LINCOLNSHIRE, Ill. — Cambridge Realty Capital Cos. has provided an $11.3 million HUD-insured loan for The Ponds of Wealshire, a 116-unit assisted living facility in the Chicago suburb of Lincolnshire. “The loan was underwritten by Cambridge Realty Capital Ltd. of Illinois, our specialists in FHA-insured HUD loans,” says Jeffrey Davis, Cambridge chairman. The facility provides rehabilitation services, respite care and progressive memory care. The loan refinancing existing debt.
OREGON — Blueprint Healthcare Real Estate Advisors has brokered the sale of a memory care portfolio in Oregon. Built between 1999 and 2014, the portfolio consists of seven 15-unit buildings located in secondary markets along the I-5 Interstate. While historically operating near stabilized levels generating gross revenue of $6 million, performance declined in late 2021 during the COVID-19 pandemic. Occupancy at closing was approximately 85 percent. The seller is retiring and selling off all its assets. The buyer is a regional operator specializing in memory care. The price was $15.9 …
BALTIMORE — Erickson Senior Living, a Baltimore-based developer and manager of continuing care retirement communities (CCRCs), has hired Christian Sweetser as chief financial officer (CFO). Sweetser will oversee the planning, implementation and direction of Erickson Senior Living’s fiscal function and performance. This includes participating in the development of the company’s strategic plans and programs while evaluating and advising on long-range plans, as well as providing financial and trend analysis. Prior to joining Erickson Senior Living, Sweetser most recently served as CFO of Silverado, an Irvine, California-based memory care company. Before …
PORT CHARLOTTE, Fla. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Parkside Assisted Living and Memory Cottage, a 65-unit, 94-bed seniors housing community in Port Charlotte. The community was developed by a local neurologist and managed by his family upon his death in early 2017. Opening in October 2017, Parkside Assisted Living and Memory Cottage reached 62 perent occupancy prior to the pandemic. Occupancy decreased through 2020 and reached its low at the end of 2021. The building has three floors with …
CENTRALIA, Wash. — MedCore Partners has sold Cooks Hill Manor, a 72-unit assisted living community in Centralia, Washington. “This was a strategic disposition for MedCore and its investors as we continue to build and capitalize our value-add seniors housing acquisition portfolio in multiple markets across the United States,” says Anthony Fulco, director of acquisitions. “This was a profitable disposition for us as the seller and will be a great project for the buyer going forward.” said Anthony Fulco, Director of Acquisitions. Tony Cassie at Walker Dunlop arranged the transaction. The …
New City Development Unveils Plans for $300M Mixed-Use Project in Indiana to Include Seniors Housing
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 …
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.
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 …
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 …
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 …