TUPELO, Miss. — Hunt Capital Partners and Intervest Corp. are converting the former Carnation Milk factory in Tupelo into Carnation Village, a 33-unit seniors housing community. Two units will be rented at the market rate while the other 31 apartments will be restricted to seniors age 55 and older earning between 30 and 60 percent of the area median income. The Carnation Milk plant opened in 1927 and was operational through 1972. Since then, the factory has been used as a police department and jail, city offices and the Oren …
BRADENTON, Fla. — Housing Trust Group (HTG) and AM Affordable Housing have closed on financing and begun construction of Astoria on 9th, a 120-unit affordable seniors housing community in the Tampa suburb of Bradenton. Development costs are estimated at $37.4 million. The units will be reserved for income-qualifying residents over age 62 who earn at or below 22, 30 and 60 percent of area median income (AMI), with rents ranging from $356 to $1,165 per month. The property is scheduled to open in fall 2024 with leasing slated to begin …
MERRITT ISLAND, Fla. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Cedar Creek Assisted Living in Merritt Island, located east of Orlando. Built in 2004, the facility features 70 assisted living units. The seller is a publicly traded REIT. The buyer is a regional owner-operator based in Florida that intends to renovate the asset. The price was not disclosed. Bradley Clousing and Daniel Geraghty handled the transaction for SLIB.
SARASOTA, Fla. — HealthTrust, a Sarasota-based seniors housing valuation and advisory company, has promoted Samantha Medred to chief financitl officer. With nearly 12 years of specialized seniors housing valuation experience, Medred holds an MAI designation and serves on the Task Force for the State of Seniors Housing as well as a member of the Future Leaders Council for The National Investment Center for Seniors Housing & Care (NIC).
CARLSBAD, Calif. — USA Properties Fund and The Pinyon Group plan to begin construction this summer on Vintage at Marja Acres, an affordable apartment community for residents over age 55. The property is part of a larger mixed-use development in Carlsbad, approximately 35 miles north of San Diego. The 47-unit community will offer affordable housing in the new Marja Acres neighborhood that will include 248 townhomes, a community park and restaurant. Marja Acres is near the beach and the popular Carlsbad Village downtown area with restaurants, shops and live entertainment. …
DES MOINES, Iowa — Life Care Services has been selected to manage 10 senior living communities owned by an affiliate of Lone Star Funds. The combined communities include a total of 1,079 apartments that include 300 independent living, 455 assisted living and 324 memory care units. The properties include: The Avalon of Auburn Hills, Auburn Hills, Mich. The Avalon of Bloomfield Township, Bloomfield Township, Mich. The Avalon of Commerce Township, Commerce Township, Mich. The Avalon of Lewis Center, Lewis Center, Ohio The Avalon of New Albany, New Albany, Ohio Havenwood …
NEW YORK CITY — Berkadia Seniors Housing & Healthcare, in partnership with Live Oak Bank, has arranged four bridge-to-HUD loan closings totaling $86 million in the first quarter of 2023. The partnership between Live Oak Bank and Berkadia, which commenced in October 2022, has closed $143 million of bridge-to-HUD and GSE transactions, the majority of which have been structured as A/B notes with Berkadia funding the B-note. The interest-only loans typically carry terms of 24 months with rates floating over one-month term SOFR. Loans closed to date facilitated purchases and …
HIALEAH, Fla. — Lument Securities has arranged the sale of Epworth Village Retirement Community in Hialeah, a suburb of Miami. A private joint-venture partnership acquired the nonprofit continuing care retirement community for an undisclosed price. Laca Wong-Hammond and Dominic Porretta led the transaction for Lument Securities. The community was originally founded in 1948 as The Biscayne Home for Women.
THE WOODLANDS, Texas — Pinecroft Realty has promoted Jim Pisula to president and CEO. He previously served as chief investment officer and partner, and for the past 15 years played a leading role in developing the company. Tom Pisula, former president and CEO, will transition to the role of chairman. Jim Pisula’s promotion and the new titles formalize a transition plan that has been in process already. In addition, David Teague will remain as executive vice president and chief operating officer. Pinecroft Realty is a The Woodlands-based commercial real estate …
PEMBROKE PINES, Fla. — Miami Jewish Health (MJH) AND McDowell Housing Partners have broken ground on Douglas Gardens Residences, an affordable seniors housing community in Pembroke Pines, approximately 20 miles north of Miami. Development costs are estimated at $137 million for the 410-unit community. According to the developers, this will result in the largest affordable housing development in Broward County. The project will deliver a mixed-income community, merging healthcare and housing into one development for local seniors, on what is currently the 25-acre Douglas Gardens North Campus. Of the total …