WEST MEMPHIS, Ark. — Senior Living Investment Brokerage (SLIB) has arranged the sale of West Memphis Health & Rehabilitation, a skilled nursing facility in West Memphis, just across the Mississippi River from Memphis, Tennessee. The property features 85 beds. An Arkansas-based regional owner-operator sold the community to another regional owner-operator looking to expand in the state. The price was not disclosed. Bradley Clousing and Daniel Geraghty of SLIB handled the transaction.
SPRINGFIELD, Mass. — Grandbridge Real Estate Capital’s Tampa-based Senior Housing Investment Sales team has arranged the $19 million sale of a senior living community in Springfield, located 25 miles north of Hartford, Connecticut. The community features a mix of independent living cottages, independent living apartments and assisted living units on a 40-acre campus. Allen McMurtry, Dave Kliewer and Jay Jordan represented the seller, a West Coast-based senior living investor. Qualified bidders were invited to participate in a virtual live auction of the community in late September 2020. Following more than …
PHILADELPHIA — Pennrose, a Philadelphia-based developer developer of multifamily properties including seniors housing, has promoted Patrick Stewart to regional vice president of the Maryland region. Stewart will assume responsibilities for the region following the recently announced promotion of Ivy Dench-Carter to senior vice president for development. Stewart joined Pennrose in 2013 and has since served in Pennrose’s Baltimore office, most recently as a senior developer. He has been active in all facets of the real estate development process, including financial analysis; feasibility; assembling and leading the development team; securing entitlements; …
SUN CITY, Ariz. — Ziegler has arranged $136.8 million of public bonds and bank capital for People of Faith Inc. The borrower has planned an expansion project known as Inspirata Pointe at its existing continuing care retirement community (CCRC), Royal Oaks, in Sun City. The financing comprises $90.8 million in tax-exempt bonds and $46 million in variable-rate entrance fee redemption bonds. Royal Oaks was established in 1981 on approximately 50 acres 22 miles northwest of Phoenix. The CCRC currently offers 258 independent living apartments, 102 independent living private residential garden …
LEOMINSTER and GARDNER, Mass. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Keystone Center and Wachusett Manor, skilled nursing facilities located, respectively, in Leominster and Gardner. Both located north of Worcester near the New Hampshire border, Keystone Center is licensed for 106 beds while Wachusett Manor is licensed for 96 beds. Acquired as part of a larger portfolio transaction in 2016, the private equity owner and its operator partner decided to pursue a strategic exit. The buyer was an in-state ownership group and its operating partner, both …
NEW YORK CITY — Monticello, a New York-based lender, has arranged a total of $467 million in financing for the acquisition of a skilled nursing portfolio in the Southeast. The financing package from Monticello included $368 million in first-lien debt and $99 million in mezzanine debt. Lastly, Monticello provided a $40 million working capital loan, resulting in a total financing for the acquisition of $507 million. The borrower is an experienced skilled nursing owner-operator. Details on the properties and seller were not disclosed.
REIDSVILLE, N.C. — Live Oak Bank has provided an $8.5 million construction loan for development of a 58-unit independent living and assisted living project in Reidsville, located north of Greensboro near the Virginia border. The borrower, ALG Senior, has controlled a Certificate of Need necessary to operate assisted living within the county for many years. Following an extensive search, ALG identified and acquired a 12.5-acre site for development.
HATTIESBURG, Miss. — Claiborne Senior Living has hired Cory Rogers and Amber Thomas to its corporate management team. Rogers assumes the role of regional director of operations and is responsible for communities in Mississippi, Georgia and Louisiana. He comes to Claiborne from a seven-year stint with Enlivant Senior Living, where he oversaw management of 12 to 16 assisted living communities in Pennsylvania and West Virginia. Thomas joins the team as regional nurse consultant with nearly a decade of management experience in the healthcare field. Prior to joining Claiborne, she served …
EUGENE, Ore. — CBRE National Senior Housing has arranged a cash-out refinance for The Springs at Greer Garden, a 217-unit independent living, assisted living and memory care community in Eugene. This transaction represents CBRE’s second financing of the property. CBRE originally secured construction financing for the community in 2015. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged the refinance on behalf of a joint venture between The Springs Living and Harrison Street. The amount of the loan was not disclosed. The developers completed construction in …
ILLINOIS — Ziegler served as exclusive capital structuring advisor in a $49.4 million debt placement on behalf of Symphony Care Network to finance the acquisition of a portfolio of four skilled nursing properties and one assisted living property in Illinois. Symphony has operated the Portfolio since 2012, which consists of 616 licensed skilled nursing beds and 109 assisted living units. Symphony’s overall portfolio totals 29 properties throughout Illinois, Indiana, Wisconsin and Michigan. The financing consists of two tranches: a $44.4 million senior secured term loan and a $5 million asset-backed …
