CHESTERFIELD, Mich. — HJ Sims has arranged $38.2 million in bond financing for Presbyterian Villages of Michigan (PVM), a nonprofit network of seniors housing communities. In 2002, PVM acquired land immediately adjacent to its Village of East Harbor campus in Chesterfield, a suburb of Detroit, for an expansion project. In 2018, a new health and wellness center was completed. The current project being financed comprises the final phase of the expansion with a new independent living area known as Harbor Inn. The Harbor Inn campus will include 12 rental single-level …
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KANSAS CITY, Mo. — GlynnDevins, a seniors housing marketing firm based in Kansas City, has acquired Linkmedia 360, a digital marketing company based in the Cleveland area. The move improves GlynnDevins’ portfolio of products and services that effectively support sales and lead generation for its clients, according to the buyer. “GlynnDevins’ growth involves a consistent focus on improving the efficiency and value of our marketing solutions,” says Chris Egan, president and CEO of GlynnDevins. “Linkmedia 360 strengthens our digital capabilities and platform expertise. The addition of this business is the …
SCOTTSDALE, Ariz. — Cadence Living has hired Tony Hong as senior vice president of acquisitions and underwriting. Hong will have principal responsibility for business development, underwriting, strategic partnerships and benchmarking for Scottsdale-based Cadence’s portfolio of senior living communities across the Southern states. Hong has over 15 years of experience in seniors housing and real estate investment. Prior to joining Cadence, he held similar roles with Clearwater Living and Senior Resource Group. Hong is a graduate of Stanford University.
LAGUNA NIGUEL, Calif. — CBRE National Senior Housing has arranged an $80 million loan to refinance debt on Crestavilla, a recently built, “ultra-luxury” community in Laguna Niguel, located in Orange County. The property features 201 units of independent living, assisted living and memory care on an 11.6-acre site. Atria Senior Living is the operator. Construction began in 2016 and was completed in 2018. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged the refinance on behalf of a joint venture between Fremont Realty Capital and Steadfast …
Boston Capital Finance Arranges $21.5M Bond Financing to Rehabilitate Affordable High-Rise in Orlando
by Jeff Shaw
ORLANDO — Boston Capital Finance (BCF) has arranged $21.5 million in bond financing for the rehabilitation of Baptist Terrace, a 14-story affordable seniors housing community in downtown Orlando. The 197-unit community was built in 1969 and is fully leased. The rehabilitation will help preserve the property as affordable housing well into the future, according to BCF. The developer is the Orlando Neighborhood Improvement Corp., a nonprofit developer/manager.
DAVIE, Fla. — Fairstead has acquired Federation Davie Apartments, an affordable seniors housing community in the Miami suburb of Davie, for $17.9 million. It’s the company’s seventh such deal since November. Fairstead plans preserve long-term affordability for the building’s 80 units for at least 30 years. The buyer also plans to undertake a $12 million rehabilitation of the apartments, common areas and building systems. Fairstead purchased the property from the Jewish Federation of Broward County, which will steer proceeds from the sale toward its social service and community service work …
DALTON, Ga. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Tranquility of Dalton in the Chattanooga, Tennessee, suburb of Dalton. The asset was built in two phases: The 34-unit assisted living section was built in 2013, and the 24-unit memory care section was built in 2016. The seller is a partnership that divested Tranquility of Dalton to exit the seniors housing industry. The buyer is a Southeast-based owner-operator that is strategically adding to its portfolio. Daniel Geraghty and Brad Clousing of SLIB handled the transaction.
Oakmont Senior Living Names Mark Maclaine as Regional VP of Operations, Allison Singler as Regional VP of Sales
by Jeff Shaw
WINDSOR, Calif. — Oakmont Senior Living, a Windsor-based owner-operator, has promoted Mark Maclaine to regional vice president of operations and added Allison Singler to its management team as regional vice president of sales and marketing. Both Maclaine and Singler will be responsible for the Central California region of Oakmont’s portfolio of senior living communities. Singler has more than 20 years of experience in the senior living industry with a background in sales and marketing. She is also experienced with developing sales strategies for communities and creating sales training and development …
Kayne Anderson, Watermark, Tishman Speyer Open $330M Seniors Housing Community in Brooklyn
by Jeff Shaw
NEW YORK CITY — A development team consisting of Kayne Anderson Real Estate, Watermark Retirement Communities and Tishman Speyer has opened the $330 million Watermark at Brooklyn Heights seniors housing community at 21 Clark St. The project is a redevelopment of the Leverich Towers Hotel, a 310,000-square-foot hotel built in 1928 that served as the pre-game home of the Brooklyn Dodgers baseball team in the 1930s and 1940s. The building’s 275 apartments include 145 for independent living, 88 for assisted living and 42 for memory care. Watermark at Brooklyn Heights …
HHS Partners with CVS, Walgreens to Distribute Free Vaccines to Seniors Housing Providers Once Available
by Jeff Shaw
WASHINGTON, D.C. — The U.S. Department of Health and Human Services (HHS) and Department of Defense (DoD) have announced agreements CVS and Walgreens to provide and administer COVID-19 vaccines in long-term care facilities nationwide with no out-of-pocket costs once the vaccines are available. The free vaccines will be available to both staff and residents at skilled nursing facilities, nursing homes, assisted living facilities, residential care homes and adult family homes. “Today’s historic pharmacy partnership will truly help jurisdictions solve a logistical hurdle and decrease the burden of distributing, administering and …