DELRAY BEACH, Fla. — Newmark has arranged construction financing for Holden of Boca/Delray, a 187-unit seniors housing development in the South Florida city of Delray Beach. The borrower is a joint venture between Alliance Residential Company and a global institutional real estate manager. Sarah Anderson, Ryan Maconachy, Chad Lavender, David Fasano and Ross Sanders represented the borrower in the financing efforts. A bank provided the construction loan. The development, which will feature 89 independent living units, 76 assisted living units and 22 memory care units, has received site plan approval. …
BRIDGEWATER, N.J. — Life Care Services has completed an $8 million renovation project at Laurel Circle, a life plan community in Bridgewater, located between New York City and Philadelphia. The 28,317-square-foot renovation added a new bistro-style, grab-and-go dining venue; enhanced the wellness and fitness center, salon, main lobby and common areas in independent living; and redesigned spaces in The Arbor health center. Laurel Circle features 202 units on 28 wooded acres. Hord Coplan Macht (HCM) served as the architect and interior designer for the renovation.
DALLAS — Lone Star Funds, a Dallas-based private equity firm, has acquired a 10-property portfolio of properties operated by Discovery Senior Living in Florida, Texas and Georgia. Healthpeak (NYSE: PEAK) sold the assets for $334 million. Although the REIT disclosed the sale during its first-quarter results last week, further details, including the buyer, weren’t disclosed at that time. Healthpeak is selling the bulk of its seniors housing portfolio in a move to exit the industry in favor of life sciences and medical office real estate. Discovery Senior Living retained management …
HORIZON WEST, Fla. — The Blake has neared completion of The Blake at Hamlin, a seniors housing community in Horizon West, a master-planned community west of Orlando near Disney World. The property will offer assisted living and memory care services. The number of units was not disclosed. Angie Layfield will serve as executive director while Joshua Bentley will be director of sales and marketing. The property is scheduled to open in fall of 2021.
MINNEAPOLIS and BLOOMINGTON, Minn. — Lifesprk, a Minneapolis-based community-based services provider, has announced plans to acquire Tealwood Senior Living, a Bloomington-based operator with 35 seniors housing communities. “The current senior housing market, accelerated by the pandemic, created significant opportunity to provide a markedly different approach to senior living,” says Joel Theisen, Lifesprk CEO. “Both Lifesprk and Tealwood are well-positioned to seize that opportunity by joining forces to serve seniors more fully, connecting them to everything they need in one system to age magnificently and transform the way people experience senior …
MONMOUTH COUNTY, N.J. — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged a $24.1 million bridge-to-HUD loan for the acquisition of a 202-bed skilled nursing facility in Monmouth County. The borrower and property were not disclosed. The loan, provided by local lender features nine months of interest-only payments and a 25-year amortization. Rafael Urbach of Harborview originated the loan.
RICHMOND, Va. — EquityPlus LLC has successfully sold $16 million in bonds issued by the Richmond Redevelopment & Housing Authority. Proceeds from the bond sale will finance renovations to the Shockoe Hill Senior Apartments, an affordable seniors housing complex owned by Capital Realty Group in Richmond. The financing will also fund a new community wellness center for its residents. The bonds were purchased in their entirety by Cedar Rapids Bank & Trust of Iowa ($10.5 million) and Capital Realty Group ($5.5 million). EquityPlus identified the buyers, coordinated closing and will …
SOUTHFIELD, Mich. — American House Senior Living Communities, a Southfield-based operator, has promoted Brianne Zitko to the role of chief operating officer. In her new role, she will oversee day-to-day operations for American House’s more than 50 communities. Zitko has worked for American House Senior Living since early 2019. In her previous role as senior vice president of growth strategy, she was responsible for growth strategy, revenue generation, marketing innovation and sales enablement. Zitko and her team increased occupancy by 3.85 percent and grew monthly revenue by 9 percent in …
SANTA ANA, Calif. — AO, an architectural services firm, has completed Metro East Senior Park Apartments, a six-story, 461,535 square-foot affordable seniors housing community that borders the cities of Santa Ana and Tustin. Designed for developers AMG, The Pacific Cos. and Jamboree Housing Corp., the community comprises 419 residential units with a mix of studio, one- and two-bedroom apartments with floor plans ranging from 402 to 821 square feet. “We’re breathing new life into Santa Ana’s Metro East mixed-use zone with a senior affordable housing community,” says Ed Cadavona, partner …
DEWITT, Iowa — Lument has arranged a $21.8 million loan via the U.S. Department of Agriculture’s Community Facilities (CF) Direct Loan program to fund the construction of Fieldstone of DeWitt, a 91-unit seniors housing campus. Located in eastern Iowa, the community will consist of a 70-bed replacement skilled nursing facility, of which 16 units will provide dementia care and 21 units will provide assisted living care. Previously, the community was attached to a hospital. The new skilled nursing beds will be located in four cottages, each with its own common …