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Greystone Hires Karen Ford as Vice President for FHA Lending

by Jeff Shaw

NEW YORK CITY — Greystone, a New York-based commercial real estate finance company, has hired Karen Ford as a vice president on the FHA lending team. Based in Mississippi, Ford will serve with Lisa Anderson, managing director for FHA lending. She will report to Field Springer, head of operations, FHA multifamily lending at Greystone. Ford has worked in the FHA multifamily and healthcare loan industry for over 30 years. Prior to joining Greystone, she served as executive vice president and chief operating officer at Love Funding. She also previously served …

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AcquisitionsCCRCNewsWisconsin

Lifespace Communities Acquires 257-Unit Newcastle Place CCRC in Metro Milwaukee

by Jeff Shaw

MEQUON, Wis. — Lifespace Communities has acquired Newcastle Place, a 257-unit continuing care retirement community (CCRC) in Mequon. The seller and price were not disclosed. The acquisition of Newcastle Place, located in a suburb of Milwaukee on Lake Michigan’s western shore, brings Lifespace’s family of continuing care communities to 16. Newcastle Place, which sits on 52 acres, joins six other Lifespace communities in the Midwest. Lifespace, based in West Des Moines, Iowa, is one of the nation’s largest nonprofit owners and operators of CCRCs.

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Active AdultDevelopmentIllinoisNews

TWG to Develop $62.4M Active Adult Community in Naperville, Illinois

by Jeff Shaw

NAPERVILLE, Ill. — TWG has unveiled plans to develop McDowell Point, a $62.4 million active adult community in the Chicago suburb of Naperville. The project is Indianapolis-based TWG’s first development in the greater Chicago area as well as its first active adult community in the state of Illinois. The property will rise five stories and span 347,000 square feet. The 174 units will range in size from one-bedrooms to three-bedrooms. Of the total units, 80 percent will be reserved for residents age 55 and older. More than 6,000 square feet …

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AcquisitionsFloridaNews

Alta Senior Living Buys 175-Unit Waterside Landing Community in South Florida, Plans $6.5M Renovation

by Jeff Shaw

MARGATE, Fla. — Alta Senior Living has acquired Waterside Landing, a 175-unit independent and assisted living community in Margate, approximately 40 miles north of Miami. Alta will both own and operate the property. The seller and price were not disclosed. Over the next 12 months, Alta Senior Living plans to invest another $6.5 million in renovation capital to further enhance the community and convert 22 units on the first floor from assisted living to secured memory care. “Waterside Landing is exactly the type of acquisition opportunity we’re seeking right now,” …

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AcquisitionsAffordable HousingIllinoisNews

AHIB Arranges $8.8M Sale of Affordable Senior Living Community in Lyons, Illinois

by Jeff Shaw

LYONS, Ill. — Affordable Housing Investment Brokerage Inc. (AHIB) has arranged the $8.8 million sale of Riverwalk in Lyons, about 14 miles southwest of Chicago. Built in 2003, the six-story property includes 120 units. The majority of the units are rented under affordable housing guidelines, while 16 are rented at market rate. The community was developed using funds from the Low-Income Housing Tax Credit program and the Illinois Housing Development Authority. Current affordability restrictions remain in place until 2033. Kyle Shoemaker of AHIB represented the seller, Barron Development LLC, as …

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FinanceM&T Realty Capital CorporationMassachusettsNewsSkilled Nursing

M&T Provides $17.6M Loan for Refinancing of Metro Boston Skilled Nursing Facility

by Jeff Shaw

CHELSEA, Mass. — M&T Realty Capital has provided a $17.6 million FHA-insured loan for the refinancing of a 120-unit skilled nursing facility located in Chelsea, a northeastern suburb of Boston. The loan was completed under HUD’s 232 program, which provides mortgage insurance for residential care properties such as assisted living facilities and nursing homes. The borrower was not disclosed.

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NewsPeople

LCS Promotes Zane Bennett to Director of Business Development

by Jeff Shaw

DES MOINES, Iowa — LCS, a Des Moines-based developer, owner and operator, has promoted Zane Bennett to director of business development. He joins Joe Weisenburger and Ross Nichols, two recent additions to the company’s business development team. Bennett starts his new role on Oct. 1 and will work with Weisenburger to grow top-line revenue for Life Care Services, the management business line in the LCS Family of Companies. Most recently, Bennett served as executive director for Plantation Village in Wilmington, North Carolina. Under his leadership, the organization has grown its …

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CaliforniaDevelopmentNews

Urban Catalyst Purchases Final Plot for Delmas Senior Living Center in Downtown San Jose

by Jeff Shaw

SAN JOSE, Calif. — Urban Catalyst, a Silicon Valley-based Opportunity Zone Fund, has acquired the final parcels of property for its Delmas Senior Living project, the first seniors housing project to be built in downtown San Jose in decades. The six-story, 175,000-square-foot property will feature a mix of studios, one- and two-bedroom assisted living units, along with memory care studios. It will house 165 units, with 49 of them dedicated memory care units. Delmas, located in Downtown West, is in its final rounds of comments with the City of San …

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AcquisitionsAssisted LivingIllinoisNews

Tutera Acquires The Lodge at Manito in Illinois

by Jeff Shaw

MANITO, Ill. — Tutera Senior Living & Health Care, a Kansas City-based senior healthcare provider, has purchased The Lodge at Manito in the small, Central Illinois village of Manito. Located on eight acres, the community provides assisted living and memory care services — the first and only dedicated memory care community in the Manito area. The community opened in 2017 by the Mason County Health Department, which was the first of its kind in the state. Tutera and the health department will have a collaborative relationship that will benefit the …

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CaliforniaFinanceKentuckyNews

Capital Funding Group Arranges $40.4M Bridge Loan for Two-Property Skilled Nursing Acquisition

by Jeff Shaw

CALIFORNIA and KENTUCKY — Capital Funding Group has arranged $40.4 million in bridge-to-HUD financing for the acquisition of two skilled nursing facilities. The facilities, which are located in California and Kentucky, feature 270 beds. The borrower previously operated these facilities, and through this transaction was able to purchase the real estate. Patrick McGovern and Tommy Dillon originated the transaction for Capital Funding Group.

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