NEW YORK CITY — New Senior Investment Group Inc. (NYSE: SNR), a New York City-based seniors housing REIT, has elected Norman Jenkins to its board of directors. Jenkins is president, CEO and managing partner of Capstone Development, a privately held developer of institutional-quality lodging assets. He will serve as an independent director on the board. Prior to founding Capstone in 2009, Jenkins was with Marriott International for 16 years, serving in various leadership positions before being named senior vice president of North American lodging development. His experience also includes five …
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Grandbridbge Hires David Rothschild, Mary Christian to Lead West Coast Investment Sales Team
by Jeff Shaw
SAN DIEGO —Grandbridge Real Estate Capital has hired David Rothschild and Mary Christian to lead the company’s new West Coast investment sales team based in San Diego. Both previously with Cushman & Wakefield, Rothschild and Christian focus solely on senior living transactions and have represented sellers of senior living properties across the United States, Canada and the U.K. since 1986. As the leader of the San Diego team, Rothschild oversees financial underwriting of seniors housing properties, targets qualified investors, presents marketing packages to investors, conducts negotiations and leads due diligence …
WELLESLEY HILLS, Mass. — Truist Financial Corp. has provided a $136 million loan to National Senior Campuses, a continuing care retirement community (CCRC) operator based in Wellesley Hills. The financing will be used toward five of the borrower’s communities, totaling 7,731 units in Warminster, Pennsylvania; Peabody, Massachusetts; Pompton Plains, New Jersey; Springfield, Virginia; and Tinton Falls, New Jersey. Greenspring, one of the borrower’s CCRCs in Northern Virginia, is the first affiliate that will benefit from the new debt proceeds. In total, the funding will provide $115 million toward multi-year, multi-phased …
RICHMOND, Va. — Enterprise Community Development has completed construction of The Rosa, an affordable seniors housing community in Richmond’s historic Jackson Ward neighborhood. Partners on the project include the City of Richmond, the Richmond Redevelopment & Housing Authority, Virginia Housing, the Federal Home Loan Bank, the U.S. Department of Housing and Urban Development (HUD), Truist, Enterprise Housing Credit Investments, and the Virginia Department of Housing and Community Development. The four-story building features 82 mixed-income apartments, including 36 affordable units designated for workforce housing. It is named after the school for …
ST. LOUIS — SRZ Management has acquired NHC Healthcare Town & Country, a 282-bed skilled nursing facility in St. Louis. The seller was National Healthcare Corp. The price was not disclosed. SRZ plans to rebrand the property as Town & Country Health & Rehab and plans to retain all current staff. “We do not plan to expand the current facility or tear it down and build a larger facility as was proposed by previous parties interested in purchasing this property,” says David Murphy, CEO of SRZ Management. “Instead, we plan …
NEW YORK CITY — RKTB Architects has been selected as the designer of Catholic Charities Loreto Apartments, an affordable seniors housing community in Brooklyn. The property will feature 135 units, including 80 for formerly homeless seniors. The remainder of the units is reserved for seniors making up to 50 percent of the area median income. The new development will be constructed on the former site of a historic Brownsville church. A timeline for development was not released.
NEW YORK CITY — Dwight Capital, a private commercial real estate lender based in New York City, has hired Ryan Miles as managing director and chief LEAN/healthcare underwriter. Prior to joining Dwight Capital, Miles was a managing director and chief credit officer for seniors housing and healthcare at Lancaster Pollard, which is now part of the broader lending platform Lument. Miles has over a decade of experience in the commercial real estate finance industry, including credit analysis, underwriting and valuation. He worked in the underwriting department of a low-income housing …
Colliers Arranges $94M Sale of Affordable Seniors Housing Property in East Orange, New Jersey
by Jeff Shaw
EAST ORANGE, N.J. — Colliers International has arranged the $94 million sale of Norman Towers, a Section 8 seniors housing project located in the Newark suburb of East Orange. The 405-unit property has not been renovated since its original construction in 1980. Colliers represented the seller, Squiretown Properties LLC, in the transaction. The buyer was a partnership between Community Preservation Partners and L+M Development Partners. The property’s affordability status, which was set to expire in 10 years, has now been extended for 30 years as part of the purchase agreement. …
HAMILTON TOWNSHIP, N.J. — The Kislak Company Inc. has brokered the $16.4 million sale of Twin Ponds, a 75-unit active adult community in Hamilton Township, located outside Trenton. Justin Lupo and Jason Pucci of Kislak represented the sellers, Crestwood Ventures LLC and Crestwood Ventures II LLC, in the transaction. The buyer, an affiliate of The Kamson Corp., plans to expand the property with a 69-unit third phase. Twin Ponds was fully occupied at the time of sale.
BRUNSWICK, Ohio — KeyBank Real Estate Capital has secured a $10.5 million FHA 232/223(f) loan for the refinancing of Brunswick Pointe Transitional Care in Brunswick, about 20 miles southwest of Cleveland. Built in 2017, the 90-bed skilled nursing facility offers short- and long-term care, physical, occupational and speech therapy, as well as wellness programs, dining and nutrition services, and personal care assistance. John Randolph and Henry Alonso of KeyBank structured the fixed-rate, 35-year loan on behalf of the borrower, Foundations Health Solutions. Loan proceeds were used to pay off a …