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CBRE Arranges Refinancing for 216-Unit The Springs at Lake Oswego in Oregon

by Jeff Shaw

LAKE OSWEGO, Ore. — CBRE National Senior Housing has arranged a refinancing for The Springs at Lake Oswego, a 216-unit independent living, assisted living and memory care community in Lake Oswego. The borrower is a joint venture between Harrison Street and The Springs Living. Aron Will, Austin Sacco and Tim Root arranged the non-recourse, four-year, floating-rate loan with three years of interest-only payments through a national bank CBRE previously arranged construction financing for the community in 2017. The amount was not disclosed. The community opened in 2019 in a highly …

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CaliforniaConnecticutFinanceMarylandNewsSkilled NursingWashington

Berkadia Originates $47M Financing for Five Skilled Nursing Facilities

by Jeff Shaw

CHARLESTON, S.C. — Berkadia Seniors Housing & Healthcare has arranged $47 million in financing for five skilled nursing facilities across the country. Jay Healy secured the financing on behalf of multiple borrowers. In the first loan, Berkadia arranged the HUD refinancing of a 40-bed, Medicare-only skilled nursing facility in Sacramento. The $14.5 million, 48 percent loan-to-value financing retired the construction debt and covered transaction costs for the California-based client. The facility was constructed in June 2018, but did not receive its Medicare certification until August 2019. Occupancy at the time …

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NewsOperations

Transforming Age Names Jeff Slichta as Executive Vice President of Housing, Hospitality

by Jeff Shaw

BELLEVUE, Wash. — Transforming Age, a nonprofit operator based in Bellevue, has hired Jeff Slichta as executive vice president of housing and hospitality. Slichta brings more than 25 years of senior living leadership experience and joins Transforming Age after 10 years with Sunrise Senior Living where he held the role of senior vice president of housing for the West Division. He was responsible for 150 senior living communities, 15,000 residents and 13,000 team members. Slichta joins Transforming Age at an time of growth in the organization’s 64-year history. Last week …

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Affordable HousingDevelopmentIndianaNews

Evergreen Plans 120-Unit Green Oaks of Valparaiso Affordable Community in Indiana

by Jeff Shaw

VALPARAISO, Ind. — Evergreen Real Estate Group has secured financing for Green Oaks of Valparaiso, a three-story, 120-unit assisted living community for low-income seniors in Valparaiso, approximately 45 miles southeast of Chicago. Development costs are estimated at $30 million. Evergreen Construction Co., a division of Evergreen Real Estate Group, will serve as general contractor on the development and plans to begin preliminary site work this month. Construction is scheduled for completion in early 2023. The project will offer 48 studio and 72 one-bedroom apartments, all of which will be reserved …

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AcquisitionsArizonaFinanceNews

Cushman & Wakefield Arranges Acquisition, Recapitalization of Acoya Mesa in Arizona

by Jeff Shaw

MESA, Ariz. — Cushman & Wakefield, as exclusive advisor to EverWest Real Estate Investors, Ryan Cos. US Inc. and Cadence Living, has arranged the acquisition and recapitalization of Acoya Mesa, a Class A seniors housing community in the Mesa suburb of Phoenix. The property was purchased for $46.3 million by a global real estate investment manager that will retain Ryan and Cadence Living to continue operating the community. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker and Jack Griffin represented the seller and procured the buyer. The …

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AcquisitionsAssisted LivingLouisianaNewsVirginia

Quality Senior Living Partners Sells Two Communities in Louisiana, Virginia

by Jeff Shaw

HARAHAN, La., and CHARLOTTESVILLE, Va. — Quality Senior Living Partners (QSLP), a LongueVue Capital portfolio company, has sold two senior living communities: The Blake at Colonial Club in Harahan and The Blake at Charlottesville in Charlottesville. Each community features 118 units of assisted living and memory care. The buyer and price were not disclosed. In 2017, LongueVue partnered with the team of senior living industry executives at QSLP, a Pensacola, Fla.-based developer, owner and operator of upscale senior housing communities, to expand its resort-style communities to underserved markets.

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AcquisitionsNewsOhioSkilled Nursing

Blueprint Negotiates Sale of Five Skilled Nursing Facilities in Ohio

by Jeff Shaw

OHIO — Blueprint Healthcare Real Estate Advisors has arranged the sale of five skilled nursing facilities, four in Northwest Ohio and the remaining property southeast of Columbus. The five facilities were originally built throughout the 1980s and 1990s and had recently struggled with occupancy across the portfolio. Acquired as part of a larger portfolio transaction in 2017, the private equity owner and its operating partner decided to pursue a strategic exit. An Ohio-based regional owner-operator purchased the assets for an undisclosed price.

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FinanceM&T Realty Capital CorporationNewsPeople

M&T Realty Capital Corp. Promotes Michael Edelman to President

by Jeff Shaw

BALTIMORE — In an expansion of its current leadership team, Baltimore-based M&T Realty Capital Corp. has promoted Michael Edelman, previously group vice president, to president of the organization. In this new role, Edelman will report directly to CEO Michael Berman. He will be responsible for external customer and capital relationships, including continuing his previous work leading the organization’s relationships with Fannie Mae and Freddie Mac. Edelman, a six-year veteran of M&T, will also focus on growing the FHA and life co-placement platforms as well as enhancing M&T Realty Capital Corp.’s …

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CCRCFinanceHawaiiNews

Ziegler Arranges $52M Bridge Loan for Kalakaua Gardens in Honolulu

by Jeff Shaw

HONOLULU — Ziegler has arranged a bridge loan placement totaling $52 million for Kalakaua Gardens, a continuing care retirement community in Honolulu. The property features 164 units of independent living, assisted living, memory care and skilled nursing. The borrower is Island Paradise Investments (IPI). IPI opened Kalakaua Gardens in late 2016. The community is situated at the gateway to Waikiki within the lively Ala Moana enclave and in close proximity to several hospitals and medical clinics. The community was built for ohana-style living, where residents are encouraged to live and …

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AcquisitionsNewsSkilled NursingTexas

SLIB Negotiates $39M Sale of Four-Property Skilled Nursing Portfolio in South Texas

by Jeff Shaw

WHARTON, EL CAMPO, SCHULENBURG and YOAKUM, TEXAS — Senior Living Investment Brokerage (SLIB) has negotiated the sale of four skilled nursing facilities in South Texas. The properties total 466 beds across 112,000 square feet on 11.5 acres. Located in Wharton, El Campo, Schulenburg and Yoakum — between San Antonio and Houston — all four facilities are within 70 miles of each other. A regional owner-operator looking to consolidate its portfolio sold the properties for $39 million. The buyer is a Chicago-based owner-operator looking to expand in Texas. Matthew Alley of …

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