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 …
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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.
Merrill Commercial Real Estate Negotiates Sale of 55-Unit Memory Care Community in Oregon
by Jeff Shaw
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.
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 …