MINNEAPOLIS and BLOOMINGTON, Minn. — Lifesprk, a Minneapolis-based community-based services provider, has announced plans to acquire Tealwood Senior Living, a Bloomington-based operator with 35 seniors housing communities. “The current senior housing market, accelerated by the pandemic, created significant opportunity to provide a markedly different approach to senior living,” says Joel Theisen, Lifesprk CEO. “Both Lifesprk and Tealwood are well-positioned to seize that opportunity by joining forces to serve seniors more fully, connecting them to everything they need in one system to age magnificently and transform the way people experience senior …
MONMOUTH COUNTY, N.J. — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged a $24.1 million bridge-to-HUD loan for the acquisition of a 202-bed skilled nursing facility in Monmouth County. The borrower and property were not disclosed. The loan, provided by local lender features nine months of interest-only payments and a 25-year amortization. Rafael Urbach of Harborview originated the loan.
RICHMOND, Va. — EquityPlus LLC has successfully sold $16 million in bonds issued by the Richmond Redevelopment & Housing Authority. Proceeds from the bond sale will finance renovations to the Shockoe Hill Senior Apartments, an affordable seniors housing complex owned by Capital Realty Group in Richmond. The financing will also fund a new community wellness center for its residents. The bonds were purchased in their entirety by Cedar Rapids Bank & Trust of Iowa ($10.5 million) and Capital Realty Group ($5.5 million). EquityPlus identified the buyers, coordinated closing and will …
SOUTHFIELD, Mich. — American House Senior Living Communities, a Southfield-based operator, has promoted Brianne Zitko to the role of chief operating officer. In her new role, she will oversee day-to-day operations for American House’s more than 50 communities. Zitko has worked for American House Senior Living since early 2019. In her previous role as senior vice president of growth strategy, she was responsible for growth strategy, revenue generation, marketing innovation and sales enablement. Zitko and her team increased occupancy by 3.85 percent and grew monthly revenue by 9 percent in …
SANTA ANA, Calif. — AO, an architectural services firm, has completed Metro East Senior Park Apartments, a six-story, 461,535 square-foot affordable seniors housing community that borders the cities of Santa Ana and Tustin. Designed for developers AMG, The Pacific Cos. and Jamboree Housing Corp., the community comprises 419 residential units with a mix of studio, one- and two-bedroom apartments with floor plans ranging from 402 to 821 square feet. “We’re breathing new life into Santa Ana’s Metro East mixed-use zone with a senior affordable housing community,” says Ed Cadavona, partner …
DEWITT, Iowa — Lument has arranged a $21.8 million loan via the U.S. Department of Agriculture’s Community Facilities (CF) Direct Loan program to fund the construction of Fieldstone of DeWitt, a 91-unit seniors housing campus. Located in eastern Iowa, the community will consist of a 70-bed replacement skilled nursing facility, of which 16 units will provide dementia care and 21 units will provide assisted living care. Previously, the community was attached to a hospital. The new skilled nursing beds will be located in four cottages, each with its own common …
MACON, Ga. — NorthMarq has arranged a $7.7 million refinancing for Cottages on Wesleyan, a 45-unit independent living community in Macon. The transaction was structured with a 10-year term on a 30-year amortization schedule through Fannie Mae. Mark Ebersold, vice president of NorthMarq’s Charlotte regional office, arranged the transaction. “The owner constructed the asset over 20 years ago, and has done an outstanding job of maintaining it as a Class A asset in the market,” says Ebersold. “The property offers its residents patio-style living with one- and two-bedroom floorplans, and …
TERRELL, Texas — Senior Living Investment Brokerage (SLIB) has arranged the sale of Windsor Rehabilitation & Health Care Center, a skilled nursing facility in Terrell, approximately 30 miles east of Dallas. The 108-bed facility was built in 1994. The 41,140-square-foot building sits on 5.2 acres. The seller was a regional company with this being its only community in Texas. The buyer was a national owner-operator with a large portfolio in the state. The price was not disclosed.
CLEVELAND —Evergreen Real Estate Group has acquired Carter Manor Apartments, an affordable seniors housing community in downtown Cleveland, for an undisclosed price. Evergreen plans to update the 270-unit apartment tower through an $18 million capital improvement program that will preserve the building’s historic facade and restore other original design elements. The 11-story property comprises a mix of 33 studio, 209 one-bedroom and 28 two-bedroom apartments, all of which will be preserved as affordable housing for seniors and disabled individuals. Evergreen will both own and manage the community. Designed by architect …
GAINESVILLE, Fla. — Dwight Capital has provided a $94.3 million HUD-insured loan for The Village at Gainesville, a 651-bed senior living community in Gainesville. The gated property is situated on a 104-acre campus in close proximity to many parks and recreational areas, including the 110-acre Mark Bostick Golf Course. The community provides its residents with services including assisted living, memory care, and board and care. This refinancing closed as the largest healthcare 232(a)(7) loan in HUD’s history to date, according to Dwight Capital. Josh Sasouness and Avi Lifshitz originated the …