NEW YORK CITY — MonticelloAM has provided an $18 million bridge loan to finance a seniors housing community located in Wisconsin. Karina Davydov, managing director of New York City-based MonticelloAM, originated the financing. The undisclosed borrower will use the proceeds to refinance an outstanding debt and position the property, which totals 100 assisted living and memory care units, for HUD financing.
WESTLAKE VILLAGE, Calif. — LTC Properties, a real estate investment trust that invests primarily in seniors housing and health care properties, has announced the appointment of two new co-chief executive officers, Pam Kessler and Clint Malin. Kessler and Malin previously served as co-presidents of the company, with Kessler also acting as chief financial officer since 2007 and Malin holding the position of chief investment officer since 2004. The new appointments become effective Dec. 31 of this year. Wendy Simpson, who has acted as LTC Properties CEO since 2007, will continue to …
OAKDALE, Minn. — Podawiltz Development Corp. has sold Cottages at Aspen, a 114-unit active adult community located in Oakdale, roughly 20 miles east of Minneapolis. Built in 1991 and renovated in 2008, the property totals 99,600 square feet and features one- and two-bedroom townhomes, averaging 874 square feet, for residents age 55 and older. Amenities at the community include a library, ponds, walking areas and lawns. Josh Talberg of JLL represented Podawiltz in the transaction, and Pat McMullen and Joseph Peris of JLL arranged acquisition financing for the undisclosed buyer. The …
DALLAS — A clear majority of respondents to CBRE’s U.S. Senior Housing & Care Investor Survey conducted in October reported either no change or a decrease in capitalization rates from the prior survey in April. Meanwhile, the industry outlook for rent growth is less bullish than it was a short time ago as more survey respondents in October predicted flat rent growth in the year ahead, with April’s poll findings. Administered via e-mail in October, the 15th edition of CBRE’s survey polled the same group of seniors housing real estate professionals …
DOUGLASSVILLE, Pa. — BWE has arranged a $57.8 million loan to refinance Keystone Villa at Douglassville, a 247-unit, Class A independent living, assisted living and memory care community in Douglassville, located about 15 miles southeast of Reading, Pennsylvania. Ryan Stoll, national director of seniors housing and care at BWE, and Taylor Mokris, senior vice president of seniors housing and care, secured the loan from a national commercial bank. The borrower was a joint venture between privately held real estate investment trust ReNew REIT and operator Heritage Senior Living. The nonrecourse loan features …
IRVINE, Calif. — JLL’s Capital Markets group and HJ Sims have arranged $473 million in tax-exempt and taxable bond financing for the ground-up development of The James, a luxury rental, 350-bed seniors housing community in Irvine. The transaction is the largest tax-exempt senior living financing of the year and largest nonprofit, single-site senior living bond issue in history, according to JLL. JLL’s Seniors Housing Capital Markets team worked on behalf of Harbert South Bay Partners, LAMB Properties, P3 Foundation and Momentum Senior Living to secure the 35-year financing with HJ Sims …
MUKWONAGO, Wis. — McShane Construction Co. has been selected as the general contractor for Azura Mukwonago, a three-building, 72-unit assisted living and memory care community to be built in Mukwonago, roughly 30 miles southwest of Milwaukee. McShane is constructing the property on behalf of seniors housing developer and operator Azura Living. Positioned on a 6.4-acre site, the property will feature two assisted living facilities and one memory care building. The single-story, wood-frame buildings’ exteriors will integrate full stone veneer masonry and Hardie board. There will also be a barn on-site. Units will …
FREDERICKSBURG, Va. — Watercrest Senior Living Group and partners Harbert Seniors Housing Fund II and Centric Development are underway on the development of Watercrest Fredericksburg Assisted Living and Memory Care in Fredericksburg, approximately 50 miles southwest of Washington, D.C. Upon completion, the property will feature 142 units, with 106 assisted living and 36 memory care residences. Amenities at the community will include a promenade, fireplace lounge, dining options, a theater, library, spa, billiards and courtyards. Centric Development is constructing the project, which is scheduled for completion in spring 2025. Carter Bank …
FOND DU LAC AND DE PERE, Wis. — Senior Living Investment Brokerage (SLIB) has brokered the sale of a seniors housing portfolio in Wisconsin. A private equity group with holdings throughout the Midwest sold the portfolio, which totals 80 units across two communities, for an undisclosed price. The properties include Sage Meadow of Fond du Lac in Fond du Lac and Sage Meadow of De Pere in De Pere. Fond du Lac and De Pere are roughly 70 miles northwest of Milwaukee and five miles south of Green Bay, respectively. The buyer …
VANCOUVER, Wash. — PMB and The Springs Living have completed the development of The Springs at Waterfront, a 250-unit senior living community located in Vancouver, roughly 10 miles north of Portland, Ore. Situated within the Waterfront master-planned, mixed-use community, the property comprises 360,000 square feet across 12 stories. PMB served as the developer on behalf of The Springs Living. The project team also included general contractor Howard S. Wright and GBD Architects. Capital partners include Harrison St., Huntington Bank, City National Bank, Comerica Bank and First National Bank. Opened earlier this …