TOPEKA, Kan. — Marcus & Millichap has arranged the sale of Providence Living Center, a 78-bed, 24,000-square-foot nursing facility in Topeka. A limited liability company sold the asset to an undisclosed buyer for an undisclosed price. The Marcus & Millichap team included Rod Llanos and Colby Haugness.
TROY, N.Y. — The United Group of Cos. Inc, a Troy-based owner operator, has promoted Michael DiGiacomo to chief operating officer and Jeff Smetana to chief development officer. DiGiacomo will take on increased responsibility in all phases of operations as well as play the role of leading United Group’s growing management company. DiGiacomo was formerly United Group’s vice president of operations. In that role, he oversaw the management company’s operations and the asset management of United Group’s senior, student, multifamily and commercial portfolios. Before joining United Group, DiGiacomo was a …
JERSEY CITY, N.J. — Hudson Valley Property Group has completed the renovation of Grandview Terrace Apartments, a 283-unit affordable seniors housing complex in the Journal Square area of Jersey City. The $15.2 million, 16-month project upgraded the cabinetry, countertops, appliances, lighting, flooring, walls and water fixtures in the units and added amenities such as a new sky lounge with a stretching room, community room, library and a computer center. KeyBank provided construction financing for the project, and that loan was refinanced under HUD’s 223(f) program upon completion.
LIVERMORE, Calif. — G Capital Markets (GCap), a capital advisory firm based in Carmel, has arranged a recapitalization for Bethany Home, a 59-bed assisted living community in Livermore on the eastern edge of the Bay Area. Built in 2021 by a regional owner-operator, the property leased up in 2022 and has shown consistently strong performance for several years with cash flow margins well over 40 percent and occupancy of 90 percent, according to GCap. The bridge-to-HUD loan was structured with a large equity-out component and sized to maximize the takeout …
MIAMI — Housing Trust Group (HTG), a leading multifamily developer, and AM Affordable Housing, a nonprofit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, have opened Tucker Tower. The $44 million affordable housing community for seniors age 62 and older is located in the Perrine neighborhood of southern Miami. Tucker Tower, the eighth joint venture between HTG and AM Affordable Housing, will be exclusively available to income-qualifying residents, ensuring accessibility to those earning at or below 25, 30, and 60 percent of the area median income …
FRESNO, Calif. — Cambridge Realty Capital Cos. has arranged a $6 million acquisition loan for Twilight Haven Senior Living in the San Joaquin Valley city of Fresno. Twilight Haven comprises 60 independent living units, 116 assisted living beds and 50 skilled nursing beds. A California-based LLC was the borrower. A Utah-based industrial bank provided the capital. The seller was a nonprofit operator facing bankruptcy. The 25-year loan is fully amortizing.
PEMBROKE PINES, Fla. — ANF Group Inc. has completed construction of Providence Living at Pembroke Pines, a new assisted living facility and memory care facility in Pembroke Pines, Florida. The 114,003-square-foot community features 81 units of assisted living and 40 units of memory care. The project is located on 3.15 acres at the entrance to the Pembroke Pines City Center, approximately 20 miles north of Miami. Providence One Development and ANF Real Estate Group developed the property. ANF Group was the general contractor, while Providence Senior Living will manage the …
DALLAS — Edgemere, a continuing care retirement community in North Dallas, has promoted Teresa Bates to executive director. Bates brings more than 25 years of senior living experience to the community. She started with Edgemere in 2002 and assisted with the opening of its health center. She held several positions within the community for 17 years before returning in 2022 as the associate executive director. As executive director at Edgemere, Bates oversees the daily operations of the community across all departments and team members.
GREENVILLE, S.C.; SEATTLE; SPRINGFIELD, Mo.; TUKWILA, Wash.; and HILLSBORO, Ore. — Seattle based Merrill Gardens has added four existing communities to its portfolio, along with one new community under construction. The privately held company now operates 65 communities in 17 states. The first community is Merrill Gardens at Greenville. The newly opened independent living community features 129 studio, one- and two-bedroom apartments. Also acquired was Murano Senior Living in Seattle. The high-rise community features 243 apartments with waterfront and city skyline views. The property offers independent living, assisted living and …
NEWARK, Del.; HAMILTON and WASHINGTON TOWNSHIP, N.J. — Juniper Communities has taken over management of three Leisure Care senior living properties providing assisted living and memory care. The three properties are part of Columbia Pacific Advisors’ seniors housing portfolio. The move adds 397 assisted living and memory care units and approximately 300 associates to Juniper’s current portfolio. Juniper Communities now owns and operates 28 communities in Colorado, New Jersey, Pennsylvania, Texas and Delaware. Juniper Village at Newark, formerly known as The Vero at Newark and built in 2023, offers assisted …
