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Active AdultFeaturesNews

Active Adult Residents Cite Location, Lifestyle as Reasons for Moving In

by Jeff Shaw

DALLAS — Active adult residents say they had plenty of reasons to move out of their prior homes, but they rank location and lifestyle change atop their list. That was the message from a panel of five existing active adult residents during a panel named “Live Interview of Active Adult Residents: What Motivated Them to Move in?” at France Media’s InterFace Active Adult Conference, held at the Dallas Marriott Downtown hotel in Dallas. This second annual event is the industry’s only in-person conference devoted entirely to the active adult/55+ niche. …

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DevelopmentMarylandNews

Monarch Plans $80M Community in White Marsh, Maryland

by Jeff Shaw

WHITE MARSH, Md. — Monarch Communities has unveiled plans for Monarch White Marsh, a 188-unit independent living, assisted living and memory care community in the Baltimore suburb of White Marsh. Construction is scheduled to begin this month on the $80 million project. The property is incorporated into a 113-acre, master-planned, mixed-use development known as Villages of White Marsh. The community will be connected to a 20-acre park via a walking bridge providing access to 40 acres of open space and walking trails. The project is slated to open in late …

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NewsOperationsPeople

Arrow Senior Living Names Five New Executive Directors in the Midwest

by Jeff Shaw

ST. CHARLES, Mo. — St. Charles-based Arrow Senior Living has named Steven Bunch, Lee Bohannon-Smith, Rhonda Nelson, Logan Harrington and Lisa Ford to its growing team of executive directors. Steven Bunch brings more than 30 years’ experience to his new role at The Madison Senior Living in Kansas City. In addition to his expertise in independent and assisted living, Bunch also worked in skilled nursing, residential care and memory care, serving in a number of leadership roles including vice president of operations at Capital Health Management Inc. He earned a …

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FinanceNewsWashington

Northmarq Arranges $33M Refinancing for The Gardens at Town Square in Bellevue, Washington

by Jeff Shaw

BELLEVUE, Wash. — Northmarq has arranged a $33 million refinancing for The Gardens at Town Square, a seniors housing community located in downtown Bellevue. The 168-unit community is in a five-story, mid-rise building built in 1998 and includes a mix of independent living, assisted living and memory care. The borrower is ERA Living. The loan was structured with a 10-year term, fixed rate and 30-year amortization, with one year of interest-only payments. Loan proceeds retired $20.4 million in existing agency debt and returned equity to the borrower. Stuart Oswald, senior …

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AcquisitionsActive AdultNew YorkNews

Castle Lanterra Active Adult Acquires Reserve at Lakeside in Newburgh, New York

by Jeff Shaw

NEWBURGH, N.Y. — Castle Lanterra Active Adult, a division of Castle Lanterra, has acquired Reserve at Lakeside, a newly constructed active adult apartment complex in Newburgh. Blue Foundry Bank provided acquisition financing. The seller, price and number of units were not disclosed. This is Castle Lanterra Active Adult’s second acquisition in the age-restricted apartment sector, following its acquisition of Diamond Oaks Village in the Paradise Coast between Naples and Fort Myers, Florida. “We are extremely bullish about this sector and will continue to look to add to our portfolio,” says …

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AcquisitionsAffordable HousingCaliforniaNews

Standard Communities Acquires 559-Unit Affordable Housing Portfolio in California

by Jeff Shaw

ANAHEIM, ESCONDIDO and LIVERMORE, Calif. — Standard Communities, through a public-private partnership, has acquired three mixed-income seniors housing communities totaling 559 rental units in California. The total value of the three-property portfolio is over $195 million, including more than $19 million in renovations. The properties include: Heritage Village Anaheim, totaling 196 units on 5.1 acres in Anaheim Heritage Park Escondido, totaling 196 units on five acres in Escondido Heritage Park Livermore, totaling 167 units on 8.2 in Livermore “We’re preserving and expanding affordable housing in some of the areas that …

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AcquisitionsArizonaNews

Link Senior Development, Roxborough Group Buy 301-Unit Park Terrace Senior Living in Phoenix

by Jeff Shaw

PHOENIX — Link Senior Development and The Roxborough Group LLC have acquired Park Terrace Senior Living, a 301-unit independent living and assisted living community in Phoenix. The 15.3-acre campus features 12 residential buildings offering one- and two-bedroom units. Link and Roxborough intend to invest more than $3 million to convert the remaining assisted living units to independent living units. The partnership will also focus on making the community more sustainable by increasing water and energy efficiencies. “The substantial demand and need in the North Phoenix market for competitively priced independent …

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AcquisitionsArkansasFinanceMississippiNews

VIUM Funds $74.5M Bridge Loan for Skilled Nursing Portfolio in the Southeast

by Jeff Shaw

ARKANSAS and MISSISSIPPI — VIUM Capital has provided $74.5 million in bridge-to-HUD financing for the acquisition of 11 skilled nursing facilities. One of the assets is located in Mississippi and the rest are in Arkansas. Three different sellers sold the properties to an undisclosed buyer. Further information on the buyer, seller and portfolio was not disclosed.

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AcquisitionsAssisted LivingNewsOhio

ESI Arranges Sale of 90-Unit Community in Ohio

by Jeff Shaw

OHIO — Evans Senior Investments (ESI) has arranged the sale of an assisted living and memory care community in Ohio. A private equity firm based on the East Coast sold the asset to Eden Senior Care, an Illinois-based owner-operator with a presence in Ohio. The price and name of the community were not disclosed. The community’s campus comprises seven separate cottages. Each cottage is made up of both assisted living and memory care units. Originally built in 1999, the seniors housing community has a total of 90 units and was …

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FinanceIowaNews

Cambridge Funds $5.3M HUD Refinancing for The New Homestead in Guthrie Center, Iowa

by Jeff Shaw

GUTHRIE CENTER, Iowa — Cambridge Realty Capital Cos. has provided a $5.3 million HUD Lean loan to refinance The New Homestead Senior Living Community, an 89-bed skilled care, assisted living and independent living facility located in Guthrie Center. The fully amortized, 35-year loan was provided for the owner, an Iowa limited liability company, using the HUD Section 232 pursuant to Section 223(f) funding program. Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans, underwrote the transaction. Located approximately 50 miles west of Des …

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