LAKE WORTH, Fla., and TULSA, Okla. — Hudson Realty Capital has originated two bridge loans totaling $37.8 million secured by two senior living and memory care properties located in Lake Worth and Tulsa. The deal comes on the heels of the company’s hire of Ashley Wilkens as its director, deputy chief underwriter, who brings more than a decade of experience in the capital markets, senior living and healthcare industries. The proceeds from Hudson’s financings for the sponsor, Columbia Pacific Advisors, will be used to refinance the existing debt for The …
FLATHEAD COUNTY, Mont., and DALLAS — Berkadia Seniors Housing & Healthcare has provided $20.6 million in HUD financing across two transactions. The first transaction was an $11.2 million HUD loan for an affordable assisted living community in Dallas. Jay Healy arranged the financing via the 232/223(f) program for a Texas-based, nonprofit borrower. The loan retired both the construction and mezzanine debt tied to the project. At the time of underwriting, occupancy hovered around 90 percent. The 128-unit assisted living community was constructed in 2015 in partnership with the Dallas Housing …
WAYNE, Pa. — Specialty senior moving services provider Moves for Seniors has launched a safety-focused initiative to make fully vaccinated moving crews available to as many clients as possible. The Wayne-based company has fully vaccinated crews available in 50 markets to date, with ongoing efforts to add new markets weekly across the national network. “Our organization is purpose-built for seniors and a critical goal for us is customer safety,” says Chris Smith, founder and CEO of Moves for Seniors. “In 2020 and early 2021, our primary focus was on securing …
ATLANTA — Ziegler has arranged a total of $170.6 million in bond financing for Canterbury Court, a continuing care retirement community (CCRC) in Atlanta’s upscale Buckhead neighborhood. Canterbury Court was founded in the early 1960s by the All Saints Episcopal Church and St. Luke’s Episcopal Church. The community currently features 187 independent living apartments, 18 personal care apartments and 42 nursing care beds. Proceeds from the bonds will be used to implement a phased expansion and renovation project at the community. The first phase includes replacing the existing healthcare facilities …
BOSTON — Nuestra Comunidad and Preservation of Affordable Housing (POAH) have broken ground on The Kenzi at Bartlett Station, a 50-unit affordable seniors housing community in Boston. The $27 million project is part of a five-phase redevelopment at a vacant bus yard, which Nuestra Comunidad and Windale Developers now own, in Nubian Square, located in the Roxbury neighborhood. The Kenzi will feature 41 affordable one-bedroom units, and three affordable two-bedroom apartments in a 57,576-square-foot building. The housing includes 44 units restricted to Bostonians over the age of 55 who earn …
UNION CITY, N.J. — Berkadia has provided a $26 million permanent loan for the refinancing of an affordable seniors housing property in the Northern New Jersey community of Union City. Bella Vista Senior Apartments consists of 231 Section 8 housing units in a 24-story building. Laura Smith of Berkadia originated the 35-year loan through HUD’s 223(f) program on behalf of the borrower, Orlando Partners LLC.
CAPE GIRARDEAU, Mo. — Newbridge Properties has broken ground on Newbridge Retirement Community in Cape Girardeau, located along the Mississippi River in the southeast portion of the state. The 75,000-square-foot community will feature 46 assisted living units, 12 second-person accommodations for couples and 36 memory care units. Vessel Architecture is the architect for the facility, while IMPACT Strategies is the construction manager. Construction is expected to be complete by the end of 2022.
RALEIGH, N.C. — NIC MAP Vision, a provider of senior housing data and analytics, has partnered with financial analytics firm Trepp to improve the seniors housing industry’s access to CMBS financial data. Through their partnership, Trepp’s data adds depth to a platform that provides demand and occupancy data for the seniors housing industry in the United States. The NIC MAP Vision platform combines supply-and-demand data, while Trepp collects and maintains standardized loan, deal and property-level financial data as part of the Securities and Exchange Commission’s commercial mortgage-backed securities (CMBS) disclosure …
CAMARILLO, Calif. — Kennedy Wilson (NYSE: KW) has signed a long-term ground lease for a 32-acre parcel in Camarillo owned by California State University Channel Islands (CSUCI) with plans to build a new residential community. The master-planned project will include 310 market-rate apartments, 109 for-sale townhomes and 170 income-restricted apartments for seniors. It will also feature community-serving amenities. The project site is adjacent to the university and at the western edge of the Santa Monica Mountains. Camarillo is about 60 miles northwest of Los Angeles. The soon-to-be-named development contributes to …
SPRING VALLEY, N.Y. — Hudson Valley Property Group (HVPG) has acquired two affordable housing communities in the New York City suburb of Spring Valley $25.8 million. The properties include the 114-unit Lakeview Village, which is reserved for seniors, and the 76-unit Highview Apartments, which is reserved for families. Affordability restrictions at the property were set to expire in 2022. With Low-Income Housing Tax Credits (LIHTC), HVPG will acquire the properties, complete renovation upgrades and keep rents affordable for the long term. All apartments will be income-restricted to tenants earning 60 …