KAILUA-KONA, Hawaii — Berkadia Seniors Housing & Healthcare has provided a $16.6 million refinancing for a 123-unit assisted living community in Kailua-Kona, located on the west coast of the Hawaii Island. Jay Healy secured the 35-year loan through HUD’s 232/223(f) program. The financing retired an $11.7 million Berkadia bridge loan funded in August 2017 to facilitate the acquisition and subsequent $4.5 million renovation completed in early 2020. The borrower was also able to utilize HUD loan proceeds to pay off the remaining balance of the unsecured seller financing, as well …
CHARLOTTE, N.C. — HJ Sims has arranged a $44 million refinancing for Aldersgate United Methodist Retirement Community, a continuing care retirement community in Charlotte. Sims partnered with Aldersgate in 2019 with a financing for Generations at Shalom Park. In 2020, Sims identified a refunding opportunity for Aldersgate’s outstanding 2013 bonds. In 2017, the Tax Cuts and Jobs Act (TCJA) eliminated advance refundings using tax-exempt municipal bonds. Therefore, Sims utilized Cinderella Bonds, which would be taxable until the optional redemption date, after which the bonds would convert to tax-exempt, complying with …
SARATOGA SPRINGS, N.Y. — Axiom Capital LLC has arranged a $17.4 million loan for the refinancing of a 178-unit independent living community located in the Upstate New York city of Saratoga Springs. Units at the property, which was built on 14 acres in the late 1990s, feature stainless steel appliances and enclosed balconies. Amenities include a bank branch, a full-service restaurant, library, fitness facility with steam and sauna, health spa and unisex salon, lounges, putting green and an arts and crafts studio. An undisclosed life insurance company provided the nonrecourse …
ATLANTA — Isaakson Living has hired Brandon O’Ree as the new executive director of The Terraces at Peachtree Hills Place, an assisted living, memory care, skilled nursing and short-term rehabilitation community in Atlanta’s upscale Buckhead neighborhood. O’Ree will be responsible for daily operations, including management, staffing and regulatory compliance of the 85-unit community. O’Ree has previously led teams at continuing care retirement communities (CCRCs) and senior healthcare facilities throughout the Southeast, including recently directing the daily operations for three properties encompassing 111 independent living apartments, 131 assisted living apartments and …
CHICAGO — Ryan Cos. US Inc. has topped off Clarendale Six Corners, a $117 million senior living community on the Northwest Side of Chicago. Construction of the 10-story, 258-unit project began in January. Completion is slated for fall 2022. Ryan is serving as developer, architect, builder and capital markets partner. Ryan owns the project in a joint venture with LCS and Harrison Street. LCS will handle the day-to-day operations and Ryan will provide asset management services. The 258 units will comprise independent living, assisted living and memory care residences, including …
INDIAN LAND, S.C. — OREC Securities LLC, doing business as Lument Securities, has arranged a $22.8 million bond placement to fund the construction of The Retreat at Indian Land, a seniors housing community in Indian Land. Located along the North Carolina-South Carolina border near Charlotte, the project will feature 87 units of independent living, assisted living, memory care and respite care. The borrower is Whitehall Senior Living, which is developing the property. The operator will be Phoenix Senior Living. Kevin Oakley, director for Lument in the Southeast, led the finance …
KIRKLAND, Wash. — Aegis Living has opened its second community in 2021, Aegis Living Kirkland Waterfront in Kirkland. The 98,000-square-foot development will feature 106 units of assisted living and memory care. Aegis currently has six other communities in development in Seattle and California. “Heading into 2020, we set aggressive goals to double in size over the next decade,” says Dwayne Clark, founder, CEO and chairman of Aegis Living.
OCALA, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a three-community, 144-unit assisted living portfolio in the Ocala metro area. The Belleview and 24th Road communities provide memory care services and consist of 41 units and 42 units respectively; the Deerwood community provides assisted living services and consists of 61 units. The Hampton Manor portfolio will provide the existing operator a fee-simple ownership within its existing operating platform. The buyer, seller and price were not disclosed. Bradley Clousing and Jeff Binder handled the transaction (SLIB).
BONITA SPRINGS, Fla. — Discovery Senior Living, an owner-operator based in Bonita Springs, has appointed Akash Gaur as the first-ever division president to head up Discovery Development Group and Discovery Design Concepts, the senior living provider’s in-house development, construction and design companies. Gaur brings more than 20 years of real estate development and leadership experience. He has directed a wide range of commercial, mixed-use and hospitality projects on behalf of prominent, Atlanta-based development groups. He most recently served as director of development for Legacy Ventures, a post he occupied since …
DES MOINES, Iowa, and LINCOLN, Neb. — Immanuel Communities has acquired two Lifespace retirement communities: Deerfield in Des Moines and Grand Lodge at the Preserve in Lincoln. Immanuel Communities and Lifespace Communities are both nonprofit senior living organizations. The acquisition of these communities extends Immanuel’s Midwest commitment to Iowa and Nebraska while allowing Lifespace an opportunity to continue focusing on geographic regions where it currently has multiple communities. Deerfield and Grand Lodge at the Preserve join Immanuel’s existing Signature Communities (Lakeside, Lakeside Lofts and Pacific Springs in Omaha and The …