CLEVELAND — Cleveland-based KeyBank Real Estate Capital, the commercial real estate business unit of KeyCorp (NYSE: KEY), has established a new unitranche loan program with Toledo-based Welltower Inc. The healthcare real estate fund will total $750 million in lending capacity and will provide first mortgage financing on seniors housing and skilled nursing facilities. A unitranche loan blends senior and junior debt pricing and terms into a single first lien debt facility rather than creating two classes of debt and coordinating among multiple lenders. This approach increases certainty of execution, and …
RICHMOND, Va. — Enterprise Community Development has completed construction at Baker Senior Apartments in Richmond’s North Jackson Ward neighborhood. The project was a redevelopment projects that transformed the former Baker School, originally built in 1939, into 50 units of seniors housing. Development estimates were $15.8 million. Project partners include Virginia Housing and Richmond Redevelopment & Housing Authority (RRHA). Enterprise worked with RRHA to acquire the property and leveraged Low-Income Housing Tax Credits; state and federal Historic Rehabilitation Tax Credits; tax credit equity provided by Enterprise Housing Community Investments and Sugar …
WILLIAMSBURG, Va. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arrangd the sale of White Oaks at Williamsburg, a 48‐unit memory care facility in Williamsburg. Built in 2015 and opened in early 2017, White Oaks at Williamsburg is a campus with three buildings, 16 units each. The seller is a private investor with seniors housing communities located in the Midwest. This community was determined to be outside of its normal operating region and thus was sold. The buyer is English Meadows Senior Living, a Mid‐ Atlantic …
MILWAUKEE — Ryan Cos. US Inc. has hired Eric Nordeen as vice president of development to continue the growth of its Milwaukee office. This addition expands Ryan’s ability to pursue development, construction and build-to-suit opportunities in Milwaukee, Madison and Southeastern Wisconsin. “Milwaukee is an important target market for our Great Lakes Region,” says Jim McDonald, regional president. “Eric has cultivated a stellar reputation in the Milwaukee area as a creative real estate developer who is unafraid of a challenge. His expertise across property types and execution strategy aligns perfectly with …
HOUSTON — The National Investment Center for Seniors Housing & Care (NIC) has plans to improve its data for its constituents through commissioned studies and new technology partnerships. The announcement was made at the NIC Fall Conference, held Nov. 1 through 3 in Houston. Brian Jurutka, president and CEO of NIC, led a press conference to kick off the event on Monday. The first order of business was two new software partnerships with Glennis Solutions and Eldermark to improve NIC’s data set for actual rental rates. The actual rates initiative …
HEALDSBURG, Calif. — San Francisco Zen Center and The Kendal Corp. have broken ground on Enso Village, a 221-unit seniors housing community in the Bay Area city of Healdsburg. The development will sit on approximately 16 acres of land in what is called the North Village. The community will feature a vegetarian restaurant, demonstration kitchen, indoor pool and gym, meditation hall and onsite farm for growing fresh produce for the restaurant. Weitz is building the project, which is scheduled for completion in 2023.
Greystone Provides $17.6M Fannie Mae Financing for Affordable Portfolio Acquisition in New York City
NEW YORK CITY — Greystone has provided $17.6 million in Fannie Mae Delegated Underwriting and Servicing (DUS) loans for the acquisition of two multifamily properties totaling 151 units in New York City. Dan Sacks and Ilan Bassali in Greystone’s New York office originated the loans on behalf of Heritage Affordable Communities LLC. Greystone provided a $12.5 million non-recourse loan to acquire Highland Avenue Senior Apartments, an 88-unit midrise seniors housing apartment property in Yonkers, which was constructed in 2008. The fixed-rate loan carries a 12-year term with a 30-year amortization …
ALLENDALE, N.J. — Tryko Partners has acquired The Allendale Community, a 299-bed seniors housing community in the Northern New Jersey market of Allendale. The seller was a family that has owned the asset for 50 years. The price was not disclosed. “The acquisition of this outstanding asset enables us to add significant scope to our real estate investment presence in the sought-after northern New Jersey market,” says Tryko’s Uri Kahanow, director of acquisitions. “Allendale is a well-respected, legacy-owned property — one poised to remain a regional market leader. The sale …
OAK LAWN, Ill. — Anthem Memory Care has appointed Lori Cantway as executive director for Grace Point Place in Oak Lawn. Cantway previously was executive director at Eden Supportive Living in Chicago. She has also served as executive director for Autumn Green Wright in Chicago. She brings over 16 years of senior living experience to this position. Cantway earned a bachelor’s degree in business management from DePaul University in Chicago.
Kisco, Welltower Break Ground on 302-Unit Carnegie at Washingtonian Center in Gaithersburg, Maryland
GAITHERSBURG, Md. — Kisco Senior Living and joint venture partner Welltower (NYSE: WELL) have broken ground on The Carnegie at Washingtonian Center, an independent living, assisted living and memory care community in Gaithersburg, approximately 20 miles northwest of Washington, D.C. The seven-story complex will offer 302 one- and two-bedroom units on an 8.5-acre plot. Floorplans range from 837 to 1,487 square feet. The site is adjacent to RIO Lakefront at Washingtonian Center, a large shopping mall. The property is scheduled to open in spring 2024. A sales center is slated …