FAIRFIELD, Conn. — HJ Sims, a Fairfield-based lender, has provided an undisclosed amount of refinancing for a senior living community in the Mountain West. A well-established owner, operator and developer of seniors housing communities, operates the assisted living and memory care community. The ownership group currently operates more than 25 communities across the Western United States. The Fannie Mae loan was structured with a 12-year term versus the standard 10-year term, which provides additional flexibility for the borrower in pushing out any need to refinance or exit the investment. The …
BALTIMORE — Capital Funding Group (CFG), a Baltimore-based lender, closed more than $840 million in the first quarter of this year. The transactions include 10 bridge loans and 11 HUD loans for CFG’s long-term care and assisted living industry clients, plus 13 bridge loans for the company’s multifamily industry clients. Among the deals closed in the first quarter of 2022, CFG executed: a $316.9 million bridge loan for the refinancing of a nationwide skilled nursing facility portfolio; an $18.8 million HUD loan for a 152-bed skilled nursing facility in Florida; …
PHILADELPHIA — Pennrose, a Philadelphia-based developer, has hired Shannon Cox Baker as regional vice president to lead the company’s activities in Colorado, Arizona and Utah. She will work out of the company’s regional office in Boulder, Colorado. Bringing more than 15 years of affordable and supportive housing development experience, Baker will lead the execution and continued growth of Pennrose’s development footprint in the region. In her role as regional vice president, Baker is responsible for all aspects of the real estate development process from initial conception through construction, to lease-up …
Lifespace Breaks Ground on Independent Living Expansion at Oak Trace CCRC in Downers Grove, Illinois
DOWNERS GROVE, Ill. — Lifespace Communities has broken ground on an expansion project at Oak Trace, a nonprofit continuing care retirement community in the Chicago suburb of Downers Grove. The expansion is Phase II of a $112 million reinvestment project at the community. The first phase, which converted some units to assisted living to complete the continuum of care, was completed in 2019. Phase II will add 145 independent living apartments, bringing the total from 232 to 377. It is scheduled for completion in 2023. In addition to increasing the …
MASON, Ohio — Senior Living Investment Brokerage (SLIB) has arranged the sale of Cedar Village, a seniors housing community in Mason, Ohio, approximately 22 miles northeast of downtown Cincinnati. Cedar Village features 105 independent living/assisted living units and 162 skilled nursing beds. The seller was a nonprofit owner based in Indiana divesting of its only community in Ohio. The buyer was a regional owner with other properties nearby. The price was not disclosed. Ryan Saul of SLIB handled the transaction. “This transaction offered a great opportunity for a company looking …
MISSISSIPPI — Blueprint Healthcare Real Estate Advisors has brokered the sale of a three-property, 340-bed skilled nursing portfolio located throughout Mississippi. The seller was New York-based investment firm seeking to divest the properties following the operator filing for bankruptcy. The buyer was DAC Acquisitions, which recently acquired Diversicare, a Tennessee-based regional operator. The price and locations were not disclosed. Overall census had declined throughout the ongoing pandemic and leveled out in late 2021 around 70 percent, but the facilities continued to generate positive EBITDAR, according to Blueprint.
ARVADA, Colo. — Evans Senior Investments (ESI) has arranged the sale of The Kipling Meadows, a 120-unit independent living community in the first-ring Denver suburb of Arvada. Built in 2008 with a renovation in 2018, Kipling Meadows averaged 86 percent occupancy in the three months prior to sale. “With the community recently recovering occupancy back to 90 percent in just the latest month, the Evans Senior Investments team was able to showcase the potential upside for a new ownership group by forecasting a 6 percent rental rate increase,” says Hank …
LAKE OSWEGO, Ore. — Anthem Memory Care, a Lake Oswego-based owner-operator, has appointed Chris DeShon as regional director of sales and marketing. In this position, DeShon is responsible for the overall sales and marketing of nine communities in Ohio, Michigan, Minnesota, Washington and Utah. DeShon previously was regional director of sales and marketing with Wallick Communities in New Albany, Ohio. He also served in that position with Clearwater Living in Newport Beach, California. He has supported over 40 senior living communities during his 10 years in senior living regional sales. …
CHAMPIONSGATE, Fla. — Grandbridge Real Estate Capital’s Tampa-based seniors housing investment sales team has arranged the sale of a 223-unit senior living campus located in ChampionsGate, approximately 25 miles southwest of downtown Orlando. The Grandbridge sales team led by David Kliewer and Jay Jordan facilitated the sale to funds managed by Fortress Investment Group for $45 million. Fortress has engaged Watermark Retirement Communities to manage the community. Formerly known as Merrill Gardens at ChampionsGate, the new owner has changed the name to The Glades at ChampionsGate. The community features 114 …
MINNEAPOLIS — Transwestern Real Estate Services, through its Midwest Capital Markets team, has brokered the sale of Hiawatha Suites, an assisted living and memory care facility in Minneapolis. Transwestern’s Harrison Wagenseil and Erik Coglianese represented the seller, a local developer of multifamily, single-family and assisted living facilities, in the transaction. The buyer was not disclosed. While the price and number of units were not disclosed, the price represents over $200,000 per bed. “In the senior and assisted living space, COVID had a particularly poignant impact on values and occupancy,” says …