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AcquisitionsAffordable HousingMinnesotaNews

JLL Arranges Sale of 96-Unit Rivertown Commons Affordable Community in Stillwater, Minnesota

by Jeff Shaw

STILLWATER, Minn. — JLL Capital Markets has arranged the sale and financing of Rivertown Commons, a 96-unit Section 8 affordable seniors housing community situated along the St. Croix River in Stillwater.  The seven-story building totals 55,800 square feet.  Josh Talberg and Doug Childers of JLL represented the seller, Dominium Management, and procured the buyer, an investment firm that specializes in affordable and workforce housing. The buyer plans to refresh the units and common areas in addition to extending the existing affordability restrictions.  C.W. Early, Ken Dayton and Pat McMullen of …

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AcquisitionsAssisted LivingNewsSouth Carolina

Berkadia Brokers Sale of Two Communities in South Carolina

by Jeff Shaw

COLUMBIA and MYRTLE BEACH, S.C. — Berkadia has arranged the sale of two assisted living and memory care communities in South Carolina.  Berkadia Seniors Housing & Healthcare, led by Mike Garbers, Cody Tremper, Dave Fasano, and Ross Sanders, closed the 156-unit transaction on behalf of a publicly traded REIT. The properties, located in the Columbia and Myrtle Beach MSAs, were purchased by a regional owner-operator. The price was not disclosed.

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AcquisitionsMississippiNewsSkilled Nursing

SLIB Negotiates Sale of 66-Bed Trace Extended Care in Houston, Mississippi

by Jeff Shaw

HOUSTON, Miss. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Trace Extended Care, a 66-bed skilled nursing facility in Houston. Located in Chickasaw County, the property is 30 miles southwest of Tupelo and five miles north of the Natchez Trace Parkway. The seller is Sunlink Health Systems Inc. (NYSE: American SSY), which was looking to redeploy capital and focus on its core business. The buyer is a Mississippi-based group looking to add to its existing presence in Mississippi. Daniel Geraghty and Bradley Clousing handled the transaction for …

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NewsPeople

Merrill Gardens Adds Melanie Werdel, Madisen Medley to Senior Leadership Team

by Jeff Shaw

SEATTLE — Merrill Gardens, a Seattle-based owner-operator, has added Melanie Werdel and Madisen Medley to its senior leadership team. Werdel is now the vice president of risk management for Merrill Senior Living and sister company Pillar Properties. She has over 30 years of experience in senior living including her tenure as a member of the senior leadership team at Emeritus. Prior to joining Merrill Gardens, she was a consultant to senior living companies, tapping into her expertise in healthcare, compliance and administration. Werdel is also one of the original senior …

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Affordable HousingDevelopmentMinnesotaNews

Volunteers of America Completes 80-Unit Nolte River Place Affordable Community in Anoka, Minnesota

by Jeff Shaw

ANOKA, Minn. — Volunteers of America National Services has opened Nolte River Place, an affordable seniors housing development in Anoka, a suburb north of Minneapolis. The 80-unit community provides one- and two-bedroom units, eight units for formerly unhoused veterans and 10 designated units for Project Rental Assistance Contracts (PRAC) vouchers.  Nolte River Place is near the Rum River Trail, Northstar Line commuter rail and downtown Anoka.

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AcquisitionsAlabamaAssisted LivingFinanceNews

Helios Arranges Sale of, Financing for Community in Alabama

by Jeff Shaw

ALABAMA — Helios has structured the sale and acquisition financing of an assisted living and memory care community in Alabama. A Mississippi-based regional owner-operator, Veritas InCare, sold the asset to a local owner-operator. The price and other details were not disclosed. Despite the community’s strong performance, dislocation in the debt markets and low liquidity impacted the buyer’s ability to use its existing lending relationships to fund the purchase. Helios stepped in to assist the buyer and structured a financing package with a regional lender that recapitalized the buyer’s existing community …

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AcquisitionsAssisted LivingIdahoNews

SLIB Arranges Sale of 95-Unit Copper Springs Senior Living in Meridian, Idaho

by Jeff Shaw

MERIDIAN, Idaho — Senior Living Investment Brokerage (SLIB) has arranged the sale of Copper Springs Senior Living, an assisted living and memory care community in Meridian, just west of Boise. The community consists of 95 units and 105 beds was built in 1969 with remodeling done in 2013. The property totals 49,664 square feet on approximately five acres of land. The seller is a REIT divesting to exit operations in the state of Idaho. The buyer is an Idaho-based owner-operator expanding their footprint in the state. The price was not …

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FinanceNewsPeople

Capital Funding Group Hires David Casden as Vice President of Capital Markets Distribution

by Jeff Shaw

BALTIMORE — Capital Funding Group (CFG), a Baltimore-based lender, has hired David Casden as vice president of capital markets distribution. Formerly managing director of sales and trading/pricing at Lument Real Estate Capital, Casden brings nearly two decades of experience to CFG. Casden joins the CFG team to lead the augmentation of loan distribution efforts, with a primary focus on establishing capital markets relationships and implementing structured distribution vehicles to complement the company’s existing loan syndication efforts. He will work closely with the loan origination teams to inform them of market …

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Active AdultDevelopmentMassachusettsNews

United Group Breaks Ground on 123-Unit The Arbella at Bramble Hill in Worcester, Massachusetts

by Jeff Shaw

WORCESTER, Mass. — The United Group of Companies has broken ground on The Arbella at Bramble Hill, a 123-unit active adult community in Worcester. “The housing is needed,” says Worcester Mayor Josephy Petty. “It’s one of the big priorities of the state. And all types of housing are needed.” The Arbella at Bramble Hill, which will span 17 acres, will be one of the city’s only active adult communities upon completion. The community will feature one- and two-bedroom apartment units spread across three elevator-serviced buildings. There will also be an …

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