DENTON and FORT WORTH, Texas — Newmark has brokered the sale of Attiva Denton and Attiva Park, two seniors housing properties totaling 402 units in North Texas. The first property totals 240 units and is located in Denton, and the second property comprises 162 units and is located on the southern side of Fort Worth. Ryan Maconachy and Chad Lavender of Newmark represented the seller, Atlanta-based multifamily development and investment firm Cortland, in the transaction. The buyer was not disclosed.
CHICAGO AND NEW YORK CITY — Ventas Inc. (NYSE: VTR) has entered into a definitive merger agreement to acquire New Senior Investment Group (NYSE: SNR), a New York City-based owner of independent living communities across the country. The deal between these two seniors housing real estate investment trusts (REITs) is valued at $2.3 billion, including $1.5 billion of debt. The transaction will bolster the number of independent living communities for Ventas, which as of March 31 owned (fully or partially) 1,200 properties. As of first-quarter 2021, 48 percent of Ventas’ …
HOUSTON — Houston Housing and Community Development Department (HCDD), along with an affiliate of Atlantic Pacific Communities, has unveiled plans for Heritage Senior Residences, a mixed-income senior living community in Houston that will replace housing lost during Hurricane Harvey in August of 2017. The project was awarded $14.4 million in Community Development Block Grant-Disaster Recovery (CDBG-DR) funds. In addition, these funds were paired with $13.8 million of equity generated from the sale of housing tax credits, a $9.8 million permanent loan from Citi Community Capital, and a $20.5 million construction …
MACON, Ga. — Watercrest Senior Living Group has begun accepting reservations at Watercrest Macon Assisted Living and Memory Care in Macon, approximately 80 miles southeast of Atlanta. Watercrest Macon will feature 76 assisted living and 22 memory care residences. It is scheduled to open this fall. Watercrest Macon is one of two senior living projects Watercrest has under development with private equity partners Corecam Capital Partners and Peninsula Alternative Real Estate. The second project, Watercrest Myrtle Beach Assisted Living and Memory Care, is currently under construction in Myrtle Beach, South …
PLANO, Texas — A partnership between Meridian Capital Group and Barings has launched NewPoint Real Estate Capital. The new company, based in Plano, will focus on multifamily finance options, including seniors housing. The company replaces Barings Multifamily Capital, which the joint venture recently acquired. The company has not unveiled its full staff yet, but in an email to clients CEO David Brickman suggested it will include “a slew of industry veterans.” NewPoint will operate as an independent company, separate from Meridian and Barings.
MAPLE GROVE, Minn. — Grace Management, a Maple Grove-based operator, has hired Ashlea Smalley as national director of life enrichment and memory care. Smalley will provide support, inspiration and training for life enrichment and memory care to all of Grace Management’s senior living communities throughout the country. Smalley has worked in the senior living industry for 15 years in skilled nursing, primarily within memory care. In addition to her work in senior living, she has also taught as an adjunct professor at Northern Illinois University and Benedictine University in their …
NEWBERG, Ore. — Greystone plans to break ground July 8 on an expansion project at Friendsview, a continuing care retirement community (CCRC) in the Portland suburb of Newberg. Yamhill County Hospital Authority issued $124.2 million in bond financing, underwritten by Ziegler, for the project. The community was founded in 1961 and boasts affordable CCRC living, with average monthly fees of $2,500. The expansion will bring new amenities to current residents across three new components named Springbrook Meadows North, Sutton Terrace at University Village and Charles Beals Plaza. “Replacing the health …
FRISCO, Texas — SilverPoint Senior Living has formed a new partnership with La Fontaine Memory Care under which SilvrePoint will manage La Fontaine of Frisco in Frisco, a suburb of Dallas. “As SilverPoint is continuing to grow, we want to be strategic as we add to the portfolio of communities we manage. We truly connected on a personal level with the ownership group and both agreed that SilverPoint can add value to the La Fontaine community,” says Shawn Corzine, CEO at SilverPoint. “Paramount Healthcare’s expertise has historically focused on individuals …
SCOTTSDALE, Ariz. — Cadence Living has hired Sloane Buchanan as vice president of operations for the West region. Buchanan will have principal responsibility over operations of the Cadence Living managed communities in Southern California. Buchanan has been in senior living for eight years after a successful career in university enrollment and a five-year stint in the U.S. Army. Before Joining Cadence, she served in both regional operations and regional sales roles with Frontier Management. She also held operational roles with Holiday Retirement, Brookdale and Prestige Care, as well as owning …
ILLINOIS — Dwight Capital has provided a $56 million bridge loan for the refinancing of a portfolio of eight skilled nursing facilities located across Illinois. The properties include Lexington Health Center Bloomingdale, Lexington of Schaumburg, Lexington of Orland Park, Lexington of Lombard, Lexington of Chicago Ridge, Lexington of Elmhurst, Lexington of La Grange and Lexington of Lake Zurich. Together, the facilities comprise 1,550 beds across a total of 25 acres. Cross River Bank served as co-lender and participant in the transaction. The term loan refinanced the portfolio’s existing capital structure …