JACKSONVILLE, Fla. — Validus Senior Living has opened Inspirations at Town Center, a 169-unit independent living community in Jacksonville. Located on 12.1 acres, the property features one- and two-bedroom options. Inspirations at Town Center is part of an ongoing relationship with Baxter Development LLC, a multi-generational, Iowa-based real estate development company.
PORTLAND, Ore. — M&T Realty Capital Corp. has arranged a $20 million FHA-insured loan to refinance a 98-unit memory care facility in Portland. The loan was completed under the U.S. Department of Housing and Urban Development (HUD) Federal Housing Authority (FHA) 232/223(f) program. At a 80 percent loan-to-value ratio, the non-recourse, 35-year, fully amortizing loan with a fixed interest rate below 2.4 percent refinanced M&T Realty’s bridge loan. Located within a designated Opportunity Zone, the FHA application was given priority treatment within the FHA queue resulting in the bridge loan …
SAN ANTONIO — Merchants Capital has arranged $102 million in combined debt and equity financing to support the redevelopment of Granada Homes, a historic affordable housing property located along the River Walk in the heart of downtown San Antonio. Originally constructed in 1927 as the Plaza Hotel, the property is currently a mixed-use, 14-story high-rise housing the low- and very-low-income senior population. The financing for the project includes a $43 million Merchants Bank of Indiana construction loan and $35 million in Merchants Capital syndicated tax credit equity. Merchants Capital also …
MEMPHIS, Tenn. — Sagestone Partners and The Arbor Company have unveiled plans for Opus East Memphis, a senior living facility in Memphis. The 237-unit community is scheduled to welcome residents in early 2023. Opus East Memphis will feature 47 cottages, 107 independent living apartments, 63 assisted living apartments and 20 memory care residences.
LA PUENTE, Calif. — Meta Housing Corp., Western Community Housing Inc. and the City of La Puente have opened Arboleda Senior Apartments, an affordable, 74-unit multifamily community for adults age 62 years and older. The property features one- and two-bedroom units with rents ranging from 40 percent to 70 percent below market rate. Meta Housing partnered with Bank of America, California Community Reinvestment Corp., Los Angeles County Development Authority and the California Tax Credit Allocation Committee to finance the project.
SEATTLE — M&T Realty Capital Corp. has funded a $20 million Freddie Mac Optigo conventional loan to refinance a 90-unit, 92-bed seniors housing property located in the Seattle metro area. The non-recourse loan carries a 10-year term, fixed interest rate, five years of interest-only payments and a 30-year amortization period. The property maintained healthy occupancy during the COVID-19 pandemic and occupancy had climbed above 91 percent at the time of closing. The property features a mix of independent living, assisted living and memory care units. Steve Muth of M&T Realty …
THE WOODLANDS, Texas — Ziegler has arranged $116.1 million in bond financing for Methodist Retirement Communities (MRC), a nonprofit owner-operator based in the Houston suburb of The Woodlands. The borrower owns 13 seniors housing communities throughout Texas. The transaction brings The Crossings and Crestview under the same financing structure as four other MRC communities, while refinancing that debt. The bonds are privately placed with Truist Bank and Hancock Whitney Bank.
ATLANTA — Greystar has opened Overture Powers Ferry, an active adult community in Atlanta. The property is located near The Battery, a popular development surrounding the new Atlanta Braves baseball stadium. The number of units was not disclosed. “Overture Powers Ferry provides the perfect location for someone seeking to become a member of an active community located in the heart of Cumberland near shopping, dining and entertainment with easy access to the main freeways,” says Malcolm Bemba-Kaye, regional property manager said. Floorplans come in one- and two-bedroom options.
NEW YORK CITY — RKTB Architects has completed Phoenix Estates II, a multifamily residence for families and seniors in the Hunts Point neighborhood of the Bronx. The eight-story, mixed-use complex features 108 studio, one-, two and three-bedroom units, 48 of which are reserved for seniors. Mutual Housing Association of New York (MHANY) and Nos Quedamos developed the 102,000-square-foot residence. All of the units are designated as affordable, and units for seniors are distributed throughout the building rather than grouped together, which the developers hope lead to intergenerational interactions. “The inclusion …
CARLSBAD, Calif. — Integral Senior Living, an operator based in Carlsbad, has been selected to manage five senior living communities in Utah and Southern California. The properties include: Escalante at Draper in Draper, Utah, owned by MedCore Partners. Meadow Gardens of Menlo Park in Menlo Park, Calif., owned by Griffin-American Healthcare REIT III. Vista Terrace of Belmont in Belmont, Calif., owned by Griffin-American Healthcare REIT III. The Palms at La Quinta Assisted Living and Memory Care in La Quinta, Calif., owned by Columbia Pacific Advisors. The Palms at Bonaventure Assisted …
