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DevelopmentIndianaNews

New City Development Unveils Plans for $300M Mixed-Use Project in Indiana to Include Seniors Housing

by Jeff Shaw

PLAINFIELD, IND. — A partnership led by Indianapolis-based New City Development has unveiled plans for Hobbs Station, a $300 million mixed-use project in Plainfield, about 19 miles southwest of Indianapolis. Hobbs Station will be located on a 125-acre site just off U.S. Highway 40. At full build-out, Hobbs Station will feature 240 single-family homes, 650 multifamily units, 120 seniors housing residences, 70,000 square feet of retail and restaurant space, 540,000 square feet of logistics space and 200,000 square feet of build-to-suit office space. Phase I of the project will consist …

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ArizonaDevelopmentNews

Civitas Nears Completion of 212-Unit The Bluffs at Flagstaff in Arizona

by Jeff Shaw

FLAGSTAFF, Ariz. — Fort Worth-based operator Civitas Senior Living is nearing completion of The Bluffs of Flagstaff, with a tentative opening date of April 2022. The Bluffs of Flagstaff is a 210,572-square-foot, three-story assisted living and four-story independent living campus. The property features123 independent living, 64 assisted living and 25 memory care residences. Janet Mars will be executive director of the community. The architect is Kaas Wilson, contractor is Greenberg Construction and the designer is Senior By Design.

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CaliforniaFinanceNewsSkilled NursingUtah

Walker & Dunlop Arranges $77M in Financing for 848-Unit Skilled Nursing Portfolio

by Jeff Shaw

UTAH and CALIFORNIA — Walker & Dunlop has structured $77.1 million in financing for two large skilled nursing portfolios totaling ten properties and 848 units. The Cascades Portfolio, located throughout Utah, totals seven properties and 693 units. The Rollins-Nelson Portfolio includes three properties and 155 units located in Englewood, Long Beach and Perris, California. Walker & Dunlop’s Kevin Giusti, Brian Neal and Andrew Westling arranged the transactions. The team utilized three different capital solutions for the Cascades Portfolio, including financing through the Department of Housing and Urban Development (HUD), a …

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Company NewsNewsPeople

Presbyterian Senior Living CEO Jim Bernardo to Retire at End of Year

by Jeff Shaw

DILLSBURG, Pa. — Presbyterian Senior Living (PSL) has announced that James Bernardo, president and CEO, will retire at the end of 2022. Bernardo has been employed at PSL for 37 years, serving in a number of positions from executive director to chief operating officer and for the last three years as president and CEO. During his long career in aging services, Bernardo also served on the board of directors of LeadingAge, as the association’s treasurer, and past chair of its membership and education committees, in addition to serving as past …

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Affordable HousingDevelopmentKeyBankNewsNorth Carolina

KeyBank Provides $48M in Financing for Affordable Development in Charlotte

by Jeff Shaw

CHARLOTTE, N.C. — KeyBank Real Estate Capital (KBREC) has provided a $14.3 million construction loan, $8.4 million equity bridge loan and $13.3 million Fannie Mae loan for the development of Eastway Park Apartments in Charlotte. The community will feature 132 age-restricted units for those 55 years of age or older, with income ranging from 30 to 80 percent of area median household income. The property will be subject to an agreement ensuring ongoing affordability for at least 30 years. The developer is Harmony Housing. Forty of the one-bedroom units will offer …

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Affordable HousingCaliforniaFinanceNews

Grandbridge Funds $30.4M Loan for Sunset at Normandie Towers Affordable Community in Los Angeles

by Jeff Shaw

LOS ANGELES —Grandbridge Real Estate Capital has provided a $30.4 million first mortgage loan secured by Sunset at Normandie Towers, a 148-unit Section 8 senior living facility in Los Angeles. Artin Anvar originated the refinancing transaction through HUD’s 223(f) loan insurance program. The loan features a 35-year term and 35-year amortization. “The owners of Sunset Normandie were able to lock a very low fixed rate for 35 years allowing for the preservation of the much-needed affordable housing in Los Angeles,” says Anvar. “As a repeat HUD borrower they were able …

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AcquisitionsNewsOhioSkilled Nursing

Blueprint Brokers $145M Sale of Skilled Nursing Portfolio in Ohio

by Jeff Shaw

OHIO — Blueprint Healthcare Real Estate Advisors has arranged the sale of 17 skilled nursing facilities in Ohio for $145 million. The seller was joint venture between an Ohio-based operator and an investment partner, which acquired the portfolio in 2018. The seller was an East Coast-based owner-operator. The portfolio historically has been stabilized with over $100 million in yearly revenue, but saw performance decline due to COVID-19. While further details on the properties were not disclosed, the per-bed price of $73,000 equates to nearly 2,000 beds across the portfolio.

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FinanceNews

BMO Harris Arranges $380M Credit Facility for 15-Property Seniors Housing Portfolio

by Jeff Shaw

CHICAGO — BMO Harris Bank’s Healthcare Real Estate Finance group acted as the lead arranger and administrative agent on a portfolio term loan refinancing facility in excess of $380 million for 15 seniors housing communities throughout the U.S. Five five premier regional operating partners operate the communities, which total over 1,700 units of independent living, assisted living and memory care. The borrower was not disclosed. Chicago-based BMO partnered with Capital One to form the syndicate for the facility.

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DevelopmentFloridaNews

Arbor Plans 187-Unit Community in Delray Beach, Florida

by Jeff Shaw

DELRAY BEACH, Fla. — The Arbor Company has unveiled plans for The Arbor at Delray, a 187-unit seniors housing community in Delray Beach. The luxury-style community, which is slated to open in early 2023, will feature 89 independent living apartments, 76 assisted living apartments and 22 memory care residences. The Arbor at Delray is a development of Alliance Residential Co. Arbor, which operates six other senior living communities in Florida, will operate the community when it opens. Eric Francese, a senior living professional in the local area for more than …

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Assisted LivingDevelopmentNew YorkNews

Chelsea Senior Living Opens Assisted Living Expansion in Yaphank, New York

by Jeff Shaw

YAPHANK, N.Y. — Chelsea Senior Living has opened the assisted living and memory care expansion at The Chelsea at Brookhaven in the Long Island hamlet of Yaphank. While community’s independent living portion has been open for the past two years, the assisted living and memory care building next door recently received licensing approval from the state. The community is surrounded by residential housing, shopping, a hotel and various new builds. The number of units was not disclosed.

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