ALEXANDRIA, Va. — Oxford Finance LLC, a specialty finance firm based in Alexandria, has hired Kevin Harbour to its healthcare services real estate and asset-based lending team. As managing director, Harbour will be responsible for continuing the firm’s real estate bridge lending programs; developing new financial offerings, including structured equity and acquisition lines of credit for qualified healthcare companies; expanding Oxford’s asset-based lending platform in all healthcare sectors; and managing the firm’s associated business development and underwriting teams. Harbour brings 18 years of healthcare lending experience to Oxford. He spent …
CLEARWATER, Fla. — JLL Capital Markets has arranged the sale of The Preserve at Clearwater, an assisted living and memory care property in the coastal Tampa suburb of Clearwater. JLL represented the seller, a joint venture between Solera Senior Living and Elkco Properties. The buyer, an experienced institutional investor, plans to retain Solera as property manager. The price was not disclosed. The Preserve at Clearwater is a 2012-vintage, 82-unit property that sits on an 11-acre parcel. The building is LEED Silver certified and located in close proximity to many of …
TARZANA, Calif. — Oxford Finance LLC has provided a $28 million senior credit facility to AvantGarde Senior Living. The funds are being used to refinance existing debt on one facility located in Tarzana. Founded in 2008, AvantGarde owns and operates two luxury assisted living facilities in California. The subject facility was acquired in 2010 as a 100-room senior living hotel and converted to a 138-bed assisted living community.
MCKINNEY, Texas — Proveer Senior Living has hired Steven Crittenden as chief administration officer. Crittenden will be responsible for project evaluations, as well as coordination of the financial activities for acquisitions, new developments and turnaround opportunities in support of daily operations. He has a background in finance and commercial real estate accounting, focusing on financial modeling and data analytics. Prior to joining Proveer, Crittenden managed a seniors housing portfolio as director of financial planning and analysis. Additionally, he held the chief financial officer role for a senior living management company …
AUSTIN, Texas — Ziegler has arranged $56.9 million in bond financing through the New Hope Cultural Education Facilities Finance Corp. for an expansion at Westminster, a continuing care retirement community (CCRC) in Austin. The community is located on approximately 9.3 acres in west central Austin and comprises 324 independent living units, 22 assisted living units and 85 skilled nursing beds (of which 30 are utilized for memory care). Life Care Services (LCS) has operated the property since 1981. Additionally, LCS is providing development services for Westminster’s expansion project. The project …
SAN BERNARDINO, Calif. — The Mogharebi Group has arranged the sale of Country Club Apartments, a 79-unit seniors housing community in San Bernardino. The buyer and seller were both private investment groups based in Los Angeles. The property sold for $18 million, or $228,000 per unit. “Due to the proven value-add upside, and close proximity to San Bernardino’s largest employers, the buyer pool was large,” says Otto Ozen, executive vice president of TMG. Ozen and Alex Mogharebi of TMG represented the seller in the transaction. Built in 1986, Country Club …
UTAH — HJ Sims has provided a high-leverage bridge loan for the acquisition of a senior living community in Utah. Featuring 55 units of assisted living and memory care, the community features mountain views from its hilltop location in a thriving and growing local market. A regional owner, operator and developer of seniors housing communities partnered with Sims to close on the acquisition. The buyer specializes in assisted living and currently manages over 1,600 units in more than 25 communities across five states in the Mountain West region. Partnering with …
Hiring and retaining good employees was already one of seniors housing operators’ top challenges before the COVID-19 pandemic struck. Despite the many new problems that the outbreak presented, many in the seniors housing industry saw a potential silver lining: With so many losing jobs in the hospitality sector, among others, would this be a chance for operators to snatch up those workers? Unfortunately, it appears that did not come to fruition. “When the pandemic started and there were so many layoffs in the hospitality industry, I thought ‘Here we go. …
RICHARDSON, Texas, and BEND, Ore. — RealPage Inc., a Richardson-based provider of software and data analytics to the real estate industry, has agreed to acquire G5 Search Marketing, Inc. (“G5”), a digital marketing, advertising and analytics provider. Both companies work in the seniors housing industry. Terms of the transaction were not disclosed. RealPage plans to combine its own real estate platform with G5’s solutions, accelerating RealPage’s vision for marketing optimization and a better renter experience for its customers. The transaction is expected to close during the third quarter of 2021. …
NEW YORK CITY — Sims Mortgage Funding (SMF), a subsidiary of HJ Sims, has arranged a HUD-insured loan totaling $7 million for Marien-Heim of Sunset Park, a 169-unit, Section 8 elderly housing project located in Brooklyn. The borrower is a local, nonprofit community development organization. SMF served as financial advisor. This was SMF’s second successful transaction for Marien-Heim. In 2012, SMF originated an $8.3 million FHA-insured Section 223(f) loan that refinanced its Section 202 direct loan, funded capital reserves and repairs, earned the borrower a development fee and generated annual …