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Affordable HousingDevelopmentIndependent LivingNewsWisconsin

Presbyterian Homes & Services Receives Grant Funding for Deerfield Expansion Project in New Richmond, Wisconsin

by Jeff Shaw

NEW RICHMOND, Wis. — Presbyterian Homes & Services (PHS) has received $2.5 million in private grant funds for the expansion of The Deerfield, a senior living community in New Richmond, approximately 40 miles east of downtown Minneapolis. One hundred percent of the campus’ 24 new independent living apartments — scheduled to open in summer 2023 — were reserved within weeks of the start of marketing, according to the company. The apartments target low- and middle-income residents. “Clearly there is great demand for modest priced housing in the market,” says Jon …

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FinanceIndependent LivingNewsUtah

Greystone Arranges $22.5M Refinancing for TREEO South Ogden in Utah

by Jeff Shaw

OGDEN, Utah — Greystone has arranged a $22.5 million loan to refinance debt on TREEO South Ogden, a seniors housing community in Ogden, approximately 30 miles north of Salt Lake City. Tyler Armstrong, managing director at Greystone, placed the bank loan for Leisure Care, which owns the 143-unit independent living community. The regional bank loan was executed as a floating-rate financing carrying a five-year term and 30-year amortization. The loan featured 12 months of interest-only payments and a mid-200 basis points loan spread.

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AcquisitionsNewsVirginia

CareTrust REIT Sells Five Communities in Virginia for $13M

by Jeff Shaw

VIRGINIA — CareTrust REIT Inc. (NYSE: CTRE) has sold five seniors housing facilities in Virginia for $13 million. The facilities total approximately 240 units. In connection with the completion of the sale, the facilities were removed from the company’s applicable master lease with affiliates of Noble Senior Services. The buyer was a regional owner-operator of assisted living and memory care facilities. “The sale of these five facilities continues our plan to de-risk the portfolio,” says Dave Sedgwick, president and CEO of CareTrust. “We continue to move forward towards selling or …

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AcquisitionsMemory CareNewsUtah

SLIB Negotiates Sale of 66-Bed Pheasant Run in Clinton, Utah

by Jeff Shaw

CLINTON, Utah — Senior Living Investment Brokerage (SLIB) has arranged the sale of Pheasant Run, a memory care community in Clinton, approximately 30 miles north of Salt Lake City. Built in 2015, the facility consists of 45 units and 66 beds across approximately 32,862 square feet, on three acres of land. A regional owner exiting the Utah market sold the asset to a family office based in the Western U.S. for an undisclosed price. The new owner plans to use Ridgline Management Company as the operator. Jason Punzel, Vince Viverito …

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Assisted LivingDevelopmentNewsVirginia

Watercrest, Harbert Complete 98-Unit Community in Richmond, Virginia

by Jeff Shaw

RICHMOND, Va. — Watercrest Senior Living Group and joint venture partner Harbert Seniors Housing Fund II have completed Watercrest Richmond Assisted Living and Memory Care. The community features 76 assisted living units and 22 memory care units in Richmond. EMJ Corp. was the builder, while Trustmark Bank provided financing. This is the first senior living development project that Watercrest and Harbert Seniors Housing Fund II have jointly developed.

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AcquisitionsAssisted LivingNewsTexas

Cushman & Wakefield Arranges Sale of 112-Unit Appletree Court in Richardson, Texas

by Jeff Shaw

RICHARDSON, Texas — Cushman & Wakefield has arranged the sale of Appletree Court, a 112-unit assisted living community located in Richardson, 15 miles north of downtown Dallas. A Cushman & Wakefield team of Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin represented the seller, Franklin Park Senior Living, in the transaction. Winterpast Capital Partners, a seniors housing investor with a captive operator platform called Vitality Senior Living, was the buyer. Marcus Investments partnered with Winterpast Capital Partners for this investment. Cushman & Wakefield arranged the acquisition financing with a …

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AcquisitionsAssisted LivingNewsTexas

SLIB Negotiates Sale of 64-Unit Parsons House Frisco in Metro Dallas

by Jeff Shaw

FRISCO, Texas — Senior Living Investment Brokerage (SLIB) has arranged the sale of Parsons House Frisco, a 64-unit assisted living and memory care community in the Dallas suburb of Frisco. The community totals approximately 53,651 square feet on 4.1 acres of land. A regional owner-operator that wanted to divest of a non-core asset sold the asset to a family office located in the Western U.S. for an undisclosed price. The buyer plans to use Ridgline Management Co. as the operator. Matthew Alley and Jason Punzel of SLIB handled the transaction.

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DevelopmentNew YorkNewsPeople

Monarch Communities Appoints Paul Ataide as Executive Director of Community in New Rochelle, New York

by Jeff Shaw

NEW ROCHELLE, N.Y. — Monarch Communities has named Paul Ataide as executive director for Monarch Coopers Corner, a senior living community in New Rochelle, just north of New York City proper. In this position, he is responsible for day-to-day community operations. Monarch Coopers Corner is nearing completion and is scheduled to open early 2023. Ataide previously was executive director at a senior living community in Westchester County, New York. He also served as associate executive director in Massachusetts. He brings over 15 years of healthcare experience to his new position. …

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FinanceNewsTexas

Greystone Arranges $70.4M in Financing for Two Delaney Communities in Texas

by Jeff Shaw

LEAGUE CITY and WACO, Texas — Greystone has provided a $40.4 million Fannie Mae loan to refinance debt on The Delaney at South Shore in League City, a suburb of Houston. The company also arranged a $30 million bank loan to refinance debt on The Delaney at Lake Waco in Waco, approximately midway between Dallas and Austin. The borrower in both transactions was LCS. Tyler Armstrong of Greystone originated both loans. The Fannie Mae loan for the 204-unit League City community was executed as fixed-rate, nonrecourse financing carrying a 10-year …

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