STILLWATER, Minn. — The Goodman Group has broken ground on Sandhill Shores, the third phase of construction at The Lakes at Stillwater in Stillwater, located along the Wisconsin border east of Minneapolis-St. Paul. Sandhill Shores offers 70 one- and two-bedroom luxury apartments for residents over age 62. The project is scheduled for completion in summer 2024.
PHOENIX — Life Care Services has updated its executive team roster with two internal promotions and a new hire. Stewart Ingram was promoted to regional operations manager for Life Care Services (LCS). He has been working with Sagewood and its parent company, LCS, for more than 31 years and was Sagewood’s executive director for 17 years. In his new role, Ingram will oversee the operations of LCS-managed communities in the San Diego and San Francisco Bay markets. To fill the position of executive director at Sagewood, an LCS community in …
PALM BEACH, Fla. — Alta Senior Living has acquired Palm Beach Memory Care, a newly constructed 60-unit memory care community located in North Palm Beach. The community opened with 20 percent of the units already pre-leased. It is strategically located near Alta Senior Living’s regional office that shares space with restaurant tenant, DeSano Pizza. Dan Baker with JLL arranged the sale. The seller and price were not disclosed.
CLEVELAND — Blueprint Healthcare Real Estate Advisors has arranged the sale of an 88-unit assisted living and memory care community in metro Cleveland. The community was built in 1988. Blueprint used the availability of the Ohio Assisted Living Medicaid Waiver Program as a selling point. The seller was a public REIT and its operating partner. The buyer was a private owner-operator looking to expand in the area. The price was not disclosed. The Blueprint team included Ben Firestone, Michael Segal, Connor Doherty, Ryan Kelly and Lauren Nagle.
LOS ANGELES — Newmark has hired capital markets debt and structured finance veteran Bill Fishel as executive vice chairman. Fishel specializes in raising debt and equity capital for institutional-grade assets and developments across North America, with a particular focus on structured finance. He will report to Chad Lavender, president of capital markets for North America at Newmark. In his 14-year career, Fishel has executed over $15 billion in financing for a wide range of asset classes, including retail, office, multifamily, industrial, hospitality, single tenant, land and data center properties. His …
BAY SHORE, N.Y. — Greystone has provided $25.2 million in HUD financing for the conversion of a historic mansion in the Long Island hamlet of Bay Shore into an assisted living and memory care community. The project owners, Charles Ferraro and Nicholas Racanelli, recognized the south shore market as being underserved with quality assisted living and memory care services, and developed a plan to reimagine the original Gulden family homestead, Netherbay, into a state-of-the-art care facility that preserves the character of the 1800s mansion and estate grounds. The Gulden family …
BALTIMORE — M&T Realty Capital Corp., a Baltimore-based subsidiary of M&T Bank has closed a total of $434.7 million in loans during the first six months of 2023. The loans are for senior living properties, health and rehabilitation centers and retirement communities in the South, Southwest and Northwest. M&T financed 18 properties in eight states across the entire acuity spectrum from standalone independent living to skilled nursing. Loans and amounts include the following: The M&T seniors housing team includes Matt Pipitone, Nick Gent and Matt Henning. Details on the properties …
BALTIMORE — Capital Funding Group (CFG), a Baltimore-based lender, has financed $411.2 million across 27 deals in the first half of this year. This financing included 19 healthcare bridge loans, five multifamily bridge loans and three HUD loans. Financing of the multifamily bridge loans totaled $49.7 million of the company’s January to June financing. A list of transactions closed in the first half of 2023 includes:
SKOKIE, Ill. — Covenant Living Communities and Services, a nonprofit, faith-based senior living organization headquartered in Skokie, has hired Jay Prince as senior vice president of community operations. In his new role, Prince will work closely with leadership at Covenant Living’s central office and with top leadership at each of the organization’s 19 communities across the country with a main focus on operations such as dining services, facilities management, resident life, skilled nursing, assisted living and memory support. Prince has 20 years’ experience in senior living and healthcare. He most …
NEW YORK CITY — Douglaston Development has completed Phase I of a two-phase affordable seniors housing project in the Bronx. Located at 2856 Webster Ave., the 12-story, 188-unit building is adjacent to The New York Botanical Garden’s (NYBG) 250-acre grounds. Units are available to residents earning up to 50 percent of the area median income. Fordham Bedford Community Services will provide on-site social services. The building features 12,000 square feet of ground-floor retail space leased to Cherry Valley Marketplace, a longstanding neighborhood grocery staple. Phase II of the two-phase project, …