WESTLAKE VILLAGE, Calif. — LTC Properties Inc. (NYSE: LTC), a Westlake Village-based REIT, has re-leased 10 of the 35 properties in its Brookdale Senior Living portfolio to Brookdale under a new master lease. This new master lease includes six properties in Colorado and four in Kansas. The six-year master lease will commence on Jan. 1, 2024. Rent in the first year is set at $8 million, escalating by approximately 2 percent annually. The lease includes a purchase option that can be exercised in 2029. LTC also agreed to fund $4.5 …
MAPLE GROVE, Minn. — Grace Management Inc., a Maple Grove-based operator, has promoted Jenna Johnston to regional director of operations. Johnston joined Grace Management in April 2020 as the executive director of The Residence at Bethel Park, located in Bethel Park, Pennsylvania. It is at Bethel Park where she began to make her mark, leading this community and team up to 100 percent occupied with strong financial results. Within 16 months, Johnston was promoted to senior executive director and began to support The Residence at Whitehall, located in Pittsburgh. She …
NORTH BETHESDA, Md. — ML Group has spearheaded the design of planned renovations at The Terraces at Tuckerman Lane in North Bethesda, a suburb of Washington, D.C. Although a specific development price was not disclosed, the project was described as a “multi-million-dollar renovation.” The community was also recently rebranded and new leadership was hired, including senior executive director Laura Holden. “North Bethesda is one of Maryland’s most desirable neighborhoods, and our residents appreciate the blend of urban and suburban living with access to dynamic shopping, dining, entertainment and cultural experiences,” …
NEW YORK CITY — Berkadia has provided the financing of a 320-bed skilled nursing facility in New York City. Ed Williams and Richard Price of Berkadia Seniors Housing & Healthcare secured a $62.1 million 232/223(f) HUD insured loan on behalf of the Northeast-based borrower. The 80 percent loan-to-value financing included a term of 35 years. Proceeds from the financing were used to pay off existing commercial bank debt as well as transaction costs. “As an integral part of Northeast-based operator portfolio, this is another premier facility which has long served …
CARLSBAD, Calif. — Integral Senior Living, a Carlsbad-based operator, has named Cassondra Blair as national vice president of operational services. Blair has been with Integral Senior Living for 11 years, previously serving as national director of organizational services, project manager and licensing expert. Blair will oversee the day-to-day system management responsibilities to ensure that there is smooth running of customer service operations and find a way to ensure positive experiences for residents and their loved ones.
AMSTERDAM, N.Y. — A public-private partnership between the State of New York and 3D Development Group has completed renovations to New Amsterdam Apartments, an affordable seniors housing community in Amsterdam, approximately 35 miles northwest of Albany. The New Amsterdam Apartments consist of 116 units in a 12-story building. All apartments are affordable for households with incomes at or below 80 percent of the area median income and with at least one household member aged 55 or older. The scope of renovations included asbestos abatement, the modernization of elevators, replacement of fire …
COLORADO SPRINGS, Colo. — Berkadia has arranged the financing of a 72-bed memory care facility in Colorado Springs. Jay Healy and Andrew Lanzaro of Berkadia Seniors Housing & Healthcare secured a $14.4 million bridge loan to retire the existing construction debt and transaction costs. Berkadia Seniors Housing & Healthcare was able to offer an 18-month, floating-rate, bridge-to-HUD loan to allow the borrower enough time to continue improving NOI to a level that will support a HUD refinancing. Berkadia Seniors Housing & Healthcare anticipates submitting the HUD application within 12 months. …
FORT WAYNE, Ind. — Priority Life Care (PLC), a Fort Wayne-based national seniors housing operator, has promoted Marilou Hudanick to the position of vice president of quality services/assurance. In her new role, Hudanick will oversee all regional clinical nurses. Additionally, she will be responsible for ensuring compliance with state regulations and risk management policies. Hudanick has over 30 years of experience as a registered nurse, starting in acute care settings. Eventually, she transitioned to home health. Hre previous titles include director of nursing in assisted living, administrator/executive director, and regional …
KIAWAH ISLAND, S.C. — Ziegler has arranged $212.9 million in bond financing for Seafields at Kiawah Island, located on Kiawah Island, a resort town south of Charleston. The borrower is Kiawah Life Plan Village Inc. (KLPV), a South Carolina nonprofit corporation that was formed on Dec. 7, 2020, to develop, own, and operate a continuing care retirement community on approximately eight acres. The community will feature 90 independent living units and 16 assisted living units. Seafields is located adjacent to Freshfields Village, which is an open-air pedestrian village with a …
PORTLAND, Ore. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Revere Court, a 30-unit memory care community in Portland. The facility was built in 2010 and expanded in 2013. It totals 16,300 square feet on two acres of land, A REIT sold the asset to a local owner-operator for an undisclosed price. The buyer plans to spend money on capital improvements and focus improving occupancy and operations. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction. “The seller is a REIT divesting of non-core, …