NEW YORK CITY — Berkadia has provided a $22.6 million HUD-insured loan for Seagirt Seniors Housing, an affordable housing property located in the Far Rockaway neighborhood of Queens. The 12-story, 120,278-square-foot building was built in 1985 with 151 Section 8 apartment units and one employee unit. Laura Smith of Berkadia originated the financing, which was structured with a 35-year term and a 71 percent loan-to-value ratio, through HUD’s 223(f) program. The borrower, New York-based operator JASA, will use a portion of the proceeds to fund capital improvements. Planned upgrades include …
SAN BERNARDINO, Calif. — The Mogharebi Group (TMG) has arranged the sale of Bernardine Senior Independent Living in San Bernardino, approximately 57 miles east of downtown Los Angeles. A Los Angeles-based private investment group sold the community for $7.2 million, which equates to $102,000 per unit and $206 per square foot. The buyer was a private investment group based in the San Gabriel Valley. Bryan LaBar and Otto Ozen of TMG represented the seller. “Due to the low price per unit and high-quality construction, the buyer pool was large,” says …
COLUMBIA, S.C. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 72-unit assisted living community in Columbia. The property recently underwent a $1 million renovation and is located less than a mile from one of the area’s largest hospitals, the 557-bed Lexington Medical Center. An owner-operator acquired the property in an all-cash deal. The price and seller were not disclosed.
LIVERMORE, Calif. — KeyBank Real Estate Capital secured a $10.2 million fixed-rate loan to refinance debt on Livermore Healthcare, a skilled nursing facility in Livermore, located east of San Francisco Bay. KeyBank provided the funds through the Federal Housing Authority (FHA) 232/223(f) mortgage insurance program for Eagle Arc Partners, a health care real estate investment firm. The loan is structured with a fully amortizing, 35-year term. FHA loan proceeds were used to pay down an interim bridge loan. A KeyBank-led bank syndicate provided the original acquisition financing for a portfolio …
DALLAS — Seniors housing has shown strong resilience to the adverse impacts of the COVID-19 pandemic, with the vast majority of operators reporting pent-up investment demand and positive leasing trends in the first half of 2021, according to the CBRE U.S. Seniors Housing & Care Investor Survey. The Dallas-based firm sends out the survey twice a year to investors, developers, lenders and brokers throughout the United States. Responses closed in February, and the number of respondents was not disclosed. Investors responding to the survey indicate significant investment growth is likely …
BEND, Ore. — G5, a Bend-based digital marketing software and services platform for senior living communities, has hired Steve Wright as sales director for senior living. “Steve’s experience with senior living providers in both the nonprofit and for-profit space is a huge asset to G5,” says Doug Johnson, chief revenue officer. “He’s a well-respected industry veteran who understands the true digital marketing needs of our senior living customers.” Wright has spent the last 30 years in the seniors housing space, both as a provider and consultant to owners and operators. …
SARASOTA, Fla. — The United Group of Companies has received a $48 million construction loan from Trez Capital, with the funds used to build The Alloro at University Groves. Located in the coastal Tampa suburb of Sarasota, the community will feature 183 units of what the developer calls “independent living lite,” a bridge between active adult and independent living. Units are restricted to those age 55 and older. Units will vary in size between 708 and 2,232 square feet. A 15,210-square-foot clubhouse will serve as the center of the community. …
SHAKER HEIGHTS, Ohio — Confluent Senior Living and Harbor Retirement Associates (HRA) have broken ground on a 106,698-square-foot assisted living and memory care community in Shaker Heights, a suburb of Cleveland. Representing the first project of its kind to break ground in this city within the past 20 years, HarborChase of Shaker Heights will address the unmet demand among local residents for this housing option. The three-story community will offer 108 licensed senior living units, comprising 80 apartments for assisted living and 28 units for memory care residents. The community …
NEW YORK CITY — Dwight Capital, a New York-based firm, provided $234.2 million in seniors housing and healthcare financings during second-quarter 2021. Dwight closed a $94.3 million HUD loan for The Village at Gainesville, a 651-bed senior living community located in Gainesville, Florida. The gated property is situated on a 104-acre campus and offers assisted living, memory care and skilled nursing services. The refinancing closed as the largest healthcare 232(a)(7) loan in HUD’s history to date, according to Josh Sasouness, who originated this transaction. In a separate transaction, Clint Miller …
MCKINNEY, Texas, and OCEANPORT, N.J. — The Proveer Senior Living family of companies has formed a joint venture with real estate investment firm East Gate Alliance to form a seniors housing acquisition pipeline. The two groups have been working collaboratively since earlier this year developing a partnership that also provides multiple lines of credit for pre-closing deal costs, due diligence expenses, and corporate overhead, as well as access to working capital for multiple years. “We interviewed several owner-operators in the seniors housing space before ultimately choosing to partner with Proveer,” …