SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NYSE: CTRE), a San Clemente-based REIT, has closed two separate transactions on the West Coast with an aggregate initial investment amount of approximately $45.2 million. The investments include the acquisition of a skilled nursing facility as well as the funding of a mortgage loan secured by a California skilled nursing, assisted living and independent living campus. CareTrust acquired the 99-bed skilled nursing facility on the West Coast with an initial investment amount, inclusive of transaction costs, of approximately $19.2 million. The acquisition completes …
IDAHO — Berkadia has arranged $7.8 million in financing for the acquisition of two assisted living and memory care communities in Idaho. Jay Healy and Andrew Lanzaro of Berkadia Seniors Housing & Healthcare arranged the bridge-to-HUD loan to facilitate the acquisition. The buyer, seller, price and locations were not disclosed. The bridge loan is interest-only and carries a term of 18 months with a six-month extension option. The communities were built between 1996 and 1999 and contain an average Medicaid mix of 75 percent. Combined occupancy had declined slightly in …
DALLAS — Lifespace Communities has hired Jenelle Bertolino as vice president, business operations. In this role, she is responsible for leading operations initiatives. Her focus includes team member and resident relations, financial management and procurement, business development, and business strategy. Bertolino has a background in healthcare management and operations. In previous roles in hospitals, integrated health systems and senior living, she has implemented new service lines to meet patient and resident needs and developed new models of care that improved health outcomes and quality of care, while optimizing budgets and …
SAN ANTONIO — Ziegler has arranged $25.3 million in bond financing for Forefront Living San Antonio (FLSA). The financing comprises $22.3 million in tax-exempt notes and $3 million in taxable notes placed with affiliates of FLSA. FLSA plans to use the funds to acquire a 27-acre tract in San Antonio and pay for pre-construction development costs of a seniors housing community on the land. The development will be named Bella Vida at La Cantera. FLSA will own and operate the community, which is slated to include 153 independent living apartments, …
LANSING, Mich.— The national Moving Forward Nursing Home Quality Coalition and the Michigan Health Endowment Fund have launched an initiative to improve nursing home operations and resident quality of life in Michigan. Over the next six months, the initiative plans to convene a team of state government leaders, experts, clinicians, advocates and residents along with national Moving Forward Coalition leaders to address nursing home quality improvement opportunities in Michigan based on action plans from the coalition. The initiatives may include creating stronger career pathways for certified nursing assistants. “The enormous …
DES MOINES, Iowa — Care Purchasing Services (CPS), an LCS Company, has hired David Mercugliano as director of business development. CPS is a group purchasing for the senior living industry. Its national purchasing power allows its members to realize cost savings from more than 250 suppliers in operations, food service, medical supplies, therapy, pharmacy and more. In his new role, Mercugliano will be responsible for increasing CPS membership to ensure our overall purchasing power and solutions grow, remain strong and drive results for members. His role will work alongside senior …
MORRISVILLE, N.Y. — KeyBank Community Development Lending and Investment (CDLI) has provided a $9 million construction loan and $12 million in Low-Income Housing Tax Credit (LIHTC) equity for the construction of an affordable senior housing property in Morrisville, a tiny village of just over 2,000 residents in Central New York. Community View Apartments will consist of 61 units for residents age 55 and older earning no more than 30 percent, 40 percent, 50 percent and 60 percent of the area median income. Of the 61 units, 20 will be covered …
ONANCOCK, Va. — Commonwealth Senior Living has started construction on an expansion of Commonwealth Senior Living at the Eastern Shore in Onancock, a small town near Chesapeake Bay on the Delmarva Peninsula. The $2.4 million project will add eight memory care apartments, convert spaces into eight assisted living apartments, and adding spaces for a new living room and lounge area. Construction is scheduled for completion in April 2024. Commonwealth Senior Living at the Eastern Shore currently features independent living, assisted living and memory care. Once construction is complete, the community …
PENNSYLVANIA — Capital Funding Group (CFG) has provided $34.7 million in bridge-to-HUD financing for the acquisition of three skilled nursing facilities. The facilities, which are located in Pennsylvania, total 299 beds. The buyer, seller, price and locations were not disclosed. Craig Casagrande and Andrew Jones originated the transaction for CFG.
MARSHFIELD, Wis., and RAMSEY, Minn. — Health Dimensions Group has taken over management of Stoney River of Marshfield and Stoney River of Ramsey. The two communities offer assisted living and memory support services. The owner is Stoney River.