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Assisted LivingCaliforniaDevelopmentNews

Atria Opens 200-Unit Community in San Jose

by Jeff Shaw

SAN JOSE — Atria has completed construction of Atria Almaden, a 200-unit seniors housing community in the Almaden neighborhood of San Jose. The property is located near Almaden Lake Park, Santana Row and the San Pedro Square Market. The four-story community offers assisted living and memory care. Atria opened the community with aggressive infectious disease control measures under a health and safety initiative. The company vaccinated its first residents and staff on Dec. 21 and has now vaccinated more than 30,000 resident and staff across the U.S.

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Affordable HousingDevelopmentFinanceNewsTexas

Bellwether Enterprise Arranges $28.9M Construction Loan for Legacy Riverside in Fort Worth

by Jeff Shaw

FORT WORTH, Texas — Bellwether Enterprise Real Estate Capital LLC has arranged a $28.9 million loan for the construction of Legacy Riverside Senior Living Community in Fort Worth. Phil Melton and Jeff Bradley, both in Bellwether Enterprise’s Dallas office, originated the loan with Cindy Hannon of Bellwether’s Atlanta office on behalf of the borrowers, Legacy Multifamily Development and RISE Residential Construction. This is the sixth loan deal in which Bellwether Enterprise has partnered with RISE Residential since 2017. Legacy Riverside will provide 264 affordable units in north-central Fort Worth, using …

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Affordable HousingCaliforniaDevelopmentNews

USA Properties Starts Construction of $114M Multifamily Complex in Simi Valley, California

by Jeff Shaw

SIMI VALLEY, Calif. — USA Properties Fund has commenced construction on two apartment projects in Simi Valley. Totaling $114 million, the combined communities will offer a total of 311 mixed-income, multi-generational units to the area. Situated on nearly 13 acres, the projects are The Landing at Arroyo, a market-rate community, and Vintage at Sycamore, an affordable seniors housing community for residents at least 62 years old. The project is located on the former Rancho Simi Recreation and Park District’s headquarters. Vintage at Sycamore will feature 99 apartments for seniors earning …

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AcquisitionsAssisted LivingFinanceNewsWisconsin

Walker & Dunlop Arranges $9.1M Financing for Acquisition of Tender Hearts Assisted Living in Green Bay

by Jeff Shaw

GREEN BAY, Wis. — Walker & Dunlop has arranged $9.1 million in financing for the acquisition of Tender Hearts Assisted Living, a 50-unit community in Green Bay. The property was built in 2009 and renovated in 2019. The total price of the acquisition was $10.1 million. The seller was not disclosed. Walker & Dunlop structured the HUD-insured financing on behalf of Senior Opportunity Funds Holding Co. (SOF), a seniors housing developer that has historically developed Class A independent living, assisted living and memory care communities in the Southeast. As part …

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Company NewsNewsPeople

Discovery Senior Living Hires Hilary Bullard as President of Its New Morada Senior Living Brand

by Jeff Shaw

BONITA SPRINGS, Fla. — Discovery Senior Living, an owner-operator based in Bonita Springs, has hired Hilary Bullard as the first-ever president of its Morada Senior Living brand. Bullard brings more than 15 years of experience managing seniors and multifamily housing assets for some of the industry’s most prominent investors. She most recently served as vice president of seniors housing asset management for Healthpeak Properties, a post she occupied since 2019. Bullard began her career with J.P. Morgan where she oversaw top-tier and middle-market seniors housing communities across multiple states. She …

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DevelopmentNew JerseyNews

Thrive to Open 203-Unit Community in Montvale, New Jersey

by Jeff Shaw

MONTVALE, N.J. — Thrive Senior Living will open the welcome center on March 27 for Thrive at Montvale, a seniors housing community in Montvale. The community will feature 203 units of independent living, assisted living and memory care. The three-story building is located near Lake Tappan along the New York State border just north of Manhattan.

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FinanceNews

Oxford Finance Provides $57.2M Credit Facility to Pointe Group Care

by Jeff Shaw

ALEXANDRIA, Va., and STOUGHTON, Mass. — Oxford Finance LLC has provided a $57.2 million senior credit facility and revolving line of credit to Pointe Group Care LLC. The funds were used for working capital, refinance existing debt and support the acquisition of four additional long-term care facilities in Florida. Details on the acquisition were not disclosed. Headquartered in Stoughton, Pointe Group is an owner and operator within the skilled nursing and assisted living industry. Oxford is a specialty finance firm based in Alexandria.

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AcquisitionsMissouriNewsSkilled Nursing

SLIB Brokers Sale of 137-Bed West County Care Center in Ballwin, Missouri

by Jeff Shaw

BALLWIN, Mo. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of West County Care Center, a 137-bed skilled nursing facility in Ballwin, approximately 20 miles west of St. Louis. West County Care Center consists of private and semi-private rooms and provides therapy, adult daycare, memory care and respite services. A new operator took over the community in fall of 2019, stabilizing operations and improving financial metrics. The seller is a family-owned operator based in Missouri divesting of a non-core, under-performing asset. The buyer was a national, private real …

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AcquisitionsAssisted LivingFloridaNews

Berkadia Arranges $15M Sale of The Willows of Wildwood in Oxford, Florida

by Jeff Shaw

OXFORD, Fla. — Berkadia’s Seniors Housing and Healthcare Group has arranged the $15 million sale of The Willows of Wildwood, an assisted living and memory care community in the Central Florida municipality of Oxford. The Class A property opened in 2015, featuring 126 units totaling 134 beds. Tim Cobb and Brooks Minford of Berkadia completed the sale.

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FinanceNewsPeople

Greystone Hires HUD Deputy Assistant Secretary C. Lamar Seats

by Jeff Shaw

NEW YORK CITY — Greystone has hired C. Lamar Seats as senior vice president of FHA production. In this role, Seats will oversee origination teams at Greystone handling multifamily, affordable housing and construction finance via HUD-insured programs, including for seniors housing. Seats joins Greystone from the U.S. Department of Housing and Urban Development, where he served as deputy assistant secretary of multifamily housing programs for three years, overseeing $21 billion in production in fiscal year2020. He was previously a managing director at M&T Realty Capital Corp. and served as CEO …

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