COOS BAY, Ore. — Merrill Commercial Real Estate has arranged the sale of a 55-unit memory care community in Coos Bay, located along the Pacific Coast in the southern portion of the state. The 28,000-square-foot community was vacant since 2018. It was part of a portfolio of four seniors housing properties that went into receivership in 2019. The sales price was $3 million, or $54,545 per unit. Tyler Merrill of Merrill represented the undisclosed seller, while Dan Mahoney of Blueprint Real Estate Advisors represented the undisclosed buyer.
News
Watercrest names Loresa Smith as Executive Director of Community in Santa Rosa Beach, Florida
by Jeff Shaw
SANTA ROSA BEACH, Fla. — Watercrest Senior Living Group has hired Loresa Smith as executive director of Watercrest Santa Rosa Beach Assisted Living and Memory Care in Santa Rosa Beach, located on the Florida Panhandle. EMJ is currently building the 107-unit community, which is scheduled to open this fall. Smith has served in the healthcare industry for over 14 years, with five years of specialized sales and marketing experience.
Winter Park Prepares to Open 90-Unit Georgetown Square Affordable Community in Sanford, Florida
by Jeff Shaw
SANFORD, Fla. — Winter Park Construction is nearing completion of Georgetown Square Apartments, a 90-unit affordable seniors housing community in Sanford, a suburb of Orlando. Redding Development Partners is developer on the project and the architect is Slocum Platts Architects. Partners include the Sanford Housing Authority and Gardner Capital. The 3.2-acre site formerly housed Redding Gardens, a public housing property. Of these apartments, 28 will be project-based Section 8 units, and the remainder will be reserved for residents earning 60 percent of area median income. The project received a 9 …
WNC Closes $153M Institutional Tax Credit Fund to Build, Rehabilitate 1,600 Affordable Units
by Jeff Shaw
IRVINE, Calif. — WNC, a provider of affordable housing investment, asset management and development services based in Irvine, has closed WNC Institutional Tax Credit Fund 49 LP (WNC Fund 49). The fund raised $153 million in institutional Low-Income Housing Tax Credit (LIHTC) equity that will be used to develop and renovate more than 1,600 affordable housing units. A total of nine investors participated in WNC Fund 49, which will develop and renovate units for families and seniors at 21 properties in Alaska, Arkansas, California, Louisiana, Massachusetts, Michigan, Maine, North Dakota, …
Paragon Mortgage Provides $16.3M Refinancing for Skilled Nursing Facility in Los Angeles
by Jeff Shaw
LOS ANGELES — Paragon Mortgage has funded $16.3 million in financing for All Saints Healthcare, a 128-bed skilled nursing facility located in the North Hollywood neighborhood of Los Angeles. The permanent financing utilized the HUD LEAN 232/223(a)(7) refinance program, which resulted in a 35-year, fully amortized mortgage and a reduction in monthly debt service. “The refinancing of All Saints Healthcare is at an ideal time for a vital community health provider to recapitalize their debt at a much lower interest rate, while providing capital repair funding and improvements,” says Kim …
QUITMAN, Ga. — Grandbridge’s Seniors Housing and Healthcare Finance Group has closed a $6.5 million loan for Presbyterian Home & Retirement Community, a 204-bed skilled nursing and assisted living facility. The property is located in Quitman, a small city near the Florida border in South Georgia. Grandbridge arranged the financing through FHA’s 232/223(f) Interest Rate Reduction loan product.
Lancaster Pollard Arranges $25M Refinancing for Chaska Heights Senior Living in Minnesota
by Jeff Shaw
CHASKA, Minn. — Lancaster Pollard Mortgage Co. has arranged a $25 million refinancing for Chaska Heights Senior Living, a 138-unit assisted living and memory care community in Chaska, approximately 22 miles southwest of Minneapolis. Chaska Heights was originally developed in 2015 with a funding structure that included Tax Increment Financing (TIF) from the Chaska Economic Development Authority. The facility consists of two buildings, with 66 assisted living light units in one section and 58 assisted living units and 14 memory care units in the other. Tealwood Senior Living operates the …
M&T Realty Capital Corp. Provides $13.8M in Financing for Assisted Living Facility in Spokane, Washington
by Jeff Shaw
SPOKANE, Wash. —M&T Realty Capital Corp. has funded a $13.8 million FHA-insured loan to refinance of a 212-unit assisted living property located in Spokane. The asset was originally built in 1940, with additions in the late 1940s and early 1980s, along with renovations in the 2000s. The borrower, a regional owner-operator, acquired the property in 2018. M&T also provided the original bridge loan that is being refinanced, which took into account planned improvements in operations and $500,000 of capital expenditures at the property. .
PHOENIX — Telgian Fire Safety (TFS) has appointed Larry Lacefield to the position of president. In this position, Lacefield will maintain strategic and operational responsibility for all TFS business operations. Lacefield has more than 20 years of experience leading operational initiatives including guiding cross-functional teams. A retired U.S. Navy Master Chief, his military career in Special Warfare Command included various global operational roles. In addition, he completed combat tours in the Middle East, Asia and many other areas around the world. Lacefield earned a bachelor’s degree from Touro TUI University …
Winter Park Construction Breaks Ground on $23M Madison Landing Affordable Community in Orlando
by Jeff Shaw
ORLANDO, Fla. — Winter Park Construction has broken ground on Madison Landing, an affordable seniors housing community in Orlando. Development partners American Residential Communities and New South Residential paid $1.3 million for 5.4 acres of land for the project. The first phase will be a 77,473-square-foot, seven-story building totaling 110 units. Development costs for Phase I are estimated at $23 million. Completion of Phase I is scheduled for September 2021. A second phase, not yet approved, would add 86 more units. The developers are pursuing future funding from Florida Housing …