquis Opens Memory Care Neighborhood at The Meadows at Lawrence in New Jersey 

by Jeff Shaw

LAWRENCE TOWNSHIP, N.J. — Marquis Health Consulting Services has opened a new memory care neighborhood at The Meadows at Lawrence, a cottage-style, long-term care skilled nursing community in Lawrence Township, a suburb of Trenton.  The Journeys Memory Care model was developed by Marquis Health Consulting Services.

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AcquisitionsAssisted LivingKentuckyNews

SLIB Negotiates Sale of 65-Unit Heritage Place in Owensboro, Kentucky

by Jeff Shaw

OWENSBORO, Ky. — Senior Living Investment Brokerage has arranged the sale of Heritage place, a 65-unit assisted living community in Owensboro, located southwest of Louisville and southeast of Evansville, Indiana. A large, regional owner-operator acquired the community from a Northeast-based owner that was divesting the only non-skilled nursing asset from a recent portfolio purchase. The price was not disclosed. The property was constructed in 2001 and sits on a 1.7-acre site. Daniel Geraghty, Brad Clousing and Jeff Binder of SLIB handled the transaction.

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CCRCFinanceNewsTexas

Ziegler Arranges $72.6M Bond Financing for Trinity Terrace in Fort Worth, Texas

by Jeff Shaw

FORT WORTH, Texas — Ziegler has arranged $72.6 million in bond financing for Trinity Terrace, a continuing care retirement community (CCRC) in Fort Worth. The Tarrant County Cultural Education Facilities Finance Corp. issued the bonds. The borrower is The Cumberland Rest Inc., a nonprofit corporation incorporated in 1902 for the purpose of providing housing for aged and indigent Christian women. Trinity Terrace opened on a 3.5-acre campus in February 1983. The community currently features 316 independent living apartments, 12 assisted living apartments, 17 memory care apartments and 42 skilled nursing …

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DevelopmentFinanceNew YorkNewsSkilled Nursing

Largo Arranges $11.6M in Financing for Skilled Nursing-to-Multifamily Conversion in Buffalo, New York

by Jeff Shaw

BUFFALO, N.Y. — Ned Perlman of Largo Real Estate Advisors Inc. has arranged $11.6 million in construction/renovation financing for a former nursing home that will be transformed into an upscale 84-unit multifamily property with luxury amenity spaces.  The property will undergo extensive interior and exterior renovations and feature 57-one-bed, one-bath units; four two-bed, one-bath units; and 23 studios.  The property is located in downtown Buffalo with access to the city’s major attractions and interstate highway system. 

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AcquisitionsAssisted LivingNew YorkNews

SLIB Brokers Sale of 120-Bed Community in Western New York

by Jeff Shaw

WESTERN NEW YORK — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 120-bed Assisted Living Program (ALP) licensed facility in Western New York. Built in 1999, the community totals 60 units. The community can serve both private-pay and Medicaid residents. The seller is a nonprofit organization and seniors housing operator looking to scale back on its senior living presence. The buyer is a private owner with a focus on communities in New York that are licensed for ALP. This is the fourth community the Buyer has acquired. …

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AcquisitionsAssisted LivingNewsTennessee

Blueprint Negotiates Sale of 77-Unit Community in Memphis

by Jeff Shaw

MEMPHIS, Tenn. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 77-unit assisted living and memory care community in Memphis. The property was built in the late 1990s. The buyer was a Buffalo, New York-based owner-operator seeking to expand its Southeastern geographic footprint. The seller and price were not disclosed.

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InterFace Seniors Housing Southeast Operators Panel
FeaturesNewsOperationsPeople

Promote from Within or Hire from Outside? Employee Retention is Top of Mind for Seniors Housing Operators, Says InterFace Panel 

by Jeff Shaw

ATLANTA — Staffing, particularly at the regional director level, kicked off the discussion at the “Best in Class Operators’ Blueprints for Success in a Challenging Market” panel at the 11th annual InterFace Seniors Housing Southeast conference on Wednesday, Aug. 28 in Atlanta. Pilar Carvajal, founder and CEO of Innovation Senior Living, said her firm is focused on developing from within and rewarding those who have worked hard for the company. “We are keeping a very close focus internally. We think that’s where we will find our talent as we grow,” …

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ArkansasDevelopmentFinanceNews

IPA Capital Markets Arranges $25.5M Construction Financing for Meadowview of Fayetteville in Arkansas

by Jeff Shaw

FAYETTEVILLE, Ark. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $25.5 million in construction financing for Meadowview of Fayetteville, a 117-unit senior living complex in Fayetteville. Frank Montalto, managing director in IPA Capital Markets’ Chicago office, secured the financing with a local bank on behalf of a private developer.  Terms of the construction loan include a floating rate, five-year term and 70 percent loan-to-cost ratio.  The ground-up development will feature 60 independent living apartments and 57 assisted living apartments.

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