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AcquisitionsGeorgiaNews

JLL Brokers $18M Sale of Summer Breeze Seniors Housing Community in Savannah, Georgia

by Jeff Shaw

SAVANNAH, Ga. — JLL has brokered the $18 million sale of Summer Breeze, a 79-unit independent living, assisted living and memory care community on Savannah’s Wilmington Island. Mike Garbers, Cody Tremper and Michael Sivewright of JLL represented the seller, Salt Lake City-based Bridge Investment Group. An unnamed investor acquired the property in a 1031 exchange. Summer Breeze offers 28 independent living units, 39 assisted living units and 12 memory care units. The community was 95 percent occupied at the time of sale. Located approximately 10 miles southeast of downtown Savannah, …

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AlaskaAssisted LivingFinanceNews

Greystone Funds $22.5M Refinancing for Assisted Living Facility in Anchorage, Alaska

by Jeff Shaw

ANCHORAGE, Alaska — Greystone has provided a $22.5 million bridge loan to refinance Aspen Creek Senior Living, an assisted living facility in Anchorage. Stella Plotkin of Greystone originated the loan on behalf of the borrower, Spring Creek Holdings. The floating-rate, interest-only bridge financing features a 24-month term with two six-month extension options, with the intention to transition to permanent HUD-insured financing. The financing retires the existing loan from the property’s initial construction and enables the borrower to continue with ongoing renovations, including the completion of the secured memory care wing. …

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AcquisitionsAssisted LivingNewsTennessee

Knapp Group Negotiates Sale of 48-Unit Community in Central Tennessee

by Jeff Shaw

TENNESSEE — The Knapp-Stahler Seniors Housing Group of Marcus & Millichap has arranged the sale of a 48-unit assisted living and memory care community in Central Tennessee. The property sits on 12 acres and totals 28,000 square feet. It was originally constructed in 2009. The price was $6.5 million. The buyer and seller were not disclosed. Justin Knapp led the transaction.

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Active AdultDevelopmentFloridaNews

BCC Construction to Build $30M AVIVA at Port St. Lucie Project in Florida

by Jeff Shaw

PORT ST. LUCIE, Fla. — BCC Construction, a Prospect Real Estate Development Group company, has been awarded the contract to build AVIVA at Port St. Lucie, a $30 million senior living center in the South Florida city of Port St. Lucie. Miami-based developer Lloyd Jones is leading the project. The age-restricted residential complex will feature 159 units. Construction is expected to begin in early August 2021 and for completion in early 2023.

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Assisted LivingFinanceHawaiiNews

Berkadia Provides $16.6M Refinancing for Assisted Living Community in Kailua-Kona, Hawaii

by Jeff Shaw

KAILUA-KONA, Hawaii — Berkadia Seniors Housing & Healthcare has provided a $16.6 million refinancing for a 123-unit assisted living community in Kailua-Kona, located on the west coast of the Hawaii Island. Jay Healy secured the 35-year loan through HUD’s 232/223(f) program. The financing retired an $11.7 million Berkadia bridge loan funded in August 2017 to facilitate the acquisition and subsequent $4.5 million renovation completed in early 2020. The borrower was also able to utilize HUD loan proceeds to pay off the remaining balance of the unsecured seller financing, as well …

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CCRCFinanceNewsNorth Carolina

HJ Sims Arranges $44M Refinancing for Aldersgate in Charlotte, North Carolina

by Jeff Shaw

CHARLOTTE, N.C. — HJ Sims has arranged a $44 million refinancing for Aldersgate United Methodist Retirement Community, a continuing care retirement community in Charlotte. Sims partnered with Aldersgate in 2019 with a financing for Generations at Shalom Park. In 2020, Sims identified a refunding opportunity for Aldersgate’s outstanding 2013 bonds. In 2017, the Tax Cuts and Jobs Act (TCJA) eliminated advance refundings using tax-exempt municipal bonds. Therefore, Sims utilized Cinderella Bonds, which would be taxable until the optional redemption date, after which the bonds would convert to tax-exempt, complying with …

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FinanceIndependent LivingNew YorkNews

Axiom Capital Negotiates $17.4M Loan for Independent Living Property in Upstate New York

by Jeff Shaw

SARATOGA SPRINGS, N.Y. — Axiom Capital LLC has arranged a $17.4 million loan for the refinancing of a 178-unit independent living community located in the Upstate New York city of Saratoga Springs. Units at the property, which was built on 14 acres in the late 1990s, feature stainless steel appliances and enclosed balconies. Amenities include a bank branch, a full-service restaurant, library, fitness facility with steam and sauna, health spa and unisex salon, lounges, putting green and an arts and crafts studio. An undisclosed life insurance company provided the nonrecourse …

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GeorgiaNewsOperationsPeople

Isaakson Living Hires Brandon O’Ree as Executive Director of Community in Atlanta

by Jeff Shaw

ATLANTA — Isaakson Living has hired Brandon O’Ree as the new executive director of The Terraces at Peachtree Hills Place, an assisted living, memory care, skilled nursing and short-term rehabilitation community in Atlanta’s upscale Buckhead neighborhood. O’Ree will be responsible for daily operations, including management, staffing and regulatory compliance of the 85-unit community. O’Ree has previously led teams at continuing care retirement communities (CCRCs) and senior healthcare facilities throughout the Southeast, including recently directing the daily operations for three properties encompassing 111 independent living apartments, 131 assisted living apartments and …

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DevelopmentIllinoisNews

Ryan Tops Off $117M Senior Living Community in Chicago

by Jeff Shaw

CHICAGO — Ryan Cos. US Inc. has topped off Clarendale Six Corners, a $117 million senior living community on the Northwest Side of Chicago. Construction of the 10-story, 258-unit project began in January. Completion is slated for fall 2022. Ryan is serving as developer, architect, builder and capital markets partner. Ryan owns the project in a joint venture with LCS and Harrison Street. LCS will handle the day-to-day operations and Ryan will provide asset management services. The 258 units will comprise independent living, assisted living and memory care residences, including …

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DevelopmentNewsSouth Carolina

Lument Arranges $22.8M in Bond Financing for Construction of The Retreat at Indian Land in South Carolina

by Jeff Shaw

INDIAN LAND, S.C. — OREC Securities LLC, doing business as Lument Securities, has arranged a $22.8 million bond placement to fund the construction of The Retreat at Indian Land, a seniors housing community in Indian Land. Located along the North Carolina-South Carolina border near Charlotte, the project will feature 87 units of independent living, assisted living, memory care and respite care. The borrower is Whitehall Senior Living, which is developing the property. The operator will be Phoenix Senior Living. Kevin Oakley, director for Lument in the Southeast, led the finance …

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