TEXAS — VIUM Capital has provided $27 million in bridge-to-HUD financing for two skilled nursing facilities totaling 240 beds in Texas. The terms include a purchase option for the first facility, and refinances $6.8 million in debt on the second. The names, locations and borrower were not disclosed. The financing is full recourse, lowering to 50 percent recourse upon submission of the HUD application.
SANDY SPRINGS, Ga. — PruittHealth has acquired Dogwood Forest of Dunwoody, an assisted living community in the Atlanta suburb of Sandy Springs. Under the new ownership, the property is now called PruittPlace – Sandy Springs. Details regarding the seller, price and number of units were not disclosed.
WALTHAM, Mass. — Laurence (Larry) Gerber, the founder and CEO of Waltham-based EPOCH Senior Living, has died. He passed peacefully on March 25, surrounded by his family after a brief illness. EPOCH Senior Living was founded in 1997. Under Gerber’s guidance, the company experienced significant growth, currently operating 11 Bridges by EPOCH memory care assisted living communities and five Waterstone Senior Living communities throughout the Northeast. Gerber was actively involved at the Massachusetts Assisted Living Association (Mass-ALA) as the board chairman and had served on the board of directors for …
DOYLESTOWN, Pa. — Presbyterian Senior Living (PSL) has entered into a non-binding letter of intent to acquire Pine Run Retirement Community, a 532-unit continuing care retirement community (CCRC) in Doylestown, approximately 25 miles north of Philadelphia. If the deal closes, PSL will assume ownership of Pine Run, including Pine Run Lakeview Personal Care, from Doylestown Hospital. PSL intends to continue operating Pine Run as a CCRC. Pine Run features 272 independent living cottages and 24 apartments on a 43-acre private campus. The campus is home to Pine Run Health Center, …
COLUMBUS, Ohio — Seniors housing and healthcare lender VIUM Capital and its joint-venture partner Merchants Bancorp, along with ATLAS SP Partners as structuring agent and sole bookrunner, have completed a securitization referencing over $1.1 billion of first-lien, floating-rate skilled nursing and seniors housing bridge loans. In this transaction Merchants Bank issued and sold $158 million aggregate principal balance of senior credit linked notes representing approximately 14 percent of the reference pool. Merchants Bank’s wholly owned subsidiary, Merchants Capital Corp., will continue to service the loans. Through this transaction it is …
UTAH — Blueprint Healthcare Real Estate Advisors has arranged a new tenant for a 12-property, 1,275-bed skilled nursing portfolio in Utah. Blueprint was approached by a longstanding client to find a best-in-class tenant for the portfolio, which the client was under contract to acquire. The seller was a Utah-based owner and operator of skilled nursing facilities that was in the process of executing on a strategic firm-wide recapitalization. The new tenant is a Nevada-based operator that had strong interest in leasing the portfolio from the future buyer. However, after further …
BRANCHBURG, N.J. — Walters is nearing completion of Cornerstone at Branchburg, a 150-unit age- and income-restricted community in Branchburg, approximately 45 miles west of Manhattan. As the developer puts the “finishing touches” on the community’s second building, the company expects to open the property later this month. “Amid continued demand for age-restricted housing in the regional marketplace, Cornerstone at Branchburg already is popular among active seniors and empty-nesters,” says Joe Del Duca, partner and director of affordable housing for Walters. Designed to attain LEED and Energy Star certifications, Cornerstone at …
PALM COAST, Fla. — Watercrest Senior Living Group has hired Danielle Potter to the leadership team as executive director of Market Street Memory Care Residence Palm Coast in Palm Coast, approximately midway between Jacksonville and Orlando. Potter started her career in housekeeping, working her way upwards as a resident care coordinator, lifestyle director, lead concierge and business office director before earning her first leadership role as an executive director several years ago. Market Street Palm Coast is a 64-unit memory care community. The community was recently recognized by U.S. News …
BROOKLINE, Mass. — Law firm Nixon Peabody LLP has advised Hebrew SeniorLife in the site acquisition and construction of a new affordable seniors housing complex in Brookline, a first-ring suburb of Boston. The project involves the construction of a seven-story complex featuring 54 units for seniors over the age of 62. Combined with the Marilyn and André Danesh Family Residences, the Julian and Carol Feinberg Cohen Residences, and the Diane and Mark Goldman Family Residences, this new complex will expand the Hebrew SeniorLife seniors housing campus in Brookline. Financing partners …
SARASOTA, Fla. — AgeWell Solvere Living has completed construction of 81 Oaks, a seniors housing community in Sarasota. Sarasota-based N21 Group is the developer and Lawson Group Architects is the architect on the project. Wiseman Construction is the general contractor. “We’re delighted to manage this innovative new community in the Sarasota area, where the demographic for adults ages 65 years and older is 37 percent [of the total population], which shows a need for independent living, assisted living and memory care communities in the area,” says Kristin Kutac Ward, co-CEO …