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AcquisitionsCaliforniaNews

Avanath Capital Acquires Overlook at Anaheim Hills in California for $87.5M

by Jeff Shaw

ANAHEIM HILLS, Calif. — Avanath Capital Management has purchased Overlook at Anaheim Hills, a seniors housing property in Anaheim Hills. An undisclosed seller sold the property for $87.5 million. Built in 2001, Overlook consists of seven two- and three-story garden-style buildings offering a total of 261 units with an average unit size of 751 square feet. Community amenities include a community center, clubhouse, business center, pool, spa, fitness center and billiard room. At the time of sale, the property was nearly 100 percent occupied. Avanath plans to implement a variety …

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NewsPeople

Lifespace Communities Appoints Nikki Kresse as Chief People Officer

by Jeff Shaw

WEST DES MOINES, Iowa — Lifespace Communities has appointed Nikki Kresse to the position of chief people officer. Kresse has more than 20 years of extensive experience as a human resources leader. Kresse earned her bachelor’s degree in business management from Colorado State University Global, and is a Certified Benefits Professional and a Certified Compensation Professional. Lifespace Communities, based in West Des Moines, is a nonprofit owner-operator of 15 continuing care retirement communities in eight states, serving more than 5,100 residents and employing more than 3,900 team members.

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Assisted LivingDevelopmentFinanceIndianaNews

Northland Networks Arranges $19.4M Construction Financing for Bridgepointe Gardens Near Louisville

by Jeff Shaw

JEFFERSONVILLE, Ind. — Northland Networks has arranged $19.4 million in financing for the development of Bridgepointe Gardens, a seniors housing community in Jeffersonville, located just across the Ohio River from Louisville, Kentucky. The borrower is Denton Floyd Real Estate Group, a growing real estate development firm with over 3,500 multifamily units in Kentucky and Indiana. This project will be the company’s second senior living community and will be managed by Vitality Senior Services, an affiliated organization. Construction on the project has already begun. When completed, the community will feature 115 …

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Affordable HousingDevelopmentNewsTexas

Palladium Starts Construction of 122-Unit Mixed-Income Project in Garland, Texas

by Jeff Shaw

GARLAND, Texas — Locally based developer Palladium USA is underway on construction of a 122-unit mixed-income seniors housing project in Garland, a northeastern suburb of Dallas. Designed by HEDK Architects, the development will consist of 92 units that will be reserved for renters aged 62 and above who earn 60 percent or less of the area median income. The remaining 30 units will be rented at market rates. Amenities will include a fitness center, computer lab, library and a theater. Completion is scheduled for June 2022.

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FinanceMinnesotaNews

Dwight Capital Provides $22.2M HUD Refinancing for Gramercy Park Cooperative in Minnesota

by Jeff Shaw

RICHFIELD, Minn. — Dwight Capital has provided a $22.2 million HUD-insured loan for the refinancing of Gramercy Park Cooperative at Lake Shore Drive in Richfield, an inner-ring suburb of the Twin Cities. The 157-unit senior living community rises 12 stories on 1.7 acres. Amenities include a library, fitness room, hair salon, community room, grocery store, individual storage space and exterior gardens. Josh Sasouness of Dwight originated the 223(a)(7) loan on behalf of the undisclosed borrower.

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FinanceNewsPeople

Monticello Appoints Darren Margulis to Oversee Advisory Services Business

by Jeff Shaw

NEW YORK CITY — Monticello, a New York-based private real estate and asset-based lender, servicer and manager, has hired and appointed Darren Margulis as managing director to oversee its advisory services business unit, which provides lenders and financial institutions custom asset management and special servicing solutions specifically designed for the seniors housing industry. Margulis brings over 25 years of experience to Monticello, including in healthcare and commercial real estate underwriting, portfolio management and investor relations. Prior to his current role, Margulis co-led Formation Capital’s lending group with a primary focus …

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DevelopmentFinanceFloridaNews

BHI Arranges $41.9M Construction Financing for Oasis at Coral Reef in Miami

by Jeff Shaw

MIAMI — BHI, through its Healthcare Group. has arranged $41.9 million in construction financing for the Oasis at Coral Reef, a luxury senior living facility under development in Miami. The 217,123-square-foot property is located adjacent to Jackson South Medical Center. BHI has provided $31.9 million and Coastal States Bank provided $10 million. The borrower is Royal Senior Care, which owns and operates senior living facilities in the Southeast with a primary focus in South Florida. The Oasis at Coral Reef will offer a total of 201 “catered living,” assisted living …

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AcquisitionsAffordable HousingNew JerseyNews

Standard Communities Acquires 169-unit Affordable Community in Atlantic City

by Jeff Shaw

ATLANTIC CITY, N.J. — Standard Communities, the affordable housing division of Standard Cos., has acquired Baltic Plaza Apartments, a 169-unit affordable seniors housing community in Atlantic City. The total capitalization of the transaction, including the sales price, a $10 million renovation plan and other costs, is approximately $38 million. Built in 1982, Baltic Plaza’s units are supported by a Project-Based Section 8 Housing Assisted Payment (HAP) contract. The property is Standard Communities’ first acquisition in New Jersey. Standard Communities completed this transaction in partnership with the U.S. Department of Housing …

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Affordable HousingDevelopmentFinanceFloridaNews

Daytona Beach Housing Authority Receives Approval for $52M Affordable Rehabilitation Project

by Jeff Shaw

DAYTONA BEACH, Fla. — The Housing Authority of the City of Daytona Beach (HACDB) has received approval for $28 million in Multifamily Housing Revenue Bonds for its WM at the River affordable seniors housing project. With a total cost of $52 million, the project will rehabilitate 298 units at the former Windsor & Maley apartments. Partners include BGC Advantage, Red Stone Equity Partners, Lument, Coates Rose and Greenberg Traurig.

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NewsPeople

Juniper Names Two to Regional Director Roles as Part of Texas Expansion Plans

by Jeff Shaw

BLOOMFIELD, N.J. — Juniper Communities, a Bloomfield-based operator, has named Casey Tiffany as regional director of operations for Texas and Vickie Stotler-Smith as regional director of sales and program development for the Texas market. This moves are designed to help with the company’s expansion in the Texas marketplace. Tiffany has guided operations in many types of care environments including rehabilitation hospitals; assisted living, memory care, independent living and skilled nursing. Her most recent experience was as a healthcare consultant, managing small, rural assisted living and skilled nursing care locations throughout …

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