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Affordable HousingDevelopmentFloridaNews

Housing Trust Group Completes $19M Oak Valley Affordable Community in Ocala, Florida

by Jeff Shaw

OCALA, Fla. — Housing Trust Group (HTG) has completed Oak Valley, a $19 million affordable housing community for seniors in Ocala, approximately 70 miles northwest of Orlando. The property features 96 one- and two-bedroom units for residents 62 and older who earn up to 40 percent and 60 percent of the local area median income. Rents range from $369 to $730 per month for income-qualifying residents. The property was 100 percent pre-leased. Oak Valley was developed in partnership with nonprofit AM Affordable Housing Inc., an organization founded by former Miami Heat …

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AcquisitionsFinanceMinnesotaNews

Cushman & Wakefield Secures $16.5M Acquisition Financing for The Waters of Highland Park in St. Paul, Minnesota

by Jeff Shaw

ST. PAUL, Minn. — Cushman & Wakefield has arranged $16.5 million in financing for a joint venture between The Waters Senior Living and an institutional capital partner. The acquisition loan is for the purchase of The Waters of Highland Park, an 84-unit independent living, assisted living and memory care community in the Highland Park neighborhood of St. Paul. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Sam Dylag and Bailey Nygard represented the borrower in the transaction. “We originally developed the community and have managed it since opening but we are …

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DevelopmentNewsOregon

SLIB Negotiates Sale of Seniors Housing Development Site in Woodburn, Oregon

by Jeff Shaw

WOODBURN, Ore. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a development site in the Portland suburb of Woodburn. The site consists of approximately 8.9 acres of land, and is entitled for 98 units of seniors housing.  An Oregon-based development group acquired the property for an undisclosed price. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction. 

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Affordable HousingDevelopmentMinnesotaNews

Lupe Development Breaks Ground on 200-Unit Wirth on the Woods in Minneapolis

by Jeff Shaw

MINNEAPOLIS — Lupe Development has broken ground on Wirth on the Woods, a 200-unit seniors housing community in the Bryn Mawr neighborhood of Minneapolis. The senior housing campus includes 100 units of affordable seniors housing in a six-story building named The Theodore as well as 100 units of market-rate seniors housing in another six-story building known as The Eloise. These properties will share amenities including an outdoor courtyard, garden, greenhouse, pond and walking trails. The nonprofit organization Ecumen will operate the community. Construction is scheduled for completion in late summer …

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Affordable HousingDevelopmentIllinoisNews

Bywater Development Group Completes $14.2M Lofts on the Square in Belleville, Illinois

by Jeff Shaw

BELLEVILLE, Ill. — The Southwestern Illinois Development Authority (SWIDA) and Bywater Development Group have completed construction of Lofts on the Square, an affordable housing community in Belleville, a suburb of St. Louis. The $14.2 million project was a historic rehabilitation of a 90-year-old building downtown Belleville’s public square. The property’s 47 units were fully preleased before the opening. The asset also features more than 3,000 feet of street-level commercial space that remains available for lease by retailers and restaurants. The six-story building opened in 1931 as the Hotel Belleville. It …

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AcquisitionsAssisted LivingIndianaNews

Blueprint Negotiates Sale of 90-Unit Rittenhouse Village of Valparaiso in Indiana

by Jeff Shaw

VALPARAISO, Ind. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Rittenhouse Village of Valparaiso, a 90-unit assisted living and memory care community in Valparaiso, approximately 45 miles southeast of Chicago. A publicly traded REIT sold the asset to Lloyd Jones Senior Living, which was looking to grow its Midwest presence. The price was not disclosed. Built in 2009, the historically cash flowing community was negatively impacted by the COVID-19 pandemic, though recently started to rebound operationally. The sale was positioned as a value-add opportunity.

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CaliforniaDevelopmentNews

Belmont Village Opens 17-Story Community in La Jolla, California

by Jeff Shaw

LA JOLLA, Calif. — Belmont Village Senior Living has opened Belmont Village Senior Living La Jolla. The property rises 17 stories along the Pacific Coast just north of San Diego, featuring 180 units of independent living, assisted living and memory care. It is Belmont’s 15th community in California and 33rdoverall. Partners on the project include Greystar, UC San Diego Center for Healthy Aging and the Stein Institute for Research on Aging. James Arp is the executive director of the newly opened high-rise.

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ArizonaCCRCFinanceNews

BMO Harris Closes $145M Term Facility for LCS, Westminster Capital

by Jeff Shaw

PHOENIX — BMO Harris Bank’s Healthcare Real Estate Finance group has closed on a $145 million, two-bank term facility for LCS and Westminster Capital. The borrowers will use the funds to recapitalize Sagewood, a continuing care retirement community in Phoenix. The property features 417 independent living, 44 assisted living, 28 memory care and 78 skilled nursing units.

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FinanceNewsOhio

JLL Arranges $73.6M Refinancing for Two Communities Near Cleveland

by Jeff Shaw

NORTH OLMSTEAD and NORTH ROYALTON, Ohio — JLL Capital Markets has arranged a $73.6 million refinancing for two newly built seniors housing communities totaling 328 units in the Cleveland suburbs of North Olmsted and North Royalton. The properties include Vitalia North Olmsted, totaling 160 units, and Vitalia North Royalton, which offers 168 units. Both properties offer independent living, assisted living and memory care units. JLL worked on behalf of the borrower, Omni Smart Living, to secure the three-year, floating-rate loan through a national debt fund. Joel Mendes and Billy Lichtenstein …

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Company NewsFinanceInvestmentNewsTechnology

Ziegler Advises CareConnectMD Regarding $25M Investment from TT Capital Partners

by Jeff Shaw

COSTA MESA, Calif. — Ziegler has advised CareConnectMD (CCMD), a Costa Mesa-based provider of primary care coordination services tailored to meet the needs of complex Medicare participants, on its $25 million financing round led by Minneapolis-based TT Capital Partners (TTCP). CareConnectMD will leverage the investment to deepen its presence in California, Ohio and Texas and expand into other markets while enhancing its technology platform to scale and streamline care delivery. CCMD’s California-based medical group contracts with managed care and insurance plans to provide comprehensive primary and palliative care to high-risk …

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