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CCRCDevelopmentFinanceFloridaNews

Ziegler Arranges $115.6M Bond Financing for Vicar’s Landing CCRC Expansion in Ponte Vedra Beach, Florida

by Jeff Shaw

PONTE VEDRA BEACH, Fla. — Ziegler has arranged $115.6 million in bond financing for Vicar’s Landing, a continuing care retirement community in Ponte Vedra Beach, approximately 20 miles southeast of Jacksonville. Vicar’s Landing was developed in 1983. It sits on a 24.3-acre site within Sawgrass, a 4,800-acre private resort and residential community. The larger master-planned Sawgrass community features four adjacent golf clubs, TPC Sawgrass, the Sawgrass Marriott Resort, a shopping center and other residential and recreational amenities. Vicar’s Landing features 227 independent living units, 38 assisted living apartments and 60 …

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FeaturesNews

New Supply Puts Brakes on Occupancy Recovery in Private-Pay Seniors Housing

by Jeff Shaw

ANNAPOLIS, Md. — Private-pay seniors housing occupancy remained flat in the second quarter of 2021, holding at 78.7 percent, according to new NIC MAP data, powered by NIC MAP Vision. Though COVID-19 cases in senior living properties dropped significantly in the last quarter, occupancy has not turned the corner, largely due to new inventory coming online. That’s according to new data from the National Investment Center for Seniors Housing & Care (NIC), an Annapolis-based nonprofit firm that tracks industry data gathered from 31 primary metropolitan markets. Private-pay seniors housing comprises independent living, assisted living and memory care. …

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Assisted LivingDevelopmentNew YorkNews

Capitol Seniors Housing Opens 80-Unit Atria New City in New York

by Jeff Shaw

NEW CITY, N.Y. — Capitol Seniors Housing has opened Atria New City, an assisted living and memory care community in the affluent hamlet of New City in within the town of Clarkstown, approximately 30 miles north of Manhattan. The three-story, 70,000-square-foot community features 80 residential apartments. Atria Senior Living will operate the property. Meyer Senior Living Studio designed the project.

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CaliforniaNewsOperations

Blueprint Arranges Operator Transfer in Culver City, California

by Jeff Shaw

CULVER CITY, Calif. — Blueprint Healthcare Real Estate Advisors has arranged a management transition at an independent living and assisted living community in Culver City, a suburb of Los Angeles. Blueprint negotiated a third-party management agreement with an operator looking to expand its regional footprint within the state. Details on the owner and name of the property were not released.

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FinanceNewsPeople

Greystone Hires Karen Ford as Vice President for FHA Lending

by Jeff Shaw

NEW YORK CITY — Greystone, a New York-based commercial real estate finance company, has hired Karen Ford as a vice president on the FHA lending team. Based in Mississippi, Ford will serve with Lisa Anderson, managing director for FHA lending. She will report to Field Springer, head of operations, FHA multifamily lending at Greystone. Ford has worked in the FHA multifamily and healthcare loan industry for over 30 years. Prior to joining Greystone, she served as executive vice president and chief operating officer at Love Funding. She also previously served …

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AcquisitionsCCRCNewsWisconsin

Lifespace Communities Acquires 257-Unit Newcastle Place CCRC in Metro Milwaukee

by Jeff Shaw

MEQUON, Wis. — Lifespace Communities has acquired Newcastle Place, a 257-unit continuing care retirement community (CCRC) in Mequon. The seller and price were not disclosed. The acquisition of Newcastle Place, located in a suburb of Milwaukee on Lake Michigan’s western shore, brings Lifespace’s family of continuing care communities to 16. Newcastle Place, which sits on 52 acres, joins six other Lifespace communities in the Midwest. Lifespace, based in West Des Moines, Iowa, is one of the nation’s largest nonprofit owners and operators of CCRCs.

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Active AdultDevelopmentIllinoisNews

TWG to Develop $62.4M Active Adult Community in Naperville, Illinois

by Jeff Shaw

NAPERVILLE, Ill. — TWG has unveiled plans to develop McDowell Point, a $62.4 million active adult community in the Chicago suburb of Naperville. The project is Indianapolis-based TWG’s first development in the greater Chicago area as well as its first active adult community in the state of Illinois. The property will rise five stories and span 347,000 square feet. The 174 units will range in size from one-bedrooms to three-bedrooms. Of the total units, 80 percent will be reserved for residents age 55 and older. More than 6,000 square feet …

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AcquisitionsFloridaNews

Alta Senior Living Buys 175-Unit Waterside Landing Community in South Florida, Plans $6.5M Renovation

by Jeff Shaw

MARGATE, Fla. — Alta Senior Living has acquired Waterside Landing, a 175-unit independent and assisted living community in Margate, approximately 40 miles north of Miami. Alta will both own and operate the property. The seller and price were not disclosed. Over the next 12 months, Alta Senior Living plans to invest another $6.5 million in renovation capital to further enhance the community and convert 22 units on the first floor from assisted living to secured memory care. “Waterside Landing is exactly the type of acquisition opportunity we’re seeking right now,” …

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AcquisitionsAffordable HousingIllinoisNews

AHIB Arranges $8.8M Sale of Affordable Senior Living Community in Lyons, Illinois

by Jeff Shaw

LYONS, Ill. — Affordable Housing Investment Brokerage Inc. (AHIB) has arranged the $8.8 million sale of Riverwalk in Lyons, about 14 miles southwest of Chicago. Built in 2003, the six-story property includes 120 units. The majority of the units are rented under affordable housing guidelines, while 16 are rented at market rate. The community was developed using funds from the Low-Income Housing Tax Credit program and the Illinois Housing Development Authority. Current affordability restrictions remain in place until 2033. Kyle Shoemaker of AHIB represented the seller, Barron Development LLC, as …

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FinanceM&T Realty Capital CorporationMassachusettsNewsSkilled Nursing

M&T Provides $17.6M Loan for Refinancing of Metro Boston Skilled Nursing Facility

by Jeff Shaw

CHELSEA, Mass. — M&T Realty Capital has provided a $17.6 million FHA-insured loan for the refinancing of a 120-unit skilled nursing facility located in Chelsea, a northeastern suburb of Boston. The loan was completed under HUD’s 232 program, which provides mortgage insurance for residential care properties such as assisted living facilities and nursing homes. The borrower was not disclosed.

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