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Active AdultDevelopmentFinanceFloridaNews

Concord Summit Capital Arranges $122M Construction Financing for Active Adult Project in Port St. Lucie, Florida

by Jeff Shaw

PORT ST. LUCIE, Fla. — Concord Summit Capital has arranged a total of $122 million in construction financing for the development of Encore at Tradition, a 415-unit active adult community underway in Port St. Lucie.  David Larson, Daniel Eidson and Keegan Burger of Concord Summit arranged the financing, which comprised a $95 million principal loan and $27 million in mezzanine debt. The lenders were not disclosed. The borrower is America Walks at Port St Lucie LLC, a partnership between Pride One Construction, Brokaw Development Services and Riley Hotel Group that …

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AcquisitionsAssisted LivingNewsVirginia

Foundry Commercial Acquires 90-Unit White Springs Senior Living Community in Metro D.C.

by Jeff Shaw

WARRENTON, Va. — Foundry Commercial has acquired White Springs Senior Living, a 90-unit seniors housing community located in Warrenton, approximately 48 miles outside of Washington, D.C.  White Springs, which opened in 2020, offers assisted living and memory care services.  Ryan Weekes and Zach Strunk of Foundry arranged the transaction, with support from Spring Arbor Associates. Capital Funding Group (CFG) provided funding for the acquisition. The seller, sales price and loan amount were not disclosed.

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AcquisitionsAssisted LivingMichiganNews

SLIB Brokers Sale of 122-Unit Portfolio in Michigan

by Jeff Shaw

HARTLAND and GRAND BLANC, Mich. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a portfolio of two assisted living and memory care communities in Michigan. The assets are located in Harland and Grand Blanc, both south of Flint. The two properties feature a combined 122 units.   The seller was a local development partnership looking to exit the industry. The buyer was a growing Michigan-based provider looking for newer, value-add opportunities. The price was not disclosed. Bradley Clousing and Daniel Geraghty led the transaction for SLIB.

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AcquisitionsAssisted LivingIndianaNews

Blueprint Negotiates Sale of Community in Fort Wayne for Behavioral Health Conversion

by Jeff Shaw

FORT WAYNE, Ind. — Blueprint Healthcare Real Estate Advisors has arranged the sale of an assisted living and memory care community in Fort Wayne. Developed in 1996, this Northern Indiana assisted living and memory care community is located in close proximity to downtown Fort Wayne and offers large amenity spaces, private baths and outdoor programming areas. An institutional investor sold the asset to a behavioral healthcare provider with plans to convert the community. The price was not disclosed. The Blueprint team included Andrew Sfreddo, Shane Harmon, Gunnar Raney, Amy Sitzman …

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NewsOperationsPeople

LCB Senior Living Hires Gina Lucchese to Sales Team in Connecticut

by Jeff Shaw

WESTPORT, Conn. —LCB Senior Living, a Westport-based operator, has hired Gina Lucchese to its sales team in Fairfield County, Connecticut.  Lucchese will serve as a sales specialist, where she will assist with sales across LCB Senior Living’s three communities in Fairfield County: The Residence at Summer Street in Stamford, The Residence at Selleck’s Woods in Darien, and The Residence at Westport. Previously, Lucchese served as a senior advisor with Epoch Senior Living and director of community relations at Benchmark Senior Living. She is also a licensed practical nurse with nearly …

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Affordable HousingFinanceMassachusettsNews

MassHousing Provides $12.9M Financing for Bixby Brockton Apartments in Brockton, Massachusetts

by Jeff Shaw

BROCKTON, Mass. — MassHousing has provided $12.9 million in financing, which will extend affordability and fund improvements at the 106-unit Bixby Brockton Apartments in the Boston suburb of Brockton. Affordable Housing and Services Collaborative Inc. (AHSC), which owns Bixby Brockton, refinanced the property through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture program with partner lender Rockport Mortgage Corp. Of the 106 apartments, 104 are subsidized by two federal Section 8 Housing Assistance Payment contracts. As part of the transaction, AHSC has executed two new 20-year HAP contracts, which will …

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DelawareDevelopmentNews

LCS Completes Renovations at Three Communities in Delaware

by Jeff Shaw

WILMINGTON and NEWARK, Del. — Life Care Services (LCS) has completed renovations at Foulk Living and Shipley Living in Wilmington and Millcroft Living in Newark. In late 2021, LCS took over management of the senior living communities. In the early months, the communities rebranded and refocused on hospitality, community life opportunities and resident satisfaction. More recently, Foulk Living, Shipley Living, and Millcroft Living have undergone extensive physical renovations to provide each community with an updated, fresh, welcoming look. Renovations at Foulk Living included renovations to the lobby, corridors, sunlit “four …

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Company NewsFinanceNews

Omega Receives $400M Senior Unsecured Term Loan

by Jeff Shaw

HUNT VALLEY, Md. — Omega Healthcare Investors (NYSE: OHI), a Hunt Valley-based REIT, has entered into a new two-year, $400 million senior unsecured term loan.  The loan matures on Aug. 8, 2025, with two options by the company to extend the maturity by 12 additional months for each option, subject to certain conditions. The loan includes an “accordion feature” that permits the company to expand its borrowing capacity to an aggregate of up to $500 million. A syndication of 14 financial institutions is providing the capital. BofA Securities Inc. is …

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Assisted LivingDevelopmentNew JerseyNews

Marquis Starts Renovations at Allendale Senior Living in New Jersey

by Jeff Shaw

ALLENDALE, N.J. — Marquis Health Consulting Services has started a renovation project at Allendale Senior Living, an assisted living and healthcare campus in the North Jersey borough of Allendale. The project follows a rebranding at Allendale Senior Living – formerly The Allendale Community for Mature Living. Located on 12 acres in a quiet, suburban Bergen County neighborhood, the campus spans 146,000 square feet. The number of units was not disclosed. While a development cost was not released, Marquis describes it as a multi-million-dollar project. Marquis has partnered with the community’s …

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