MICHIGAN — Northland Networks, a debt placement agent that finances senior living projects through a network of community banks, has arranged financing for a portfolio of three skilled nursing facilities in Southeast Michigan. The communities total 250 beds, which the loan represents a 65 percent loan-to-value ratio. “Community banks across the country are sitting on record sums of cash with nowhere to put it,” says Seth Kahn, managing director of Northland Networks. “Participating in senior living loans is an attractive option for many of these banks who, in the past, …
NORWELL, Mass. — Anthemion Senior Lifestyles has named Maria Lastoria the executive director of The Cordwainer, a memory care community scheduled to open in 2022 in the Boston suburb of Norwell. Lastoria has more than 30 years’ experience in senior living, and was recently named Executive Director of the Year by the Massachusetts Assisted Living Association. Lastoria previously served as regional director of operations overseeing six senior living communities in New England and has held several executive director roles within assisted living, memory care and luxury independent living communities. In …
MCKINNEY, Texas — JLL Capital Markets has arranged a $37.5 million refinancing for Hidden Springs of McKinney, a 194-unit independent living, assisted living and memory care community in McKinney, a growing submarket in the Dallas-Fort Worth area. The borrower was a joint venture between CREC Real Estate and Madison Marquette. A life insurance company provided the non-recourse, fixed-rate loan, which features a five-year term with extension options. Completed in 2020, Hidden Springs of McKinney is approximately 30 miles northwest of Dallas anf 15 miles west of Frisco. Joel Mendes and …
BELLEVUE, Wash. — Aegis Living, a Bellevue-based owner-operator, has promoted Sandra Preyale from chief people officer to president. In her new role, Preyale will oversee operations and strategies for new properties in development, including two new communities expected to open later this year. As CPO, she developed and launched Aegis University to grow talent from within, created a centralized recruiting team to maintain lower-than-average industry turnover and was helped the leadership team navigate through the pandemic. Preyale has more than 30 years of experience as an executive leader in global …
CHICAGO — Evans Senior Investments (ESI) has arranged the sale of a portfolio of three skilled nursing facilities in Massachusetts. An independent owner-operator seeking to exit long-term care sold the properties to Eagle Arc Partners, an institutional buyer, for $42.5 million, or $111,000 per functional bed/unit. The portfolio totals 384 licensed skilled nursing beds (359 functional beds). All three communities were located eight to 10 miles north of downtown Boston and have a five-star rating from Medicare. During the time of marketing, occupancy was 80 percent across the portfolio, with …
MAITLAND, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Savannah Grand of Maitland, a 98-unit assisted living and memory care community in the Orlando suburb of Maitland. The community was built in 1998. A publicly traded REIT sold the asset to a regional owner-operator for an undisclosed price. The buyer has planned renovations to the asset. Bradley Clousing and Daniel Geraghty handled the transaction in SLIB. “This will be an excellent addition to the buyer’s portfolio,” says Clousing. “They will be able to utilize their construction …
LOMBARD, Ill. — Lifespace Communities has appointed Dan Bannon as executive director of Beacon Hill retirement community, a senior living community located in the Chicago suburb of Lombard. Bannon has extensive hospitality and senior living experience. He most recently served as executive director for Marian Village and Franciscan Village in the Chicago area. Bannon earned his bachelor’s degree in business administration from the University of Saint Francis in Joliet.
PONTE VEDRA, Fla. — CBRE has arranged a $37.2 million cash-out refinancing for Starling at Nocatee, a 140-unit independent living community in Ponte Vedra, a coastal suburb of Jacksonville. The community was built in 2019 and sits on a 6.5-acre site in the heart of Nocatee, a 15,000-acre master planned. The location is within walking distance of the Nocatee Town Center and directly across from the Splash Water Park, Nocatee’s signature amenity. CBRE originated a seven-year, floating-rate loan with three years of interest-only payments through its Freddie Mac OPTIGO lending …
CHICAGO — Evans Senior Investments (ESI), a Chicago-based broker, has assisted a Louisiana-based owner-operator in its exit from the long-term care industry. The portfolio consisted of three separate transactions for all five of the seller’s communities. The combined purchase price for all three transactions was $99 million, or $137,000 per functional bed/unit. Four of the five communities were built between 1996 and 2011, and the vast majority of beds were private resident rooms. The first tranche of the portfolio consisted of one skilled nursing facility located in Rayne, Louisiana. The …
CHARLOTTE, N.C. — Arden, a new brand of 55-plus active adult communities, has unveiled plans to build its first four properties in metro Charlotte. All four developments are scheduled for groundbreaking in 2022. Arden has further plans to expand the brand across the Southeast. “We are excited to offer a new option for active adults that offers the perks of age-qualified living at rates more consistent with traditional multifamily housing apartment homes,” sais Jim Lindsey, managing partner with Arden. “In doing this, we hope to open up the benefits of …