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AcquisitionsCCRCNewsSouth Carolina

Blueprint Negotiates Sale of 222-Unit Easley Place CCRC in South Carolina

by Jeff Shaw

EASLEY, S.C. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Easley Place, a continuing care retirement community (CCRC) in Easley. Easley Place, a 222-unit campus offering independent living, assisted living and skilled nursing services, is located in the Greenville-Spartanburg metro area and was built in 1985. The seller was a West Coast-based owner-operator seeking to divest of a non-core asset. The company acquired the asset in 2019, but the turnaround plan was negatively impacted by COVID. Elevation Financial Group bought the property for an undisclosed price and …

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Assisted LivingDevelopmentNewsVirginia

Watercrest Nears Completion of 98-Unit Community in Richmond, Virginia

by Jeff Shaw

RICHMOND, Va. — Watercrest Senior Living Group has opened the sales office at Watercrest Richmond, a 98-unit senior living development in Richmond. Watercrest Richmond will feature 76 assisted living and 22 memory care. This is the first senior living development project partnered between Watercrest and Harbert Seniors Housing Fund II. Construction began in January 2021. An opening date was not released.

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AcquisitionsAffordable HousingNewsPennsylvania

CPP Buys 13-Story Methodist Towers Affordable Community in Erie, Pennsylvania

by Jeff Shaw

ERIE, Pa. — Community Preservation Partners (CPP), a mission-driven affordable housing developer, has acquired Methodist Towers, a high-rise affordable seniors housing community in Erie. The 13-floor complex comprises 138 units, 57 of which receive subsidy under a Section 8 Housing Assistance Payments (HAP) contract. CPP plans to implement a tenant in-place rehabilitation with minimal displacement for residents. CPP received an issuance of tax-exempt bonds and Low-Income Housing Tax Credits (LIHTCs) from the Pennsylvania Housing Finance Agency (PHFA), with construction and permanent loans from Citibank as well as equity raised from …

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AcquisitionsIndependent LivingNewsUtah

SLIB Brokers Sale of 82-Unit Williamsburg Community in Logan, Utah

by Jeff Shaw

LOGAN, Utah — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Williamsburg, an 82-unit independent living and assisted living community in Logan. Located in the northern portion of Utah near the Idaho border, the facility was built in 1981 and renovated in 2015. It totals approximately 62,953 square feet and is situated on approximately 1.8 acres of land. The seller was a regional owner-operator based in Utah. The buyer is a California-based private owner looking to expand its portfolio of independent living communities. As such, the new owner …

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KansasNewsOperationsPeople

Lifespace Hires Rob Salierno as Executive Director of Claridge in Prairie Village, Kansas

by Jeff Shaw

PRAIRIE VILLAGE, Kan. — Lifespace Communities has appointed Rob Salierno as executive director of Claridge Court, a community in Prairie Village, a suburb of Kansas City. Salierno previously served as executive director of Claridge Court for five years from 2011 to 2016. He began his career at Claridge Court at age 17 as a dining room server, then as lead server, dining room manager, and food and beverage manager. He eventually earned his administrator’s license and served in that capacity at another Lifespace community before returning to Claridge Court as …

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AcquisitionsAssisted LivingCaliforniaNews

SLIB Negotiates Sale of 94-Unit Community in Moreno Valley, California

by Jeff Shaw

MORENO VALLEY, Calif. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Rancho Belago, a 94-unit assisted living and memory care in the Inland Empire city of Moreno Valley. Totaling 125 beds, the community was built in 2014, totals approximately 98,700 square feet and is situated on approximately 7.3 acres of land. The seller was a local developer based in greater Los Angeles area. The buyer is a group based on the West Coast that was looking to expand their presence within California. The buyer plans to optimize …

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FinanceNews

Greystone Arranges $80M Refinancing for 941-Unit Seniors Housing Portfolio

by Jeff Shaw

NEW YORK CITY ­— Greystone, a New York City-based commercial real estate finance company, has arranged an $80 million refinancing package for a 10-asset, 941-unit portfolio across five different states. The consolidation and refinancing of various debt obligations was completed by Greystone’s seniors housing capital markets team, led by Cary Tremper, on behalf of Sonida Senior Living. The initial term loan of $80 million, provided by a regional bank, has a four-year maturity with an optional one-year extension. The financing includes up to $50 million of additional capital, including an …

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FinanceNews

HJ Sims Provides Fannie Mae Loan Refinancing for Community in Mountain West

by Jeff Shaw

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 …

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FinanceNews

CFG Arranges $840M in Loans in Q1

by Jeff Shaw

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; …

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NewsPeople

Pennrose Hires Shannon Cox Baker as Regional Vice President, Mountain Region

by Jeff Shaw

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 …

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