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CaliforniaFinanceNews

Mesa West Capital Funds $67M Refinancing for Westmont of Milpitas in Silicon Valley

by Jeff Shaw

MILPITAS, Calif. — Mesa West Capital has provided a $67 million loan for Westmont of Milpitas, a 199-unit seniors housing community in the Silicon Valley community of Milpitas. The short-term, first-mortgage loan refinances existing debt for the borrower, a joint venture led by SRM Development. Proceeds from the five-year, floating rate, nonrecourse loan pay off the existing construction loan on the property. Developed by SRM, Westmont of Milpitas was completed in late 2020 and began accepting residents in February 2021 in the midst of the pandemic. Although leasing was slow …

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Affordable HousingDevelopmentFinanceFloridaNews

Volunteers of America Plans $16.6M Renovation at Pine Grove Apartments in Gainesville, Florida

by Jeff Shaw

GAINESVILLE, Fla. — Volunteers of America National Services (VOANS) has unveiled plans for a $16.6 million renovation project at Pine Grove Apartments in Gainesville. Utilizing non-competitive Low Income Housing Tax Credits to refinance and rehabilitate the property, the work is slated for completion in summer 2023. Volunteers of America of Florida will continue to provide property management and services for residents. Constructed in 1984 with 97 affordable units for seniors under the HUD Section 202 program, the property will continue to benefit from HUD subsidizing for all units. The tenant-in-place …

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DevelopmentNew JerseyNews

Thrive Prepares to Open 203-Unit Community in Montvale, New Jersey

by Jeff Shaw

MONTVALE, N.J. — Thrive Senior Living is nearing completion of Thrive at Montvale, a 203-unit seniors housing community in the DePiero’s Farm neighborhood of Montvale, located along the New York state border. The welcome center is currently open, and the community is scheduled to open for residents this spring. Located just off the Garden State Parkway and near the serene Lake Tappan, the three-story community will feature independent living and assisted living, plus a small-house model senior living environment focused on memory care.

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Company NewsNewsPeople

Blueprint Promotes Four to New Positions, Including CEO

by Jeff Shaw

CHICAGO — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage firm, has promoted co-founders Ben Firestone and Jacob Gehl to chief executive officer and chief vision officer, respectively. Additionally, longtime team members Ryan Chase, Michael Segal and Steve Thomes are now partners and executive managing directors. Firestone will continue to focus efforts on leading the firm’s management team and perfecting Blueprint’s service offering to continue its mission of delivering optimal solutions. In the role of chief vision officer, Gehl is primarily tasked with developing and executing the firm’s long-term growth …

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DevelopmentFloridaIndependent LivingNews

Zon Breaks Ground on 45-Unit Independent Living Community in Indian Harbour Beach, Florida

by Jeff Shaw

INDIAN HARBOUR BEACH, Fla. — Zon Management has broken ground on The Residences at Zon Beachside. The 45-unit independent living community is located in Indian Harbour Beach, which is on a barrier island east of Orlando. The property is scheduled to open in spring 2023. The development is an addition to the existing Zon Beachside Assisted Living & Memory Care campus, creating a continuum of care at the property.

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AcquisitionsActive AdultNewsOklahoma

Blueprint Brokers Sale of Three Active Adult Communities in Metro Oklahoma City

by Jeff Shaw

MOORE, MUSTANG and EDMOND, Okla. — Blueprint Healthcare Real Estate Advisors has brokered the sale of three active adult communities in the Oklahoma City suburbs of Moore, Mustand and Edmond. The seller was Walters Construction Co., which developed the properties between 2010 and 2021. The portfolio features 350 units, including a recent 35-unit expansion at the Moore community. With the exception of that expansion, the communities were fully occupied at the time of sale. The buyer and price were not disclosed.

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AcquisitionsInvestmentMemory CareNewsOklahomaTexas

1031 Crowdfunding Acquires Memory Care Portfolio as Opportunity Fund Reaches Full Subscription

by Jeff Shaw

IRVINE, Calif. — 1031 Crowdfunding, an Irvine-based real estate investing platform, has fully subscribed its $16.9 million 1031CF Portfolio 1 DST. This is the company’s sixth investment in senior living care facilities. The fund was used to acquire two memory care communities. Iris Senior Living is the operator of both properties, which are located in the Dallas-Fort Worth and Oklahoma City metro areas. The facilities include a combined 88 beds and 76 units, and are currently 91 percent occupied. 1031 Crowdfunding’s affiliate, 1031 CF Properties LLC, created the investments to …

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FeaturesNews

Seniors Housing Occupancy on the Mend, but NOI Trails, Say Industry CEOs

by Jeff Shaw

LOS ANGELES — After bottoming out at 78.7 percent in the second quarter of 2021, private-pay seniors housing occupancy has been on a slow, steady climb, according to data from the National Investment Center for Seniors Housing and Care (NIC). The most recent data — for the fourth quarter of 2021 — showed occupancy at 81 percent. However, the pace of recovery varies widely among individual markets, individual companies and even individual properties. “Some people are able to manage the turmoil. Some are even thriving, or at least doing pretty …

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FinanceNewsNorth DakotaSkilled Nursing

Preston Hollow Community Capital Arranges $78M Bond Financing for Skilled Nursing Facility in Bismarck, North Dakota

by Jeff Shaw

BISMARCK, N.D. — Dallas-based Preston Hollow Community Capital (PHCC) has arranged a $78 million, tax-exempt bond transaction for a skilled nursing facility in Bismarck. The borrower is Missouri Slope Lutheran Care Center, which built the property on its existing campus. The bonds were issued through Burleigh County. Colliers Securities underwrote the bonds. The bonds will provide permanent financing for the 192-bed facility. Missouri Slope undertook the project nearly eight years ago following a strategic planning session that identified the need for more private rooms, better parking and additional community services …

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AcquisitionsAssisted LivingIllinoisNews

New Perspective Acquires 100-Unit Arboria of Long Grove in Illinois

by Jeff Shaw

LONG GROVE, Ill. — Minnesota-based New Perspective, through its Purpose First Partners venture with Boldt Capital, has acquired Arboria of Long Grove, a seniors housing community in the Chicago suburb of Long Grove. The property will be rebranded New Perspective Long Grove. The building includes 60 assisted living apartments and 40 memory care apartments. New Perspective is managing and operating the Long Grove location. The company also operates a community in nearby Silvis.

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