SAN JOSE — Advocacy Development Partners (ADP) has received unanimous approval from the San Jose City Council for a new assisted living and memory care project in the city. The 1.2-acre project will include 73,000 square feet of living and common areas, comprised of 83 units and 93 beds. “This facility underscores the need for assisted living and memory care for senior residents in San Jose,” says Pam Foled, councilmember for District 9, where the community will be located. “This project meets the market demand in a fashion that is …
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Rockport Mortgage Provides $32.8M Refinancing for Mountain View Terrace Apartments in Stoneham, Massachusetts
by Jeff Shaw
STONEHAM, Mass. — Rockport Mortgage Corp. has provided a $32.9 million HUD refinancing for Mountain View Terrace Apartments in Stoneham, approximately 10 miles north of Boston. The 194-unit property consists of one- and two-bedroom apartments for elderly residents and smaller families, as well as three- to four-bedroom, townhouse-style apartments to accommodate larger families. Originally constructed in 1981 with a substantial rehabilitation in 2011, Mountain View Terrace comprises three five-story buildings, four two-story townhouse buildings, and one single-story community building situated on 8.2 acres. Two of the buildings are designated for …
Dwight Capital Funds $49.5M HUD Funding for Skilled Nursing Facilities in Memphis, New York City
by Jeff Shaw
MEMPHIS, Tenn., and NEW YORK CITY — Dwight Capital has provided a total of $49.5 million in HUD financing for two skilled nursing facilities. In the first transaction, Dwight provided $25.7 million in HUD funding for Graceland Rehabilitation and Nursing Center in Memphis. The property features 221 beds. In the second transaction, Dwight funded a $23.8 million HUD 232/223(a)(7) loan for Eastchester Rehabilitation and Health Care Center, a 200-bed skilled nursing facility in the Bronx. Further details were not disclosed.
TOLEDO, OHIO — Welltower Inc. (NYSE: WELL) has sold three separate portfolios totaling $1.3 billion in value. The portfolios comprise 11 seniors housing facilities in the Western United States, six seniors housing communities in Massachusetts and 20 outpatient medical facilities across five states. Separately, Welltower also announced on Monday a strategic personnel change in the C-suite as the Toledo-based REIT promoted Shankh Mitra from chief operating officer to CEO effective immediately. Tom DeRosa is stepping down from his role as CEO after six years. Mitra will also retain his chief …
TOLEDO, Ohio — Welltower Inc. (NYSE: WELL) has promoted Shankh Mitra from chief operating officer to CEO. He will replace Tom DeRosa, who is stepping down after more than six years in the role. Mitra was also serving as chief investment officer, and will retain that title. No specifics were given as to why DeRosa was leaving. “In April, we elevated Shankh to the roles of vice chair and COO with the intent that he would ultimately succeed Tom as CEO,” says Jeffrey Donahue, the company’s lead independent director. “Since …
PHOENIX — Ryan Cos. has broken ground on Clarendale Arcadia, an independent living, assisted living and memory care community in Phoenix. The project is a joint venture between Harrison Street, LCS and Ryan. The partnership entered into a long-term ground lease with the landowner, LAKO. Located on six acres, the 347,346-square-foot community will feature 140 independent living apartments, 68 assisted living apartments and 40 memory care apartments. Independent living residences will range from 696 square feet to 1,692 square feet, and assisted living residences will range from 439 square feet …
Nixon Peabody Arranges $48.8M in Financing to Upgrade Two Wollaston Affordable Communities Near Boston
by Jeff Shaw
QUINCY, Mass. —Nixon Peabody has arranged two financing transactions for Wollaston Lutheran Housing Corp. to upgrade two of its affordable seniors housing properties in the Boston suburb of Qunicy. Wollaston Lutheran Housing received a $28.9 million refinancing for the 151-unit Town Brook House. MassHousing provided the 40-year loan. Proceeds of the loan will allow Wollaston to maintain the property and expand services. As part of the transaction, Wollaston leased two parking areas to an adjacent business. In the second transaction, Wollaston Lutheran Housing received a $19.9 million FHA-insured loan on …
ENGLEWOOD, Fla. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired Heritage Oaks of Englewood, a 118-unit assisted living and memory care community in Englewood. Located along the state’s Gulf Coast between Tampa and Fort Myers, Heritage Oaks of Englewood is located near the Grove City shopping area, medical facilities, and indoor and outdoor recreation. The acquisition of Heritage Oaks of Englewood includes approximately 50 acres adjacent to the community, which may be utilized for future development. Additional terms of the deal …
BELLEVUE, Wash. — Silverado has announced plans for Silverado Bellevue Memory Care Community, it’s second property in Washington State. Construction is already underway, with a planned opening in December 2020. “Having grown up on the Eastside, our expansion into Bellevue is very special to me,” says Loren Shook, Silverado’s founder, president and CEO. “Our Bellingham community has operated at near full capacity since soon after it opened in 2016, and families have made many requests that we open a location farther south.” The community is located between Lake Washington and …
LOUISVILLE, Ky. — Knoxville-based senior living brand Dominion Senior Living has hired Shauna Darbyshire as director of its seniors housing campus in Louisville. Darbyshire will supervise Dominion of Louisville and Everlan of Louisville, a campus of senior living services that provide every level of care from independent living for 55+ (Everlan) to assisted living, memory care and personal care (Dominion), totaling 117 units. Darbyshire formerly worked for Blake Management Group. As campus director, she will direct strategic growth initiatives, daily operations and the development and strengthening of community relationships. Beginning …