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Assisted LivingFinanceIllinoisKeyBankNewsTexas

KeyBank Arranges $105.9M Recapitalization for Six Properties in Texas, Illinois

by Jeff Shaw

ILLINOIS and TEXAS — KeyBank Real Estate Capital has arranged $105.9 million in financing to recapitalize a portfolio of six assisted living and memory care properties. The portfolio features 631 units operating under the Heartis brand. The borrower is Dallas-based Caddis Partners. The financing structure consisted of an $80 million syndicated senior credit facility and a $25.9 million mezzanine loan provided by an institutional partner. The portfolio includes: Heartis Clear Lake in Clear Lake Heartis Longview in Longview Heartis San Antonio in San Antonio Heartis Arlington in Arlington Heartis Waco …

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FloridaNewsPeople

Watercrest Senior Living Group Hires Alexander Powell as Executive Director of Community in East Lake, Florida

by Jeff Shaw

EAST LAKE, Fla. — Watercrest Senior Living Group has hired Alexander Powell as executive director of Market Street Memory Care Residence East Lake. Located in the Tampa suburb of East Lake, the community is a 64-unit memory care community. Powell has served as a sales director and executive director in The Villages in Central Florida. With an MBA from Saint Leo University, Powell had plans to pursue a legal career. But, as the eldest son of a pastor and nurse, he felt a passion for community service. After caring for …

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Assisted LivingDevelopmentNewsWashington

Alliance Residential Starts Construction of 136-Unit Holden of Bellevue in Washington

by Jeff Shaw

BELLEVUE, Wash. — Alliance Residential has started construction of Holden of Bellevue, the first piece of a three-phase multifamily project in downtown Bellevue. Holden will rise seven stories and feature 110 assisted living units and 26 memory care units. It is scheduled to open this fall. The second phase of the overall project will be an independent living building, followed by standard multifamily in the third phase. Its location is in close proximity to the city’s restaurants, boutiques, art galleries, public parks and museums. Milestone Retirement Communities will operate Holden …

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DevelopmentFloridaIndependent LivingNews

Joint Venture Unveils Plans for Watersound Fountains Independent Living in Panama City Beach, Florida

by Jeff Shaw

PANAMA CITY BEACH, Fla. — A joint venture between The St. Joe Company, Watermark Retirement Communities and BRW Origins LLC has released plans for Watersound Fountains, a 148-unit independent living community in Panama City Beach. The four-story property will be part of the Watersound Origins development in the waterfront vacation destination located on Florida’s panhandle. The planned community is currently under development adjacent to Watersound Town Center and a future Publix supermarket. Watermark will be the operator. “This extraordinary location will offer our residents easy access to natural coastal beauty, …

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AcquisitionsNewsSkilled NursingTexas

Blueprint Brokers Sale of Vacant Transitional Care Facility on Texas Panhandle

by Jeff Shaw

TEXAS — Blueprint Healthcare Real Estate Advisors has brokered the sale of a transitional care facility located on the Texas Panhandle. The specific name and location were not released. Mainstreet developed the 70-unit property, but never opened it. The result was a new, purpose-built care facility that is ready for an operator to come in. The vacant property is located within a large medical park and close to several major regional hospitals. A local real estate investor acquired the property with the intent of opening it as a post-acute hospital. …

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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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