WISCONSIN — Oxford Finance LLC has provided a $9.5 million senior credit facility and revolving line of credit to AB Asset Management LLC and Vitalogy Property Holdings LLC. The proceeds will be used to finance the acquisition of two skilled nursing facilities located in Wisconsin, totaling 158 beds. Vitalogy formed a partnership with AB Asset Management and Symmetry Healthcare to acquire the properties. Levi Rudd and Louis Kass founded Vitalogy in 2015. The company plans to expand its existing multi-state operating platform to the Midwest.
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PRINCETON and SUMMIT, N.J. — Brandywine Living has completed the acquisition of two assisted living communities in New Jersey. The two communities are Brandywine Living Serenade at Princeton, formerly Acorn Glen Assisted Living in Princeton, and Brandywine Living at Summit, formerly Spring Meadows at Summit in Summit. “This acquisition is consistent with Brandywine’s strategy of operating high-quality, well-located properties,” says Brenda Bacon, Brandywine’s president and CEO. “The company continues to evaluate other attractive growth opportunities in New Jersey, the Northeast and the Mid-Atlantic.” These properties are being acquired in a …
GREENBURGH, N.Y. — Chelsea Senior Living has completed construction of Chelsea at Greenburgh, a luxury senior living residence in Greenburgh, approximately 20 miles north of Midtown Manhattan. The three-story community will offer assisted living and memory care on the former site of Frank’s Nursery. Chelsea is still awaiting final licensing from the New York Department of Health before accepting new residents. The Chelsea at Greenburgh will offer specialized services for residents with high care needs. These services include assistance with injectable medications, complex diabetes management, assistance with walking and stairs, …
BAY CITY, Mich. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Carriage House & Health Center and The Colonnades Assisted Living, a senior living campus in Bay City, located near Saginaw Bay. The campus features 38 units of assisted living and 120 skilled nursing beds. Although the price was not disclosed, the price per unit/bed of $37,975 equates to approximately $6 million. The property also offers the chance for future assisted living expansion. A family owner seeking to retire sold the property to an undisclosed buyer. …
PHILADELPHIA — Pennrose, a Philadelphia-based developer of multiple types of real estate including seniors housing, has hired Dave Craft as vice president of maintenance. In this role, Craft will be responsible for oversight of maintaining the physical assets of all sites in the organization, executing capital plans, managing on-site insurance claims administration, recruiting and training of Regional Maintenance Managers, and managing the teams that contribute to these activities. With nearly 20 years of maintenance and construction experience, Craft most recently served as director of maintenance for TM Associates Management Inc., …
MIAMI — Integra Investments, through its affordable housing development affiliate Interurban, has broken ground on Mosaico, a 271-unit affordable seniors housing project in Miami’s Allapattah neighborhood. Interurban is developing Mosaico in partnership with Elderly Housing Development & Operations Corp. (EHDOC), an affordable seniors housing nonprofit. Slated for delivery in 18 months, Mosaico is situated on a 1.2-acre site. The 13-story project will include 179 one-bedroom units and 92 oversized studio units, with four townhome units lining the southern perimeter. CC Hodgson Architectural Group designed the project. The development was financed …
CHARLOTTE, N.C. — Bridgewood Property Co. has acquired 727 E. Morehead St. in Charlotte with plans to construct a luxury senior living community, The Village on Morehead, on the site. Bridgewood received rezoning approval for the site in July 2020 and plans to break ground in the spring of 2021. Bridgewood has selected Charlotte-based BB+M as the architects, LandDesign as the civil engineers and Choate Construction as the general contractor. Bridgewood’s long-standing operating partner, Retirement Center Management, will handle operations of the community upon completion.
Lument Provides $8M in Freddie Mac Financing for Affordable Housing Conversion in Delaware
by Jeff Shaw
MIDDLETOWN and SMYRNA, Del. — Lument has provided an $8 million Freddie Mac unfunded forward commitment loan to the Delaware State Housing Authority (DSHA). The permanent financing will pay off construction and renovation debt for a portfolio of three properties. The 106-unit portfolio being renovated comprises Holly Square in Middletown and McLane Gardens and Peach Circle, both in Smyrna. The renovation project consists of substantial interior and exterior upgrades, as well as improved ADA compliance and accessibility for seniors. The three properties will convert from public housing to Section 8-assisted …
WASHINGTON, D.C. — Cadence Living has been appointed as the new manager of four senior living communities in the Washington, D.C. area. The portfolio includes Tribute at One Loudoun in Ashburn, Virginia; Tribute at The Glen in Woodbridge, Virginia; Tribute at Black Hill in Germantown, Maryland; and Tribute at Melford in Bowie, Maryland.
PLEASANTON, Calif. — Ziegler has arranged a total of $125 million in financing for HumanGood, a nonprofit owner-operator based in the Bay Area city of Pleasanton. Washington Federal Bank is providing the funds, which include: $15.5 million in bonds, which refinance an existing tax-exempt bank placement $64.8 million in bonds that are a Cinderalla refinancing of two fixed-rate, tax-exempt bond issues. a $33.8 million taxable term loan. an $11 million taxable revolving line of credit. HumanGood owns and/or operates 21 continuing care retirement communities (CCRCs) and 95 affordable housing communities …