BALTIMORE — Capital Funding Group (CFG), a Baltimore-based lender, has provided a $13.8 million mezzanine loan that supported the refinancing of eleven skilled nursing facilities and one assisted living facility. In addition to the mezzanine debt, CFG helped the client place the senior debt, which totaled $78.5 million. The total financing package amounted to $93.3 million. The facilities, which span Washington, Idaho, and Oregon, comprise over 1,554 beds. Further details on the borrower and properties were not disclosed.
ATLANTA — Today’s seniors housing market is a tough one, characterized by an inflationary environment and high operational costs. Amid the challenges the industry currently faces, owner-operators within the sector must focus on controlling expenses, such as labor and insurance, to maintain profitability — and earlier is better when it comes to planning to mitigate these expenses. Eric Mendelsohn, CEO and president of National Health Investors, a REIT that specializes in seniors housing, emphasized the importance of labor market analysis in the underwriting stage of operations. “Labor is a key …
MCLEAN, Va. — Sunrise Senior Living, a McLean-based senior living operator, has hired Marco Trecroce as chief technology officer (CTO). With more than 25 years of global executive leadership experience, Trecroce’s breadth of functional expertise spans multiple industries including hospitality, travel, retail and professional services. Most recently he served as global chief information officer at The Four Seasons Hotels & Resorts. Prior to Four Seasons, Trecroce held executive roles at Loblaw Cos. Limited, a retail and wholesale food retailer; Masterfile Corp., a business-to-business sales and advertising company; and Opodo Group …
AUSTIN, Texas — Conversion Logix, an Austin-based digital marketing and lead generation service, has hired CJ Edmonds as chief revenue officer. Edmonds has more than 25 years of experience in SaaS company management and 13 years of experience in real estate marketing and technology services.
SPRINGFIELD, Pa. — Spiezle Architectural Group has hired Jason Maguire as a senior project manager. Maguire has more than 20 years of architectural design experience. He most recently worked at Bernardon in Wilmington, Delaware, where he oversaw multiple large-scale senior living projects, from independent living to assisted living and memory care. Maguire is the state director for the Delaware Disaster Assistance Program through AIA and a member of the Committee of 100, a non-partisan, nonprofit association of Delaware business leaders that works to promote responsible economic development and address issues …
CHINO, Calif. — G Capital Markets, a new advisory firm launched this summer by Grant Goodman, has arranged a $9.6 million HUD refinancing for Trellis Chino, a skilled nursing facility in Chino. Built in 2018, the community comprises all private rooms and exclusively cares for short-term, high-acuity rehabilitation patients. After leasing up during COVID, the building has performed strongly with near 100 percent occupancy, according to G Capital. The borrower, Encore Capital Ventures, is a real estate investment and capital solutions firm with a portfolio of healthcare and other real …
BAKERSFIELD, Calif. — Capital Funding Group (CFG) has provided a $43.4 million HUD loan for a 140-bed skilled nursing facility in Bakersfield. The transaction converts an existing bridge loan into a HUD loan following the property’s stabilization. The initial financing, also executed by CFG, allowed the nationally recognized borrower to acquire the property. Patrick McGovern originated the transaction for CFG.
VERO BEACH, Fla. — Watercrest Senior Living Group, a Vero Beach-based operator, has promoted Johnita Jackson-Hannah to vice president of clinical operations. The announcement comes on the cusp of her five-year anniversary with the organization, having joined the Watercrest family in the fall of 2018 as a clinical specialist. After joining Watercrest in 2018, Jackson-Hannah quickly advanced into the role of regional clinical director, successfully leading a rapidly growing number of clinical teams as Watercrest Senior Living expanded by nearly a dozen communities from Florida to Virginia. Jackson-Hannah’s clinical expertise …
BOERNE, Texas — Morningside Ministries has unveiled plans for an independent living expansion at Morningside at Menger Springs, a continuing care retirement community in Boerne, approximately 30 miles northwest of San Antonio. The project features 86 new independent living terrace homes, an amphitheater, dining venue, fitness center, pickleball court and covered pool. The plan features four two-story residential buildings with one and two-bedroom floor plans ranging from 946 to 1,751 square feet. The expansion will incorporate an additional eight acres adjacent to the community’s 34-acre property near Menger Creek. Construction …
NORTH HAVEN, Conn. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of The Landing of North Haven, a 100-unit assisted living and memory care community in North Haven. Located near Long Island Sound south of Hartford, the community opened in late 2019 on an 11-acre campus. The seller is a national investor and developer. Inspired Healthcare Capital acquired the asset for an undisclosed price. Inspired plans to keep the existing operator. While lease-up progress was solid through COVID, rates and margin were always strong, leading to meaningful cash …