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Affordable HousingDevelopmentFinanceIllinoisNews

Merchants Capital Provides Development Financing for Montclare Senior Residences of Calumet Heights in Chicago

by Jeff Shaw

CHICAGO — Merchants Capital has provided funding for the development of Montclare Senior Residences of Calumet Heights, a 134-unit affordable seniors housing project in Chicago. Financing for the project was obtained through the United States Department of Housing and Urban Development (HUD) 221(d)(4) program. The funding was completed in partnership with MR Properties LLC and Patti Ann Charitable Services. Located on a formerly vacant, five-acre lot in the historic Pill Hill neighborhood on Chicago’s South Side, the majority of units are reserved for extremely-low, very-low and low-income seniors earning no …

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FinanceNewsSkilled Nursing

Bank Leumi USA Funds $23.5M Financing Package for Prestige Care Inc.

by Jeff Shaw

VANCOUVER, Wash. — Bank Leumi USA funded a $23.5 million deal with Prestige Care, a Vancouver-based operator of 80 senior living and rehabilitation centers across eight Western states. The deal will refinance one of Prestige Care’s asset-based lending revolvers and a real estate term loan, which will enable it to support a portfolio of 356 operating beds across four skilled nursing facilities in Oregon and Washington and one assisted living facility in Arizona. The refinancing will allow Prestige to restore its liquidity and continue on a growth trajectory. “As the …

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ArizonaCCRCDevelopmentNews

McCarthy Completes $252M Mirabella at ASU Continuing Care Retirement Community in Tempe, Arizona

by Jeff Shaw

TEMPE, Ariz. — McCarthy Building Cos., a St. Louis-based construction firm, has completed construction of Mirabella at ASU, a $252 million continuing care retirement community in Tempe. Pacific Retirement Services and University Realty were the developers for the project. Mirabella at ASU is located at the corner of University Drive and Mill Avenue on the campus of Arizona State University (ASU), 4.5 miles from the Phoenix Sky Harbor International Airport. The community features a 20-story, 613,992-square-foot tower with 252 apartment units ranging from 751 square feet to 2,665 square feet. …

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ColoradoDevelopmentNews

Solterra Breaks Ground on $38M Bridgewater Living in Castle Rock, Colorado

by Jeff Shaw

CASTLE ROCK, Colo. — Solterra Cos. has broken ground on Bridgewater Living, a 142-unit seniors housing community in Castle Rock, approximately 30 miles south of Denver. The property is located on a 6.6-acre site. Although the type of care was not disclosed, Solterra describes the development as a “health and wellness campus for those looking to live a longer and healthier life.” Development costs were estimated at $38 million. Funding was in partnership with the Douglas County Housing Authority and Multi-Family Housing Revenue Bonds. The community is scheduled to open …

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AcquisitionsAffordable HousingCaliforniaNews

Avanath Capital Purchases Grove Senior Apartments in Garden Grove, California for $19.8M

by Jeff Shaw

GARDEN GROVE, CALIF. — Irvine, Calif.-based Avanath Capital Management has purchased The Grove Senior Apartments, a seniors housing property located at 12721 Garden Grove Blvd. in Garden Grove. Meta Housing sold the asset for $19.8 million. The Grove, which is currently 100 percent occupied, features 85 units, a fitness center, club room, courtyard and bus stop directly in front of the property. Rents range from $840 to $1,729 per month for units ranging from 542 to 815 square feet. While Avanath is headquartered in Irvine and has more than 10,000 …

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AcquisitionsAssisted LivingNew YorkNews

ESI Arranges $10M Sale of The Terrace at Woodland in Rome, New York

by Jeff Shaw

ROME, N.Y. — Evans Senior Investments (ESI) has arranged the sale of The Terrace at Woodland, a 46-unit assisted living and memory care community in the Central New York city of Rome. An independent owner-operator sold the property to a regional owner operator. The price of $10 million equates to approximately $217,000 per unit and a capitalization rate of 7.5 percent. Built in 2009, The Terrace at Woodland is licensed for 48 assisted living beds and 12 memory care beds. In addition, the community holds an ALP Medicaid license in …

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AcquisitionsNewsPennsylvaniaSkilled Nursing

Tryko Partners Acquires Regina Community Nursing Center in Norristown, Pennsylvania

by Jeff Shaw

NORRISTOWN, Pa. — Private equity investment firm Tryko Partners has acquired Regina Community Nursing Center, a 121-bed skilled nursing facility in Norristown, for an undisclosed price. Tryko has rebranded the property as Markley Rehabilitation & Healthcare Center and plans to implement a $3.5 million investment in physical plant renovations and specialty programming enhancements. “This facility has significant upside potential,” says Tryko’s Uri Kahanow, director of acquisitions. “It has good bones and is located in a prime market, one in which we have nearly a decade of experience and facilities that …

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Company NewsNewsPeople

Benchmark Makes Three Hires, Promotions Within C-Suite

by Jeff Shaw

WALTHAM, Mass. — Benchmark Senior Living, a Waltham-based provider of senior living services in the Northeast, has appointed Jerry Liang to executive vice president and chief financial officer, effective immediately, and John Hartmayer to executive vice president and chief operations officer, as of March 8. Heather Frahm, the company’s chief marketing officer, was also promoted to executive vice president. Benchmark CFO Sarah Laffey will shift to a part-time consulting role with the company, overseeing its continuing care retirement communities’ (CCRCs) investments and working as a liaison with investors. Liang and …

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NewsOperations

Webinar Panelists: Residents Line Up for Vaccine, but Employees Hesitate

by Jeff Shaw

As the COVID-19 vaccine rolls out around the country, nobody is more excited to put the pandemic behind them than seniors housing operators. The disease has driven occupancy to record-low rates, while 39 percent of all deaths from the disease occurred in skilled nursing facilities, according to a December report by AARP. Residents have largely been eager to take the vaccine. However, employees have been much more hesitant. “After almost a year of navigating the COVID-19 pandemic and the effects on staff, residents and family members, the news of the …

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Assisted LivingDevelopmentFloridaNews

Watercrest, St. Joe Company Open 107-Unit Community in Santa Rosa Beach, Florida

by Jeff Shaw

SANTA ROSA BEACH, Fla. — Watercrest Senior Living Group and The St. Joe Company have welcomed its first residents to Watercrest Santa Rosa Beach Assisted Living and Memory Care. Located on the Florida Panhandle, the property features 75 assisted living units and 32 memory care units in a 92,000-square-foot building.

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