BYRAM, Miss. — Berkadia has provided $9.8 million in HUD financing for Willow Creek Retirement Center, a skilled nursing facility in Byram, a suburb of Jackson. Built in 2000, the property features 88 skilled nursing beds, including a 20-bed memory care unit. The facility also features a new 4,000-square-foot therapy gym and spa and 10,000-square-foot wing for private rooms. The borrower is WCR LLC, which Robert Rotolo leads. The 35-year loan represents a 79 percent loan-to-value ratio. Laura Saull Smith of Berkadia’s D.C. Metro office secured the loan, which refinanced …
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DAHLONEGA, Ga. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Dahlonega Assisted Living & Memory Care in Dahlonega, located in the North Georgia Mountains approximately 65 miles north of Atlanta. The community features 58 assisted living units and 14 memory care units. The facility received its Certificate of Occupancy in September 2019 and fully leased up with a waitlist only six months after opening, according to SLIB. The property also provides the opportunity to add 20 new units. A local owner-operator seeking to exit seniors housing sold …
LEXINGTON, Ky., and CINCINNATI — CBRE has arranged an undisclosed amount of financing for three seniors housing communities in the Lexington and Cincinnati metro areas. The borrower is a joint venture between LCS Real Estate and Nuveen Real Estate. All three properties fall under the Magnolia Springs brand. Of the 328 units in the portfolio, 232 are for assisted living and 96 are for memory care. Aron Will, Austin Sacco and Matthew Kurornen of CBRE National Senior Housing arranged three separate, non-crossed, five-year, floating-rate loans with 36 months of interest-only …
Presbyterian Senior Living Promotes Maggie Bowley to Vice President of Resource Development
by Jeff Shaw
DILLSBURG, Pa — Presbyterian Senior Living (PSL), a nonprofit operator based in Dillsburg, has promoted Maggie Bowley to vice president of resource development. Bowley has been with PSL for nine years and has more than 30 years of nonprofit fundraising experience. Prior to her appointment, Bowley served PSL as senior director of resource development. She began her career at PSL as a grant writer in 2011. Prior to that, Bowley worked for such organizations as Gaudenzia Inc., Mid-Penn Legal Services and Big Brothers Big Sisters of the Capital Region, as …
The sudden onset of the COVID-19 pandemic sent many seniors housing operators scrambling to find new technologies that could help them adjust to quickly changing market needs. “Over the last nine months, COVID forced seniors housing to accelerate its implementation of technology,” said Russ Horowitz of sales call analytics company Marchex. “It created a reactive need for how to adopt technology around things like safety and security, and how to support leads with things like virtual tours.” However, there may be a long-term silver lining. As operators adjust to their …
Solutions Advisors Group Opens Sales Center at 132-Unit Aspire at East Beach in Virginia
by Jeff Shaw
NORFOLK, Va. — Solutions Advisors Group (SAG) has opened the sales center at Aspire at East Beach, a waterfront seniors housing community in Norfolk. The four-story building features 132 units of independent living. The community is slated to open in summer 2021. Solvere Living, the operations division of Florida-based SAG, will operate the community upon completion. The developer of the community is Arlington-based Bonaventure. East Beach marks the third of its Aspire-branded communities.
NEW YORK CITY — ORIX Real Estate Capital, a New York-based business unit of ORIX Corp. USA, has rebranded as Lument. In making this change, Lument is unifying its legacy brands — Hunt Real Estate Capital, Lancaster Pollard, and RED Capital Group — under a single banner. ORIX acquired RED in 2010, Lancaster Pollard in 2017 and Hunt in 2019. The company announced plans earlier this year to combine the three real estate finance companies under one banner. “We believe that Lument has something unique to offer,” says Terry Suzuki, …
HJ Sims Arranges $38.2M Financing for Presbyterian Villages of Michigan Independent Living Expansion
by Jeff Shaw
CHESTERFIELD, Mich. — HJ Sims has arranged $38.2 million in bond financing for Presbyterian Villages of Michigan (PVM), a nonprofit network of seniors housing communities. In 2002, PVM acquired land immediately adjacent to its Village of East Harbor campus in Chesterfield, a suburb of Detroit, for an expansion project. In 2018, a new health and wellness center was completed. The current project being financed comprises the final phase of the expansion with a new independent living area known as Harbor Inn. The Harbor Inn campus will include 12 rental single-level …
KANSAS CITY, Mo. — GlynnDevins, a seniors housing marketing firm based in Kansas City, has acquired Linkmedia 360, a digital marketing company based in the Cleveland area. The move improves GlynnDevins’ portfolio of products and services that effectively support sales and lead generation for its clients, according to the buyer. “GlynnDevins’ growth involves a consistent focus on improving the efficiency and value of our marketing solutions,” says Chris Egan, president and CEO of GlynnDevins. “Linkmedia 360 strengthens our digital capabilities and platform expertise. The addition of this business is the …
SCOTTSDALE, Ariz. — Cadence Living has hired Tony Hong as senior vice president of acquisitions and underwriting. Hong will have principal responsibility for business development, underwriting, strategic partnerships and benchmarking for Scottsdale-based Cadence’s portfolio of senior living communities across the Southern states. Hong has over 15 years of experience in seniors housing and real estate investment. Prior to joining Cadence, he held similar roles with Clearwater Living and Senior Resource Group. Hong is a graduate of Stanford University.