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Affordable HousingDevelopmentFinanceMassachusettsNews

MassHousing Provides $14.5M Financing for Farnsworth House Affordable Community in Boston

by Jeff Shaw

BOSTON — MassHousing, working with Rogerson Communities, has provided $14.5 million in affordable housing financing to Charles H. Farnsworth Senior Housing Corp., owner and developer of the 76-unit Farnsworth House for older adults in Boston. The funds will be used for the refinancing and renovation of the property, as well as the extension of resident affordability for at least 24 years. Located in the city’s Jamaica Plain neighborhood, Farnsworth House is a seven-story brick building built in 1982 under the federal Section 202 Program. Among the improvements planned for the …

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FinanceMemory CareNewsOregon

Walker & Dunlop Arranges $15.2M Refinancing for Waterhouse Ridge Memory Care in Beaverton, Oregon

by Jeff Shaw

BEAVERTON, ORE. — Walker & Dunlop has arranged a $15.2 million loan for the refinancing of Waterhouse Ridge Memory Care in Beaverton, just west of Portland. Located at 1115 NW 158th Ave., Waterhouse Ridge features 68 memory care beds. Onelife Senior Living developed, owns and operates the facility, which is currently 88 percent occupied. Kevin Giusti and Daniel Barone of Walker & Dunlop led the origination team that placed the loan through one of its lending partners. Loan proceeds were utilized to refinance existing debt and provide cash to the …

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AcquisitionsAssisted LivingFloridaNews

SLIB Negotiates Sale of 64-Unit The Canopy at Harper Lake in Lake City, Florida

by Jeff Shaw

LAKE CITY, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Canopy at Harper Lake in Lake City, a small city of approximately 12,000 residents between Jacksonville and Tallahassee. The community features 44 assisted living units and 20 memory care units. Built in 2019 the community sits on approximately 5.7 acres. The asset was stabilized with all private-pay residents at the time of sale. The seller was a Florida-based developer and investment group. The buyer is a 1031 fund targeting newer assets with strong in-place cash …

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DevelopmentFeaturesNews

InterFace Panel: Developers Must Get Creative in Sourcing Financing, Changing Up Product Mix

by Jeff Shaw

ATLANTA — Charlie Jennings, chief development officer with Vero Beach, Fla.-based Harbor Retirement Associates, said he would challenge the “Stay alive until ‘25” mantra that some real estate professionals are touting amid today’s economic uncertainty. The phrase is a play on the late billionaire investor Sam Zell’s remarks amid the downturn in 1991 when he coined the mantra “Stay alive until ’95.” “I do not agree with that at all; that insinuates that we’re just going to sit on our hands as an industry and wait for somebody else to …

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AcquisitionsCCRCNewsPennsylvania

Presbyterian Senior Living Acquires 532-Unit CCRC in Doylestown, Pennsylvania

by Jeff Shaw

DOYLESTOWN, Pa. — Presbyterian Senior Living (PSL) has acquired Pine Run Life Plan Community, a 532-unit continuing care retirement community in Doylestown, approximately 25 miles north of Philadelphia. Doylestown Hospital sold the property for an undisclosed price. PSL is partnering with Doylestown Health at the community. Further details were not disclosed.

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AcquisitionsCaliforniaNewsSkilled Nursing

CareTrust REIT Purchases 187-Bed La Fuente Post Acute in Vista, California

by Jeff Shaw

VISTA, Calif. — CareTrust REIT Inc. (NYSE: CTRE) has completed a joint venture investment to acquire La Fuente Post Acute, a 187-bed skilled nursing facility in Vista, approximately 40 miles north of San Diego.  Once regulatory approval is obtained, the facility will be operated by Bayshire Senior Communities (a current tenant of CareTrust) pursuant to a new 15-year lease. To acquire the facility, CareTrust and a third-party regional healthcare real estate investor entered into a joint venture. CareTrust’s combined common equity and preferred equity investments in the joint venture total …

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ArizonaFinanceNewsSkilled Nursing

CFG Provides $15.5M HUD Refinancing for Skilled Nursing Facility in Arizona

by Jeff Shaw

ARIZONA — Capital Funding Group (CFG) has provided a $15.5 million refinancing for a 118-bed skilled nursing facility in Arizona. The transaction represents converting a bridge loan, which CFG also provided, into HUD financing. Through this transaction, CFG also refinanced an additional debt associated with a full-facility remodel the borrower completed prior to submitting to HUD.  Further details on the property and borrower were not disclosed. CFG’s Tommy Dillon originated the transaction.

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Legal IssuesNewsPeople

LCS Promotes Bridgette Uhlemann to Senior Vice President, General Counsel

by Jeff Shaw

DES MOINES, Iowa — LCS, the nation’s third-largest senior living operator, has announced the promotion of Bridgette Uhlemann to senior vice president and general counsel at the Des Moines-based company. Uhlemann joined LCS in 2015 as a corporate governance manager. Since then, she has assumed responsibility and oversight for LCS legal affairs, including corporate governance, contract law, public policy, and corporate and regulatory compliance.  Uhlemann directs the overall delivery of legal and compliance services to the organization, including in-house attorneys, compliance analysts and outside legal counsel. Her leadership was instrumental …

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Assisted LivingDevelopmentMassachusettsNews

Anthology Opens Two Communities in Suburban Boston

by Jeff Shaw

NATICK and MILLIS, Mass. — Anthology Senior Living has opened Anthology of Natick and Anthology of Millis, both located in western suburbs of Boston. Anthology of Natick is situated within a mile of the Natick Center, offering art, culture, dining and shopping for residents. The property is also next door to the Natick Community Senior Center. Anthology of Millis is located near neighboring downtown Medfield and the Charles River, providing easy access to both nature and cultural amenities. Located just outside the city center on 5.5 acres, Anthology of Natick …

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DevelopmentNews

Priya Living Launches First Community in India

by Jeff Shaw

FLOWER VALLEY, India — Priya Living has launched its first community in India — Priya Living Flower Valley (PLFV). The community is located in Flower Valley, an upscale township just south of Gurgaon, in the Delhi metro area. Designed for aging expatriates who want to spend at least part of the year in India, the community is also expected to appeal to older adults in India who want an alternative style of seniors housing. “We know that the diaspora wants to spend time in India as they age and come …

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