RYE, N.Y., and ATLANTA — Dunes Point Capital (DPC), a Rye-based investor, has acquired Kwalu, an Atlanta-based designer and manufacturer of furniture serving the healthcare and senior living markets. Kwalu has a manufacturing facility in Matamoros, Mexico and showrooms in Atlanta and Chicago. The company employs approximately 800 people. Dunes Point Capital Fund III LP provided the controlling equity for the transaction. Twin Brook Capital Partners provided the debt financing for the transaction. The purchase price was not disclosed. Kirkland & Ellis LLP served as legal advisor to DPC, and …
MARYLAND — Oxford Finance LLC (“Oxford”) has provided a $124.8 million senior credit facility for the acquisition of four Autumn Lake Healthcare skilled nursing facilities totaling 520 beds in Maryland. Autumn Lake Healthcare maintains a network of independently owned and operated nursing homes and rehabilitative care centers across Connecticut, New Jersey, Maryland, West Virginia and Wisconsin. Further details were not disclosed.
NEW YORK CITY — Dwight Capital and its affiliate REIT, Dwight Mortgage Trust, financed $192.3 million in seniors housing and healthcare financing during third-quarter 2022. Dwight provided a $42 million bridge loan to facilitate the acquisition of a three-property skilled nursing portfolio in New Hampshire: Epsom Healthcare Center, Maple Leaf Healthcare Center and Villa Crest Nursing and Retirement Center. The facilities comprise 387 beds and approximately 195,860 square feet. Josh Sturm, originated this transaction. Dwight also financed a $27 million bridge acquisition loan for a portfolio of four assisted living …
MIAMI — Miami-Dade County and the county’s Department of Public Housing and Community Development (PHCD), together with Related Group, have completed renovations at Robert King High Community Center in Miami’s Little Havana neighborhood. First built in 1964 in response to a rapid increase in senior population, Robert King High Towers was a first-of-its-kind development in the Southeast. The community features 315 affordable housing units for seniors and a 10,000-square-foot community center. The community center renovations are now fully completed, with work on the residential towers well underway. The renovation preserved …
ALEXANDRIA, Va. — Argentum, an Alexandria-based association for professionally managed senior living communities, has unveiled new coalition letters to Capitol Hill with solutions to stem the workforce shortage crisis in senior care. These letters, in coordination with the American Senior Housing Association (ASHA) and LeadingAge, call on Congressional leadership and the House 21st Century Long-Term Care Caucus to build and train the workforce needed now and into the future to care for the nation’s rapidly aging population. “The lead up to the midterm elections is the ideal time to bring …
MIAMI — Housing Trust Group (HTG) and AM Affordable Housing have broken ground on Tucker Tower, a $44 million affordable housing community in Miami for seniors age 62 and older. Located in the city’s Perrine neighborhood, the eight-story property’s apartments will be reserved for income-qualifying residents who earn at or below 25, 30 and 60 percent of area median income (AMI), with rents ranging from $457 to $1,317 per month. The property is scheduled to open in early 2024. The project team for Tucker Tower includes general contractor BDI Construction; …
INDIANAPOLIS — Blueprint Healthcare Real Estate Advisors has arranged the sale of Discovery Commons at College Park, a 148-unit independent living community in Indianapolis. A publicly traded REIT sold the asset to Elevation Financial Group, which plans to convert the community to active adult living. The price was not disclosed.
KANSAS CITY, Mo. — Attane, a Kansas City-based seniors housing marketing firm, has named Scott Kokotan as president and chief executive officer. Kokotan has served as Attane’s chief financial and development officer since March 2019 and helped transform the company’s technology platform to streamline the delivery of marketing solutions. He succeeds Chris Egan who left Attane this summer to pursue chairperson and board member roles for a Kansas City-based technology business. To manage the company’s financial/accounting team as Kokotan leaves the department, Attane hired Catherine Felten as senior vice president. …
WASHINGTON, D.C. — The seniors housing industry needs to improve overall customer service to deliver a more engaging and enriching product, according to William Swearingen, senior vice president of Spectrum Retirement Communities, a Denver-based owner and operator that offers independent living, assisted living and memory care. The good news is there are no barriers to entry to fix the problem. “It doesn’t take a budget; we don’t have to have the massive cash flow right out of the gate to be able to make these changes in the buyer experience,” …
ANAHEIM, Calif. — Evans Senior Investments (ESI) has arranged the sale of a 138-bed skilled nursing community in Anaheim for $25 million. A local owner-operator sold the asset to an East Coast-based real estate holding company, which will lease the property to a local operator. The purchase price equates to $181,159 per bed. At the time of marketing, the community was 96 percent occupied and making over $2 million per year in net operating income. The facility also holds a contract for over 50 therapeutic residential care beds. Matt Jassak …