REDMOND, Wash. — BMO Harris Bank’s Healthcare Real Estate Finance group has provided a $19.4 million construction loan for the renovation of a Sunrise Senior Living assisted living and memory care community in Redmond. Originally built in 1999, the asset features 110 units. Further details on the project were not disclosed.
BUFORD, Ga. — Capitol Seniors Housing has broken ground on The Outlook at the Exchange, an active adult community for residents ages 55 and older in Buford. The 200,000-square-foot, four-story community will offer 180 residential units. The Outlook at the Exchange will be part of Fuqua Development’s Exchange at Gwinnett, a $350 million mixed-use development underway near the Mall of Georgia. The 106-acre development will include 460,000 square feet of retail, restaurants, entertainment and about 1,000 units of apartments, townhomes and senior housing for about 3,000 residents. Situated close to …
NEW YORK CITY — Locally based private equity firm Madison Realty Capital (MRC) has provided a $29.4 million bridge loan for a multifamily redevelopment project in the Forest Hills neighborhood of Queens. The borrower, a joint venture between multiple New York-based developers, will use the proceeds to acquire the former Parkway Hospital building and fund predevelopment costs. The joint venture plans to convert the site into a multifamily development with affordable seniors housing and condominium uses. A construction timeline was not disclosed.
METAIRIE, La. — Sims Mortgage Funding (SMF), a subsidiary of HJ Sims, has arranged a $10.8 million loan for Metairie Manor in the New Orleans suburb of Metairie. In 2012, SMF refinanced Metairie Manor, a 287-unit, Section 8, affordable seniors housing community owned and managed by affiliates of the Archdiocese of New Orleans. That refinancing, which paid off its HUD Section 202 direct loan, produced approximately $250,000 in annual debt service savings that have been used to fund wellness and affordable nutrition programs, resident units deep-cleaning services and enhanced transportation …
ABILENE, Texas — Chris Coates, president and CEO of Abilene-based ER Senior Management, has retired from his position. Coates will continue to be a principal and board member in the Evergreen Cos. going forward. Brian Dowd is to take over as CEO in addition to his current responsibilities as COO and CFO. “I have every confidence in Brian taking the reins from here and I look forward to seeing the continuous growth of ER Senior Management,” says Coates, who founded the senior living management company with Dowd in 2010. ER …
TEXAS CITY, Texas — Oldham Goodwin Group has opened The Huntington at Lago Mar, an apartment community for seniors in Texas City, located southeast of Houston. The property features 148 independent living residences with easy access to major medical centers, airports, public beaches, parks, libraries, shopping and dining. Construction on The Huntington started in November 2019. Oldham Goodwin manages the property, the 13thmultifamily asset in its portfolio.
IRVINE, Calif. — Griffin-American Healthcare REIT III and Griffin-American Healthcare REIT IV have entered into a definitive merger agreement in a tax-free, stock-for-stock transaction that will create a combined company with a gross investment value of approximately $4.2 billion in healthcare real estate assets. Upon completion of the merger, the newly combined company, to be renamed American Healthcare REIT, will be the 11th largest healthcare-focused real estate investment trust globally, according to the companies. The combined company plans to acquire the business and operations of American Healthcare Investors, the co-sponsor …
KANSAS CITY, Mo. — GlynnDevins, a Kansas City-based marketing firm focused on senior living, healthcare and financial services, has officially rebranded as Attane. Since 2017, the company has experienced a rapid growth trajectory with a five-year average annual growth rate of 33 percent. In the past eight months, GlynnDevins acquired two marketing technology businesses — Linkmedia 360 in October 2020 and Bluespire in February 2021. Since those acquisitions, the company has integrated operations, solutions and marketing professionals from all three companies. “A tremendous amount of planning, analysis and effort has …
FARMINGTON, Conn., CHELSEA, Mass. and OREGON — The M&T Realty Capital Corp. (MTRCC) Seniors Housing Team has provided three financing transactions for seniors housing communities totaling $36 million. In the first transaction, M&T provided a $7.1 million FHA-insured loan for the refinance of a 73-unit assisted living facility located in Farmington. The loan was completed under the 232/223(a)(7) program. In the second transaction, M&T provided a $11.4 million bridge-to-HUD loan for the acquisition of a 95-unit assisted living and memory care community located in Southern Oregon. In the final transaction, …
DES MOINES, Iowa — LCS Development, the senior living development company of Des Moines-based LCS, is reorganizing the business line to accelerate its growth strategy and maximize its real estate and development experience. LCS hired Chuck Murphy last year to provide strategy and performance oversight of the LCS Development and LCS Real Estate business lines for parent company LCS. The following individuals have now been promoted to help to lead the effort: Tom Mathisen to senior vice president/managing director – development Jason Jorgenson to senior vice president/managing director – development …
