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FinanceNewsOhio

Ziegler Arranges $20M Bond Financing for Community First Solutions

by Jeff Shaw

HAMILTON, Ohio — Ziegler has arranged $20 million in bond financing for Community First Solutions, a healthcare services company based in Hamilton. The bonds were issued through the Butler County Port Authority, and consisted of $15.3 million of tax-exempt bonds and $4.7 million of federally taxable bonds. Community First Solutions (CFS) is a nonprofit company that provides a continuum of services to meet the diverse health and wellness needs of more than 30,000 clients throughout the region. CFS is the parent company of multiple subsidiaries and operates two senior living …

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AcquisitionsNewsOhioSkilled Nursing

Blueprint Brokers Sale of 108-Bed Skilled Nursing Facility in Dayton, Ohio

by Jeff Shaw

DAYTON, Ohio — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 108-bed skilled nursing facility in Dayton. The nonprofit seller was looking for an exit strategy, determining that the asset was worth less than its HUD loan obligations. The community was built in 1975 and struggled with occupancy, according to Blueprint, which suggested a short-sale transaction. A private equity owner-operator acquired the property as a value-add opportunity for an undisclosed, all-cash price, with HUD’s approval.

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Assisted LivingFeaturesNew YorkNews

Lument Provides $8.3M HUD Refinancing for Gardens by Morningstar in Oswego, New York

by Jeff Shaw

OSWEGO, N.Y. — Lument has provided $8.3 million in HUD financing for Gardens of Morningstar, a 106-unit assisted living community in Oswego, located along Lake Ontario north of Syracuse. The transaction represents a refinancing via the FHA Sec. 232/223(f) program. The property was vacant until 2016, when current ownership acquired and substantially renovated the building. Lument helped ownership structure a bridge loan in 2017 that consolidated construction debt and positioned the facility for a HUD/FHA refinance. The new loan paid off the existing bridge loan and reimbursed the borrower for …

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NewsNorth CarolinaPeople

Singh Promotes Eric Davis to Executive Director of Waltonwood Cotswold in Charlotte

by Jeff Shaw

CHARLOTTE, N.C. — Singh, a seniors housing developer operating under the Waltonwood brand, has promoted Eric Davis to executive director of Waltonwood Cotswold in Charlotte. Davis brings with him nearly 10 years of experience to his new role. He began his work with the Waltonwood organization in 2015 as a third-shift wellness nurse. During his time with the community, Davis was promoted to the position of assisted living wellness coordinator, which allowed him to work directly with residents and their family members. In 2019 he was promoted to the associate …

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DevelopmentIndependent LivingNew YorkNews

Capitol Seniors Housing Opens The Residences at Plainview Independent Living Community on Long Island

by Jeff Shaw

PLAINVIEW, N.Y. — Capitol Seniors Housing has opened The Residences at Plainview a 114-unit independent living community in the Long Island hamlet of Plainview. Chelsea Senior Living operates the 150,000-square-foot community. Formerly a Residence Inn by Marriott, Capitol Seniors Housing purchased the property and transformed the campus into seniors housing. Meyer Senior Living Studio was the designers, while EW Howell Construction Group was the general contractor.

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FinanceFloridaMassachusettsNewsSkilled Nursing

Eastern Union Arranges $57M in Financing for Four Skilled Nursing Facilities in Florida, Massachusetts

by Jeff Shaw

NEW YORK CITY — The Healthcare Group of Eastern Union, a New York-based commercial real estate finance firm, has secured a $57 million bridge financing package that encompasses two skilled nursing facilities in Florida and two in Massachusetts. The four facilities total 544 beds. The two facilities in Florida represented $26 million of the overall transaction. The first was a 133-bed facility in Naples that provides a combination of skilled nursing and assisted living services. The second asset was a 146-bed center in Venice that delivers assisted living, memory care …

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CCRCDevelopmentNew JerseyNews

Acts Starts $10M Expansion Project at The Evergreens in Moorestown, New Jersey

by Jeff Shaw

MOORESTOWN, N.J. — Acts Retirement-Life Communities has started a $10 million renovation and expansion project at The Evergreens, a senior living community in Moorestown, a suburb of Philadelphia. The renovations feature new construction and upgrades to existing common areas throughout the senior living community, which is home to approximately 216 residents. The project is scheduled to take approximately two years to complete, finishing sometime in 2022. The Evergreens’ 32-acre campus includes 200 independent living apartment homes, an on-site health care center with 66 assisted living suites and a 34-bed skilled …

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CCRCDevelopmentNewsNorth Carolina

Carolinas HealthCare System Completes Renovations to Grace Ridge Community in Morganton, North Carolina

by Jeff Shaw

MORGANTON, N.C. ­— Carolinas HealthCare System Blue Ridge has completed a renovation project at Grace Ridge Retirement Community in Morganton, located in the Blue Ridge Mountains. Beginning in 2020, Grace Ridge partnered with North Carolina-based Frank L. Blum Construction Co. and Steele Group Architects in the project. ID Collaborative designed the interior. Grace Ridge is a continuing care retirement community spanning 52 acres.

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NewsPeople

LTC Adds Cornelia Cheng to Board

by Jeff Shaw

WESTLAKE VILLAGE, Calif. — LTC Properties Inc. (NYSE: LTC), a real estate investment trust that invests in seniors housing and healthcare properties, has elected Cornelia Cheng as a new member of the board of directors effective April 1. The move increases the total number of directors from five to six, 50 percent of whom are women, and independent directors from four to five. Cheng, 53, brings over 20 years of corporate finance, acquisitions, capital markets, recapitalization, REIT financings and talent management experience. She is currently managing director of investments for …

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CaliforniaDevelopmentNews

Partnership Breaks Ground on 132-Unit Seniors Housing Project in Mission Viejo, California

by Jeff Shaw

MISSION VIEJO, Calif. — Denver-based Confluent Senior Living, Scottsdale, Ariz.-based Concord Development Partners and Denver-based MorningStar Senior Living have broken ground on MorningStar of Mission Viejo, a 132-unit seniors housing community. The property will be situated at the former Avery Plaza business center at the intersection of Marguerite and Avery parkways in Mission Viejo. Slated to open in early 2023, the community will feature independent living, assisted living and memory care units. The property will offer studio, one- and two-bedroom suites, as well as 126 below-grade parking spaces. Community amenities …

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