HIGHLAND PARK, Ill. — Capitol Seniors Housing has opened Atria Highland Park, an assisted living and memory care community in the Chicago suburb of Highland Park. The three-story, 72,000-square-foot community features 86 residential apartments on a 2.6-acre site. The operator is Atria Senior Living. Mosely Architects designed the project, while StudioSIX5 handled interior design. “Overlooking Sunset Valley Golf Club and located just south of Sunset Woods Park, the new community is also near medical facilities, downtown Highland Park shops and restaurants, a post office and many more local amenities,” says …
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WASHINGTON, D.C. — The U.S. Department of Health and Human Services (HHS), through the Health Resources and Services Administration (HRSA), has announced that assisted living facilities may now apply for funding under the Provider Relief Fund Phase II. The move comes after months of lobbying by seniors housing industry associations amid the COVID-19 pandemic. Previously, while skilled nursing facilities received millions of dollars in governmental support, assisted living communities were left out of much of the funding. “Argentum, along with our trade association partners, have been advocating on behalf of …
Watercrest, United Properties Near Completion of 198-Unit Community in Sarasota, Florida
by Jeff Shaw
SARASOTA, Fla. — Watercrest Senior Living Group and United Properties have reached the final phase of construction of Watercrest Sarasota. The community features 72 independent living units, 94 assisted living units and 32 memory care residences. Walker & Co. is building the property alongside Interior Design Associates.
Carnegie Capital Arranges $11.5M Refinancing for Three-Property Skilled Nursing Portfolio in Oklahoma
by Jeff Shaw
OKLAHOMA — Carnegie Capital has arranged $11.5 million in refinancing for three skilled nursing facilities totaling 330 licensed beds in Southern-Central Oklahoma. The borrower is a local owner-operator, and the lender is an Arkansas-based regional bank. JD Stettin of Carnegie Capital arranged the financing, which features a 3.99 percent fixed rate for five years.
Lancaster Pollard Provides $33M Fannie Mae Refinancing for Plaza at Punchbowl in Honolulu
by Jeff Shaw
HONOLULU — Lancaster Pollard Mortgage Co. has provided a $33 million refinancing for The Plaza at Punchbowl, a seniors housing community in Honolulu. Built in 2003 and renovated in 2017, The Plaza at Punchbowl is a Class A facility that features 68 independent living units, 20 assisted living units and 20 memory care units. It is one of six seniors housing communities that The Plaza Assisted Living operates in Hawaii. The borrower is MW Group. The Fannie Mae loan features a 10-year term and five years of interest-only payments. The …
NEW YORK CITY and WASHINGTON, D.C. — Dwight Capital, a private commercial real estate lender based in New York City, has acquired Love Funding, the Washington, D.C.-based HUD lending subsidiary of Midland States Bank. Both companies lend within the seniors housing sector. As a result of this acquisition, Dwight Capital claims it is now the largest dedicated HUD multifamily and healthcare financing firm in the nation. The Love Funding platform will be integrated within Dwight Capital. Midland States Bank will retain the existing Love Funding servicing portfolio. Terms of the …
Greystone Provides $30M Financing for Redevelopment of Council Towers Affordable Community in Miami Beach
by Jeff Shaw
MIAMI BEACH, Fla. — Greystone has provided a $30 million HUD loan for the renovations at Council Towers Senior Apartment Homes, an age-restricted affordable housing community in Miami Beach. Council Towers comprises two 12-story buildings with a total of 250 one-bedroom units. HUD provides rental subsidies under a Project-Based Section 8 contract. The substantial rehabilitation of the property, which was originally constructed under HUD’s Section 202 program 40 years ago, will upgrade, preserve and continue to provide affordable housing. Apartments are restricted to seniors over age 62 making up to …
Sunshine Retirement Hires Shannon Hundley as Executive Director of Community Under Construction in Southern California
by Jeff Shaw
FOUNTAIN VALLEY, Calif. — Sunshine Retirement Living has hired Shannon Hundley as the executive director of Park View Estates Assisted Living & Memory Care in Fountain Valley, approximately 35 miles southeast of downtown Los Angeles. Sunshine recently opened model apartments at the community, with plans to hire up to 50 staffers as the property nears its grand opening. Hundley is a licensed vocational nurse with a Residential Care Facilities for the Elderly (RCFE) Administrator License. He has 15 years of experience, most recently as executive director of another community near …
Live Oak Bank Provides $22M Construction Loan for Medical Office, Seniors Housing Complex in Miami
by Jeff Shaw
MIAMI — Live Oak Bank has provided a $22 million loan for the construction of medical office building MedSquare Place and independent living community The Contemporary, both located in the Westchester submarket of Miami. The development team consists of Miami-based commercial real estate owners AJP Ventures and Mas Group along with equity partner OCTA. Bruce Gibson, principal with Senior Capital Advisors, arranged the financing. MedSquare Place will expand the MedSquare brand’s footprint of healthcare real estate and complement the existing MedSquare Health building near Baptist Hospital of Miami. MedSquare Place’s …
DENVER — Blueprint Healthcare Real Estate Advisors has arranged the sale of two seniors housing campuses in Denver. Featuring a total of 188 units of assisted living and memory care, the two properties were constructed in the 1990s. A state-sponsored retirement pension fund sold the communities to an Arizona-based owner-operator for an undisclosed price.