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.
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 …
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 …
SAN DIEGO — Live Oak Bank and Locust Point Capital have provided a $28 million loan for the development of an 81-unit assisted living and memory care community in the Clairemont neighborhood of San Diego. The borrower is a partnership between RhodesMoore and Frontier Management. The urban infill development will consist of a 73,000 square foot building and parking deck situated on 1.5 acres. Frontier will be the operator upon completion.
EAGLE, Idaho — The Pennant Group Inc. (NASDAQ: PNTG), the parent company of operating subsidiaries that provide home health, hospice and senior living services, has appointed Brent Guerisoli, current president of Pennant, to succeed Daniel Walker as Chief Executive. Walker will continue to serve as chairman of Pennant’s board of directors. “After careful reflection, I have made the decision to reduce my professional obligations in consideration of family circumstances, to pursue charitable causes unrelated to Pennant or its businesses,” says Walker. Since joining the organization in 2012, Guerisoli has directed …
DETROIT — Blueprint Healthcare Real Estate Advisors has arranged the sale of four communities in the Detroit and Saginaw metro areas. The buyer, Comfort Care Senior Living, is the operator of the properties. The seller was the former REIT landlord. The four communities total approximately 236 assisted living and memory care units with vintages ranging from 2013 to 2019. Consolidated with its REIT partner across multiple transactions, these communities constituted approximately a quarter of Comfort Care’s portfolio across the state. The communities exhibited strong performance trends pre-COVID, but faced occupancy …
MADISON, Wis. — Ridgeline Management Company has hired Jarett Yach as executive director of The Ridge at Madison in Madison. Yach started working with the senior population as a nutritional aide at the age of 15. He became a Certified Nursing Assistant at the age of 16 and has been in senior care since. Yach has advanced in his career throughout the years by working as a director of resident services, director of community relations and as a certified CBRF administrator.
KIRKLAND, Wash. — CBRE has arranged $40 million in financing for MorningStar of Kirkland, a 152-unit independent living community in Kirkland, a suburb of Seattle. The community, located on 3.6 acres, opened in February half a mile from the Evergreen Health Medical Center Kirkland, a 318-bed general hospital that provides residents with convenient access to healthcare. Also nearby is Totem Lake East, a regional shopping center that includes a Whole Foods, Trader Joe’s, movie theater and a variety of restaurants and retail outlets. The community is the first new, high-quality …
LOUISIANA — VIUM Capital has provided $36.3 million in financing for a portfolio of five skilled nursing facilities in Louisiana. The bridge loan refinances several tax-exempt bond issuances and bank term loans for the nonprofit borrower. VIUM partnered with a local bank to provide the funds. The long-term goal is to replace the financing with HUD-insured loans in the future.
SOUTHERN CALIFORNIA — Bayview PACE, a division of Silver Hill Funding, has arranged $11.5 million in C-PACE financing for the construction of a senior living community in Southern California. The development is 77,200 square feet and consists of 107 units of assisted living and memory care. The financing will support energy-efficient improvements including HVAC, lighting and windows, as well as seismic strengthening projects. MD Energy served as the PACE developer for the project. The borrower is a privately owned real estate development firm. Further details on the property were not …