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Assisted LivingDevelopmentNewsTexas

MorningStar, Hines Prepare to Open 112-Unit Community in Houston’s River Oaks

by Jeff Shaw

HOUSTON — Denver-based operator MorningStar Senior Living and Houston-based real estate firm Hines have opened an information center at MorningStar Assisted Living & Memory Care at River Oaks in Houston. The community is scheduled to open this fall, featuring 85 assisted living units and 27 memory care suites. The six-story community is bordered by River Oaks, West University, The Texas Medical Center, Montrose, downtown and the Galleria. Its central location allows access to nearby amenities, including the Museum District, the Houston Zoo, Rice University, Levy Park and dining and shopping experiences.

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Assisted LivingCaliforniaDevelopmentFinanceNews

JLL Capital Markets Arranges Development Financing for The Lodge at Piner Road in Santa Rosa, California

by Jeff Shaw

SANTA ROSA, Calif. — JLL Capital Markets has arranged financing for development of The Lodge at Piner Road, a 92-unit seniors housing community. Blue Mountain Enterprises and Calson Management are developing the property, located in Santa Rosa, part of Sonoma County. Although the amount of the financing was undisclosed, it represents a 75 percent loan-to-cost ratio. A private lender provided the funds. The Class A property will total 37,762 square feet and consist of 66 assisted living units and 26 private memory care units. The property is adjacent to both …

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AcquisitionsFloridaGeorgiaNews

Sabra Acquires Two Communities in the Southeast for $28.5M

by Jeff Shaw

AUGUSTA, Ga., and GULF BREEZE, Fla. — Sabra Health Care REIT Inc. (NASDAQ: SBRA) has acquired a 100-unit seniors housing facility in Augusta and a former seniors housing facility in Gulf Breeze for an aggregate purchase price of $28.5 million. The Augusta location, The Claiborne at West Lake, opened in late 2018 and was nearly 90 percent occupied at the time of the transaction. The transaction was underwritten with an initial cash yield of nearly 8 percent and features an earnout opportunity for the seller after 12 months. Simultaneously with …

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AcquisitionsGeorgiaNews

SLIB Negotiates Sale of 46-Unit Mulberry Grove in Statham, Georgia

by Jeff Shaw

STATHAM, Ga. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Mulberry Grove, a 46-unit seniors housing community in Statham, west of Athens. Built in 1997, the seller was a local owner-operator looking to retire. The buyer and price were undisclosed. Daniel Geraghty, Bradley Clousing and Dave Balow handled the transaction for SLIB. “This community will benefit operationally from the buyers expanding footprint throughout the Southeast,” says Geraghty.

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FinanceM&T Realty Capital CorporationNewsSkilled NursingWashington

M&T Realty Capital Provides $3.1M Refinancing for Skilled Nursing Facility in Seattle

by Jeff Shaw

SEATTLE — M&T Realty Capital Corp. has provided a $3.1 million, FHA-insured loan for the refinance of a 47-unit skilled nursing facility in Seattle. The loan was completed under the U.S. Department of Housing and Urban Development (HUD) 223(a)(7) program. The 21-year loan features a 2.68 percent fixed interest rate and is fully amortizing. The transaction was led by Jim Schneider and Madeleine Roach of M&T Realty Capital’s Seattle office. Details on the borrower and facility were not disclosed.

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Active AdultDevelopmentNewsTexas

Cadence McShane Completes Construction of Brookwood Senior Apartments in San Antonio

by Jeff Shaw

SAN ANTONIO — Cadence McShane Construction Co. has completed Brookwood Senior Apartments in San Antonio. Mission DG is the developer of the property, which features 197 units on a six-acre site. “This project is a great addition to San Antonio in terms of active adult living communities,” says Srinath Pai Kasturi, executive vice president at Cadence McShane. “Through HUD 221(d)(4) financing, Brookwood Senior Apartments will provide moderate-income seniors with a great, amenity-rich residence at a price they can afford.” B&A Architects designed the property. Units are offered in one- and …

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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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