WEST ST. PAUL, Minn. — Colliers Mortgage has provided a $25.2 million HUD 223(f) loan for the refinancing of The Winslow in West St. Paul. The 172-unit affordable seniors housing community rises four stories. Units are restricted to persons age 62 and above and who earn up to 60 percent of the area median income. WSP Senior Housing I LLLP was the borrower. The fixed-rate loan is fully amortized over 35 years. Colliers Mortgage previously provided a construction loan for the property in 2018.
EVERETT, Wash. — Greystone has arranged $15 million in financing for Washington Oakes, a 152-unit seniors housing property in Everett, a northern suburb of Seattle. Tyler Armstrong of Greystone originated the transaction on behalf of Lytle Enterprises LLC. Washington Oakes features studio, one-, two- and three-bedroom units and offers independent living and assisted living services. Leisure Care LLC is the operator. A life insurance company provided the nonrecourse, fixed-rate loan, which carries a seven-year term, 30-year amortization and 60 percent loan-to-value ratio. In addition to refinancing existing debt, loan proceeds …
SCOTTSDALE, Ariz. — Cadence Living has hired Michelle Cornelius as vice president of memory care engagement. Cornelius will have principal responsibility over the Revere Memory Care programming across the Cadence portfolio of communities. Prior to joining Cadence, Cornelius was most recently the chief operating officer at Cypress Homecare Solutions. During her time at Cypress, she implemented a dementia-specific homecare program that was rolled out across the country. She has also managed memory care units in both skilled nursing facilities and assisted living communities. Cornelius holds master’s degrees in both social …
CLEVELAND, Tenn. — Solinity has opened Remember Me Senior Care, an assisted living and memory care neighborhood in the East Tennessee city of Cleveland. The five-home, farmhouse-style neighborhood focuses on memory care services. Solinity leads the operations and also serves as the marketing agency with sister company, Solinity Marketing. The homes are situated in a subdivision-like design with walking paths, a gazebo and pavilion. Each home includes a private family gathering room, living room, private apartments, a residential-style kitchen, outdoor common spaces and large hallways. Project partners included DKLEVY Architectural …
WASHINGTON, D.C. — U.S. News & World Report has published the inaugural edition of Best Senior Living, which expands the U.S. News rankings, ratings and data offerings. The new designations include Best Independent Living, Best Assisted Living, Best Memory Care and Best Continuing Care Retirement Communities (CCRC). “Families have limited information when comparing providers of independent living, assisted living, memory care or continuing care,” says Ben Harder, managing editor and chief of health analysis at U.S. News. “The Best Senior Living ratings help to fill this informational gap with comprehensive …
ARIZONA — Capital Funding Group (CFG) has provided $17.2 million in Bridge-to-HUD financing for the acquisition of two skilled nursing facilities. The facilities, which are located in Arizona, support 232 beds. The buyer is the operator of the two communities, and is now purchasing the real estate. Tommy Dillon originated the transaction. Further details on the seller and communities were not disclosed.
SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NASDAQ: CTRE), a San Clemente-based REIT focused on senior living properties, has announced the pending transfer of its common stock from the Nasdaq Global Select Market (Nasdaq) to the New York Stock Exchange (NYSE). The company expects its common stock to begin trading on the NYSE at market open on May 23, 2022 under its current ticker symbol. The company’s common stock will continue to trade on Nasdaq until the transfer is complete.
PALM SPRINGS, Calif. —Living Out has appointed Ernie Shaffer as president of its new flagship community in Palm Springs, located in the Sonoran Desert and slated to open Spring 2023. The active adult retirement community is designed to meet the needs of LGBTQ+ residents. Shaffer has over 30 years of experience in the industry. He served as a board member of The LGBTQ Community Center of the Desert, then known as the Golden Rainbow Senior Center. Shaffer’s experience includes leading numerous teams as director of operations overseeing various types of …
AUBURN, Mass. — Pennrose has opened Mary D. Stone Apartments, a 55-unit, mixed-income seniors housing community in Auburn, a suburb of Worcester. The project was the historic rehabilitation of a 1920s-era school building, including the demolition of later-built wings and the construction of a new addition. Mary D. Stone was designed to help address the widespread shortage of affordable housing in Massachusetts, where the National Low Income Housing Coalition estimates there are only 48 available affordable rental homes for every 100 low-income households. Eighty percent of the units at Mary …
LOS ANGELES — JLL Capital Markets has provided a $30.3 million loan to refinance Nantucket Creek, a 172-unit, garden-style, age-restricted apartment community in the Chatsworth neighborhood of Los Angeles. JLL worked on behalf of the borrower, Universe Holdings, to secure the 10-year, fixed-rate loan through Freddie Mac. JLL Real Estate Capital LLC will service the loan. Proceeds from the loan also provided a return of equity to Universe’s balance sheet, which the company plans to use toward future acquisitions. Nantucket Creek comprises one- and two-bedroom units ranging from 623 to …