COTTAGE GROVE, Wis. — Evans Senior Investments (ESI) has arranged the sale of Aster Senior Communities of Cottage Grove and Drumlin Residences, a 154-unit independent living, assisted living and memory care campus in Cottage Grove, a suburb of Madison. The campus first opened its doors in 2006 with the 70-unit assisted living community, then followed by the 24-unit memory care community in 2016 and the 130-unit Drumlin Residences independent living section in January of 2018. The campus maintained over 93 percent occupancy for the last few years. ESI represented the …
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KING CITY, Ore. — JLL Capital Markets has arranged the sale of King City Senior Village in King City, a suburb of Portland. Focus Healthcare Partners soled the property to Livingston Street Capital for an undisclosed price. King City Senior Village is a 114-unit independent living property consisting of two living options: duplex cottages and traditional apartments. The community was built in 1986 and underwent significant renovations in 2018. The JLL Capital Markets team representing the seller includes Cody Tremper, Mike Garbers and Dean Ferris. “The property is standalone independent …
BOULDER, Colo. — Truist has provided a $50 million refinancing for Frasier, a continuing care retirement community (CCRC) in Boulder. The 20-acre campus is home to more than 350 residents, and is currently planning an expansion project, according to the community website. The refinancing “will provide significant cash flow savings to allow Frasier to create additional liquidity and flexibility,” according to Truist. Approximately $11 million of the transaction is a “Cinderella refunding,” where a prior issuance can be refunded and automatically convert its taxable debt to non-taxable debt in the …
TEXAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of three assisted living communities in East Texas. Two of the communities were vacant at the time of sale. The other was operational and 90 percent occupied. The portfolio totals 132 units. Dallas-based owner-operator WindRiver Cos. acquired the properties. The seller and price were not disclosed.
GRAND RAPIDS, CHELSEA and DEXTER, Mich. — Ziegler has closed $47.1 million in bond financing for United Methodist Retirement Communities (UMRC) and Porter Hills Presbyterian Village. UMRC is a nonprofit operators of a continuing care retirement community (CCRC) in Chelsea and independent living cottages in Dexter, with a combined total of 471 units. Porter Hills Presbyterian Village operates three CCRCs throughout the Grand Rapids metropolitan area with a combined total of 569 units at the three facilities. UMRC and Porter Hills entered into an affiliation agreement in early 2019, but …
Advocacy Development Partners Completes Entitlements for 83-unit Assisted Living Project in San Jose
by Jeff Shaw
SAN JOSE — Advocacy Development Partners (ADP) has received unanimous approval from the San Jose City Council for a new assisted living and memory care project in the city. The 1.2-acre project will include 73,000 square feet of living and common areas, comprised of 83 units and 93 beds. “This facility underscores the need for assisted living and memory care for senior residents in San Jose,” says Pam Foled, councilmember for District 9, where the community will be located. “This project meets the market demand in a fashion that is …
Rockport Mortgage Provides $32.8M Refinancing for Mountain View Terrace Apartments in Stoneham, Massachusetts
by Jeff Shaw
STONEHAM, Mass. — Rockport Mortgage Corp. has provided a $32.9 million HUD refinancing for Mountain View Terrace Apartments in Stoneham, approximately 10 miles north of Boston. The 194-unit property consists of one- and two-bedroom apartments for elderly residents and smaller families, as well as three- to four-bedroom, townhouse-style apartments to accommodate larger families. Originally constructed in 1981 with a substantial rehabilitation in 2011, Mountain View Terrace comprises three five-story buildings, four two-story townhouse buildings, and one single-story community building situated on 8.2 acres. Two of the buildings are designated for …
Dwight Capital Funds $49.5M HUD Funding for Skilled Nursing Facilities in Memphis, New York City
by Jeff Shaw
MEMPHIS, Tenn., and NEW YORK CITY — Dwight Capital has provided a total of $49.5 million in HUD financing for two skilled nursing facilities. In the first transaction, Dwight provided $25.7 million in HUD funding for Graceland Rehabilitation and Nursing Center in Memphis. The property features 221 beds. In the second transaction, Dwight funded a $23.8 million HUD 232/223(a)(7) loan for Eastchester Rehabilitation and Health Care Center, a 200-bed skilled nursing facility in the Bronx. Further details were not disclosed.
TOLEDO, OHIO — Welltower Inc. (NYSE: WELL) has sold three separate portfolios totaling $1.3 billion in value. The portfolios comprise 11 seniors housing facilities in the Western United States, six seniors housing communities in Massachusetts and 20 outpatient medical facilities across five states. Separately, Welltower also announced on Monday a strategic personnel change in the C-suite as the Toledo-based REIT promoted Shankh Mitra from chief operating officer to CEO effective immediately. Tom DeRosa is stepping down from his role as CEO after six years. Mitra will also retain his chief …
TOLEDO, Ohio — Welltower Inc. (NYSE: WELL) has promoted Shankh Mitra from chief operating officer to CEO. He will replace Tom DeRosa, who is stepping down after more than six years in the role. Mitra was also serving as chief investment officer, and will retain that title. No specifics were given as to why DeRosa was leaving. “In April, we elevated Shankh to the roles of vice chair and COO with the intent that he would ultimately succeed Tom as CEO,” says Jeffrey Donahue, the company’s lead independent director. “Since …