BOCA RATON, Fla. — The Jewish Federation of South Palm Beach County has received bond financing for a planned $160 million expansion at The Toby and Leon Cooperman Sinai Residences of Boca Raton, a 100-acre seniors housing campus in Boca Raton. Construction has already started on the project, which will add 111 independent living units and new communal areas. HJ Sims arranged the $135 million bond financing. Life Care Services, An LCS Company, manages the property. Its affiliated company, LCS Development, is in charge of planning and executing the expansion. …
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LOS ANGELES — MP Los Angeles, the developer behind the massive $1 billion Hollywood Center mixed-use project in Los Angeles, has unveiled plans for 130 units of affordable seniors housing at the development. The proposal calls for four new buildings — one rising 46 stories, another 35 stories and two mid-rise, 11-story buildings — filling the surface parking lots around the Capitol Records Building. The project is located at Los Angeles’ renowned Hollywood and Vine intersection, including LA Metro’s Red Line transit stop across the street. “We believe Hollywood Center …
BELLEVUE, Wis. — National Health Investors Inc. (NYSE:NHI) has exercised its purchase option to acquire The Courtyard at Bellevue, a 43-unit assisted living and memory care community in Bellevue, a small village just outside of downtown Green Bay. The purchase option was part of a deal that included a $3.9 million second mortgage loan at a rate of 13 percent that NHI announced in January 2020. The purchase price is $12.3 million at an initial cash lease yield of 7.5 percent with 2.5 percent annual escalators. The lease has an …
LANCASTER, S.C. — Watercrest Senior Living Group has hired Paige Hodgin as executive director of the newly constructed Watercrest Fort Mill-Indian Land Assisted Living and Memory Care. The resort-style senior living community offers 75 assisted living and 32 memory care apartments in Lancaster, approximately 20 miles south of Charlotte, North Carolina. Hodgin joins Watercrest with a degree in business administration and more than 20 years of experience in sales and marketing, small business management and healthcare. She is a certified dementia specialist and former chairperson for the Alzheimer’s Association’s Walk …
WENTZVILLE and ST. CHARLES, Mo. — Blueprint Healthcare Real Estate Advisors has arranged the sale of two Boulevard-branded seniors housing communities in the St. Louis metro area for $97 million. The Boulevard Senior Living of St. Charles features 180 units and opened in 2018, and The Boulevard Senior Living at Wentzville features 139 units and opened in 2019. Both communities have a waiting list of over 75 prospective residents. The seller is the original developer, O’Reilly Development Cos. Kayne Anderson Real Estate is the buyer, and plans to continue forward …
HHS to Distribute $20B in Additional Pandemic Relief to Providers, Including Assisted Living Operators
by Jeff Shaw
WASHINGTON, D.C. — The Department of Health and Human Services (HHS) will begin accepting applications on Monday for a Phase III distribution of the Provider Relief Fund (PRF). The new round of coronavirus pandemic relief totals $20 billion, and assisted living is included in the list of eligible providers. HHS is providing the opportunity for providers that have already received funding to apply for additional funding based on financial losses and changes in operating expenses as a result of COVID-19. Also, providers that were previously ineligible, such as those that …
TORRANCE, Calif. — Oakmont Senior Living has opened Oakmont of Torrance, an assisted living and memory care community in the South Bay region of Los Angeles County. Oakmont of Torrance is the first of several Oakmont communities to open during the 2020 pandemic. Guests at the grand opening event were required to RSVP, wear masks, social distance and follow safety precautions. The 106,613-square-foot community sits on nearly two acres and features 55 assisted living units and 32 memory care units.
PHILADELPHIA — HJ Sims has arranged $6.5 million in financing for capital improvements at Philadelphia Protestant Home (PPH). PPH operates a continuing care retirement community in northeast Philadelphia, featuring 266 independent living units, 175 personal-care units and a 126-bed skilled nursing facility. PPH has been funding capital improvements from general fund revenues. Prior to engaging PPH’s existing banking partner, Citizens Bank, Sims worked with the PPH Fiscal Oversight Committee to develop structuring options. Citizens provided the 10-year, fully amortizing loan with five years of interest-only payments.
Grandbridge Adds Allen McMurtry, David Kliewer, Jay Jordan to Seniors Housing Investment Sales Team
by Jeff Shaw
TAMPA, Fla. — Grandbridge Real Estate Capital has hired three to its Seniors Housing and Healthcare Finance Group. Based in Tampa, the team is led by Allen McMurtry, David Kliewer and Jay Jordan. All were previously with Cushman & Wakefield. The team has exclusively represented sellers of seniors housing communities across the U.S. since 1986, spanning over 190 properties sold in 35 states. Grandbridge’s Seniors Housing and Healthcare Finance Group offers construction, nonrecourse acquisition/bridge loans and permanent financing options to seniors housing owners nationwide. These latest additions will work closely …
Ziegler Arranges $47.8M Financing for Expansion at Pennybyrn CCRC in High Point, North Carolina
by Jeff Shaw
HIGH POINT, N.C. — Ziegler has arranged $47.8 million in bond financing for a planned expansion project at Pennybyrn at Maryfield, a continuing care retirement community (CCRC) in High Point, just southwest of Greensboro. Located on 72 acres, Pennybyrn currently features 180 independent living units, 24 assisted living units, 24 memory care units and 125 skilled nursing beds. The planned expansion will add 42 new independent living apartments, with 74 percent of them pre-sold, as well as a 24-bed transitional rehabilitation therapy building. The project will also include improvements to …