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AcquisitionsFinanceIndependent LivingMichiganNews

JLL Arranges Sale, Financing for The Park at Trowbridge in Southfield, Michigan

by Jeff Shaw

SOUTHFIELD, Mich. — JLL Capital Markets has closed the $17 million sale of and arranged $25.4 million in acquisition and renovation financing for The Park at Trowbridge, a 298-unit seniors housing community in the northern Detroit suburb of Southfield, Michigan. JLL worked on behalf of a private investor seller to complete the sale to a regional owner-operator of multi-housing and age-restricted housing. JLL also represented the buyer in arranging the non-recourse acquisition and renovation loan from a regional bank. The property currently operates as an independent living facility, but the …

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AcquisitionsFinanceMinnesotaNews

ORIX Completes $44.8M Bond Financing for Portfolio Acquisition in Metro Minneapolis

by Jeff Shaw

MINNEAPOLIS — ORIX Corp. USA has completed a $44.8 million tax-exempt and taxable bond financing to fund the acquisition of five seniors housing communities that are part of the Coventry Properties of Minnesota. The communities are located within the greater Minneapolis area and total 153 assisted living and memory care units. Coventry develops and operates a portfolio of high-acuity seniors housing communities located throughout Minnesota. Coventry communities focus on providing care for residents who do not need skilled nursing care, but require more assistance than larger assisted living facilities may …

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CaliforniaDevelopmentMemory CareNews

Kisco Prepares to Open Memory Care Expansion at Emerald Court in Anaheim

by Jeff Shaw

ANAHEIM, Calif. — Kisco Senior Living has announced the memory care expansion at Emerald Court in Anaheim is scheduled to open within the next two weeks. The all-new memory care section, named Connections, will include 16 studio apartments, a private courtyard, a musical lounge and updated dining configurations. “Before this addition, we would have to transition out our seniors who started developing cognitive issues since we did not have the facilities to care for them,” says Libbi Hash, national director of wellness and memory care for Kisco. “Now that we …

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Assisted LivingFinanceNebraskaNews

Greystone Provides $11.9M HUD-Insured Loan for Refinancing of Assisted Living Facility in Omaha

by Jeff Shaw

OMAHA, Neb. — Greystone has provided an $11.9 million HUD-insured loan for the refinancing of Heritage Pointe Assisted Living in Omaha. The community features 108 assisted living beds and 20 memory care beds. Amenities include full dining service, recreational activities, exercise facilities, a movie theater and a salon. Eric Rosenstock and Jesse Yodice of Greystone originated the financing on behalf of the borrower, Heritage Communities. The 35-year loan features a fixed interest rate.

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Assisted LivingCaliforniaDevelopmentNews

Sundt Completes $27M Historic Renovation of Elegance Hamilton Hill in Novato, California

by Jeff Shaw

NOVATO, Calif. — Sundt Construction Inc. has completed the historic renovation of Elegance Hamilton Hill, a senior living community in the Bay Area city of Novato. The property is situated on the former site of the Hamilton Army Airfield used during World War II. The assisted living and memory care community’s architectural integrity was preserved and rehabilitated during construction. Admired for its Spanish-inspired architecture, the four-story hospital sits on a nearly four-acre site in the Hamilton neighborhood. The $27 million project features 48 assisted living units and 32 memory care …

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Affordable HousingDevelopmentNew YorkNews

Olshan Properties, O’Connor Capital Partners Break Ground on 221-Unit Parkchester Gardens in the Bronx

by Jeff Shaw

NEW YORK CITY — A partnership led by Olshan Properties and O’Connor Capital Partners — in conjunction with New York City’s Housing Development Corporation (HDC) and Department of Housing Preservation and Development (HPD) — has begun construction on a new 221-unit affordable seniors housing development in the Parkchester section of the Bronx. The development, which will be called Parkchester Gardens, is scheduled for completion by mid-year 2023. Financing for the construction of Parkchester Gardens was sourced through a combination of public and private entities. The New York City HDC provided …

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DevelopmentGeorgiaNews

Independent Living, Assisted Living Community Underway in Jasper, Georgia

by Jeff Shaw

JASPER, Ga. — Construction has begun on The Lodge at Stephens Lake, a seniors housing community in Jasper, a small city in the North Georgia Mountains. The developer was not disclosed. The community is slated to open in spring 2022. When completed, the it will feature 70 independent living cottages as well as 86 apartments for assisted living and memory care. The active adult section of the community, Grandview at Gateway, features 106 homes for sale and a 4,000-square-foot clubhouse. Residents will begin to move into the homes by the …

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ArkansasDevelopmentFinanceNews

Twain Financial Partners Provides $11M in Ground Lease Capital for Senior Living Development in Little Rock

by Jeff Shaw

LITTLE ROCK, Ark. — Twain Financial Partners has provided $11 million in ground lease capital to The Summit, a senior living community in Little Rock. O’Reilly Development Co. is developing the property, which will feature 96 independent living units, 44 assisted living units and 18 memory care units. O’Reilly is a real estate investment and development firm specializing in historic preservation, seniors housing, affordable housing, multifamily and student housing communities.

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AcquisitionsNewsOhioSkilled Nursing

Blueprint Brokers Sale of 61-Bed Skilled Nursing Facility in Hicksville, Ohio

by Jeff Shaw

HICKSVILLE, Ohio — Blueprint Healthcare Real Estate Advisors has arranged the sale of Hickory Creek at Hicksville, a 61-bed skilled nursing facility in Hicksville, located just across the state border from Fort Wayne, Indiana. The property was built in 1966 and features mostly semi-private rooms Representing the non-profit regional operator’s only location in the state, the REIT landlord and its tenant sought an exit. The buyer and price were not disclosed.

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AcquisitionsAffordable HousingMassachusettsNews

Cambridge Housing Authority Buys, Renovates Affordable Housing Community Near Boston

by Jeff Shaw

CAMBRIDGE, Mass. — MassDevelopment has issued $18.7 million in tax-exempt bond financing for Cambridge Housing Authority’s acquisition and renovation of Harry S. Truman Apartments, a 59-unit affordable seniors housing community in Cambridge. In addition to the tax-exempt bond financing, MassDevelopment assisted the Massachusetts Department of Housing and Community Development with the approval of federal low-income housing tax credits, which will provide approximately $13.8 million in equity for the project. Boston Private Bank purchased the bonds. Located across the Charles River from Boston, Harry S. Truman Apartments is part of the …

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