ATLANTA — Regional Health Properties Inc. (NYSE: RHE), a self-managed healthcare real estate investment company based in Atlanta that invests primarily in senior living and long-term care, has hired Ben Waites as chief financial officer and vice president. Most recently, Waites spent 10 years as vice president of finance and assistant treasurer for Cajun Operating Company Inc., the franchisor and operator of over 1,600 restaurant locations. In this role, he refinanced the organization’s debt, realizing more than $8 million in annual interest savings and restructured all bank relationships. Waites previously …
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Inspired Living Launches Independent Living Brand with Inspirations at the Town Center in Jacksonville
by Jeff Shaw
JACKSONVILLE, Fla. — Inspired Living has started construction of Inspirations at the Town Center, the company’s first independent living community, in Jacksonville. Situated on 12.1 acres, the 227,000-square-foot building will feature a total of 169 apartments. Units will feature one- and two-bedroom options up to 1,200 square feet. The Inspired Living brand is the new independent living branch of Validus Senior Living Communities. Baxter Development is a partner on the project, which is scheduled for delivery in fall 2021.
NAPERVILLE, Ill. — Avenida Partners has completed construction of Avenida Naperville, an active adult community for residents over age 62 in the Chicago suburb of Naperville. The community totals 146 units. The community postponed its grand opening due to the COVID-19 pandemic. “We opened Avenida Naperville to meet the needs of the many adults that, as they get older, desire a smaller, maintenance-free home without having to sacrifice their independence,” says Michele Clemen, the community’s executive director. “The location offers easy access to the incredible cultural amenities of downtown Naperville …
MADISON, Minn. — Kraus-Anderson has started the construction of a $15 million expansion at Madison Healthcare Services in western Minnesota. The healthcare facility was originally constructed in 1952. The 52,639-square-foot renovation and expansion will include 37 new skilled nursing units, 12 assisted living units and 12 underground car parking spaces. Designed by HGA Architects, the project is slated for completion in summer 2022. Madison Healthcare Services provides skilled nursing, outreach specialty services, home care services, independent living, therapy services and a critical access hospital.
Colliers Mortgage Originates $5.6M Refinancing for Realife Cooperative of Bloomington in Minnesota
by Jeff Shaw
BLOOMINGTON, Minn. — Colliers Mortgage has originated a $5.6 million HUD 223(a)(7) loan for the refinancing of Realife Cooperative of Bloomington, a 78-unit seniors housing community in Bloomington. The three-story building includes an underground parking garage. Constructed in 1999, the property is restricted to households whose head of household is 62 years or older. The 30.7-year refinancing loan enabled the borrower to reduce the interest rate.
Monticello Provides $2M in Working Capital for 338-Bed Skilled Nursing Portfolio in Montana
by Jeff Shaw
MONTANA — Monticello has provided a $2 million working capital loan to the operating companies of two skilled nursing facilities totaling 338 beds in Montana. Monticello’s asset-based lending group, Monticello Commercial Capital LLC, provided the financing. No further details were disclosed.
MINNEAPOLIS — Health Dimensions Group (HDG), a post-acute, long-term care, and senior living consulting and management firm based in Minneapolis, has hired Michael Edwin as vice president of consulting services. Edwin will advise senior living organizations throughout the aging services continuum in the areas of strategic planning, market research and growth strategy development. Edwin brings 20 years of healthcare consulting experience to the position. He has worked with senior living, women’s religious congregations and nonprofit organizations throughout the country. His expertise includes strategic and business planning, market research and analysis, …
Truist Provides $42.4M in Financing for Hillcrest CCRC Expansion in La Verne, California
by Jeff Shaw
LA VERNE, Calif. — Truist Financial Corporation has provided $42.4 million in financing for Hillcrest, a continuing care retirement community (CCRC) in La Verne, approximately 30 miles east of Los Angeles. The funding will be used to refinance existing debt and support the construction of a new independent living area, named Hawthorne Homes. The 24,000 square-foot development will consist of 14 one-floor cottage and duplex units located on a 1.4-acre parcel on Hillcrest’s 50-acre campus. The new construction includes several environmentally friendly and sustainable features, including solar energy, rainwater reclamation, …
SEATTLE — Greystone has provided a $13.9 million HUD-insured loan to refinance The Savoy at Lake City Senior Living, an 80-unit seniors housing property in Seattle. Greystone’s Shana Daby and Lorie Hanson originated the transaction on behalf of Lake City Project Associates. The nonrecourse loan features a fixed rate with a 40-year term and amortization. As green-certified and energy-efficient housing, the property also qualifies for a reduction in Mortgage Insurance Premium (MIP) of 40 basis points, from 65 to 25 basis points, annually. Constructed in 2017, The Savoy at Lake …
Hunt Capital Partners Raises $11M in Equity for 90-Unit Mixed-Income Development in Waco, Texas
by Jeff Shaw
WACO, Texas — Hunt Capital Partners, in collaboration with co-developers Mears Development and Construction Inc. and Harris284 Team Inc., has raised $11 million in low-income housing tax credit (LIHTC) financing for construction of Residences at Lake Waco in Waco. Designed for seniors 55 and older, the new development will feature 11 market-rate and 79 LIHTC units set aside for households earning up to 30, 50, and 60 percent of the area median income. “A recent study by the Harvard University Joint Center for Housing Studies reported that almost 49 percent …