MACOMB, Ill. — Lancaster Pollard has provided a $9.5 million refinancing for Grand Prairie of Macomb, an 84-unit supportive living facility in Macomb, located in the western part of the state approximately 150 miles north of St. Louis. Grand Prairie was originally constructed in 2007 with an addition built in 2013. The FHA Section 232/223(f) financing, which paid off a recent acquisition loan, features a fixed interest rate of less than 2.5 percent and will result in debt service savings. Brett Murphy led the transaction for Lancaster Pollard, a division …
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NEW YORK CITY — Greystone, a national commercial real estate financing company based in New York, has hired Patrick Berry as a senior production manager with one of the firm’s healthcare and multifamily origination teams. Berry joins Greystone from the U.S. Department of Housing and Urban Development (HUD), where he spent the last 35 years. He will be based in Detroit and will work closely with Fred Levine, a longtime managing director at Greystone. While at HUD, Berry most recently served as director of production for FHA Section 232/223(f) loans, …
HINGHAM, Mass. — Callahan Construction Managers has completed The Residence at Penniman Hill, an assisted living community in the Boston suburb of Hingham. LCB Senior Living is the owner and operator, while The Architectural Team Inc. served as the design firm. This is Callahan’s fourth project with LCB Senior Living. The Residence at Penniman Hill features 90 assisted living and memory care apartments. The 90,000-square-foot, three-story building includes studio, one- and two-bedroom options.
RED BANK, N.J. — Locust Point Capital Inc., a Red Bank-based asset management firm specializing in direct lending to the lower middle market in the seniors housing and care industry, has hired F. Donald “Don” Kelly III as managing director. Kelly has more than 25 years of experience in the seniors housing and long-term care industry, including banking and lending experience at Pacific Western Bank (CapitalSource Healthcare Finance), Merrill Lynch Capital Healthcare Finance, KeyBank Healthcare Finance and MonticelloAM. He has originated, structured and underwritten approximately $5 billion in transactions. Kelly …
PHOENIX — Telgian Fire Safety has promoted Ryan Smith to senior vice president of sales at the Phoenix-based company. In this position, Smith will align the sales organization’s objectives with business strategy through strategic planning, sales strategy development, forecasting, resource planning and budgeting. Smith will also develop sales strategies with operations and account executives to ensure successful onboarding of new accounts, implement marketing programs to increase brand awareness, and improve the customer experience. Smith’s career spans more than 25 years as a corporate executive. His knowledge of management, business development …
Greysteel Arranges $27.2M Sale of Cascades Village Senior Apartments in Sterling, Virginia
by Jeff Shaw
STERLING, Va. — Greysteel has arranged the sale of Cascades Village Senior Apartments, a Low-Income Housing Tax Credit (LIHTC) property in Sterling, approximately 25 miles northwest of Washington, D.C. A private local investor sold the property to Avanath Capital Management for $27.2 million. Cascades Village is a 150-unit, age-restricted affordable housing community developed in 2001 under the LIHTC. Henry Mathies and Fletcher Hultman of Greysteel’s East Coast Affordable Housing practice represented the seller in the transaction. The Greysteel team additionally worked with the buyer to arrange a senior loan provided …
PASCO, Wash. — Blueprint Healthcare Real Estate advisors has arranged the sale of Tri-Cities Retirement Inn, an 82-unit assisted living and memory care community in Passco, located in the southeast portion of Washington state. A Washington-based owner-operator acquired the property for an undisclosed price. First Interstate Bank provided acquisition financing at an 85 percent loan-to-value ratio. The seller was not disclosed.
NASHVILLE, Tenn. — Unigue, a Nashville technology provider and the parent company of seniors housing tech platform Touchtown, has acquired Visitor & Community Television Corp. (VCTV), which specializes in communication technology. The combined VCTV and Touchtown team will operate under the Touchtown brand led by current senior vice president of senior living Mike Rethage. VCTV’s technology solutions will be merged with Touchtown’s, providing a product range including mobile community apps, resident room entertainment, common room technology and support services.
Watercrest Hires James Brassard as Executive Director of Palm Bay Memory Care in Florida
by Jeff Shaw
PALM BAY, Fla. — Watercrest Senior Living Group has hired James Brassard as executive director of Palm Bay Memory Care, a 72-unit memory care community approximately 70 miles southeast of Orlando. Brassard is experienced in senior living start-ups and turn-around communities and has received the FALA Sales and Marketing Director of the Year award. A combat veteran who served in both Afghanistan and Iraq, Brassard received his M.B.A. from Gulf Coast University and continues to serve his local community as a college professor.
OVERLAND PARK, Kan. — Village Shalom, a continuing care retirement community in the Kansas City suburb of Overland Park, has opened a four-story apartment building at the property. The 76-unit independent living building is part of a $42 million expansion project. The full project, which broke ground approximately two years ago, already added 48 memory care units, and 24 rehabilitation suites are currently under construction. In addition to the new independent living units, the completed building includes a first-floor amenity corridor named Main Street.