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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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Company NewsNews

Industry Veteran Scott McCorvie Launches Vita Senior Living

by Jeff Shaw

ORLANDO — Senior living veteran Scott McCorvie has launched a new venture, Vita Senior Living. The Orlando-based company is looking for value-add acquisitions in Florida. “Vita is Latin for Life, and that’s exactly what our mission and purpose is each day — to improve lives, plain and simple,” says McCorvie, CEO of the new company. “Each investment includes a specific plan to update the design and aesthetic appeal. Even relatively minor changes to the FF&E, unit mix, lighting, technology and community amenities can make a huge impact to the resident’s …

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Active AdultDevelopmentFloridaNews

United Group Opens Clubhouse at $47.8M The Sovana at Stuart in Florida

by Jeff Shaw

STUART, Fla. — The United Group of Companies has opened the clubhouse at The Sovana at Stuart, an active adult community in Stuart. The opening of the  8,472-square-foot clubhouse is the first building to debut at the $47.8 million development. The opening celebration featured tours of the amenity spaces, including a fitness center, movie theater, salon, game room and lounge. The community features 182 units in a mix of one- and two-bedroom apartments.

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AcquisitionsCompany NewsNews

Furniture Company Henricksen Acquires Synergy Business Environments

by Jeff Shaw

ITASCA, Ill. — Henricksen, an Itasca-based contract furniture dealership specializing in office, healthcare, education, government, senior living and hospitality spaces, has acquired Synergy Business Environments. The acquisition will combine the companies’ strengths, product and industry knowledge, and commitment to client service to expand Henricksen’s presence. Synergy Business Environments has officially changed its name to Synergy, A Henricksen Company. Synergy Business Environments is a full-service contract furniture and architectural solutions company with offices in Nashville, Knoxville and Chattanooga, Tennessee. Synergy Business Environments and Henricksen share key manufacturer partnerships, including HNI, OFS, …

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Affordable HousingColoradoDevelopmentNews

TWG Plans $15.2M Residences at Delta Affordable Community in Colorado

by Jeff Shaw

DELTA, Colo. — TWG has unveiled plans for Residences at Delta, a $15.2 million affordable multifamily complex for seniors. Residences at Delta will be a two-story, 50-unit complex near Mountain View Park and Sweitzer Lake State Park. The project offers one-bedroom apartments reserved for seniors 62 years and older who earn up to 60 percent of the area median income (AMI). Constructed in partnership with Delta Housing Authority, the project seeks to bridge the generational gap between seniors, their families and youth in the community. Construction of the project is …

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Affordable HousingArizonaFinanceNews

Berkadia Arranges $92.8M in Financing for Affordable Senior Living Portfolio in Arizona

by Jeff Shaw

TUCSON, MESA and PHOENIX, Ariz. — Berkadia has secured a cross-collateralized pool financing on behalf of Arizona-based Christian Care Cos.’ Fellowship Square affordable senior living portfolio in Arizona. The 10-year, $92.8 million loan pool features a 65 percent loan-to-value ratio and three years of interest-only payments. Steve Ervin, Richard Price, Chris Cain and Rafael Nobo of Berkadia collaborated to secure the Freddie Mac permanent refinancing for the borrower. Nearly $89 million in high-interest-rate, first lien, tax-exempt bonds were redeemed with proceeds from the financing. The portfolio includes: Fellowship Square Tucson, …

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