Although COVID-19 has changed the realities of the seniors housing sector, development has adapted and forged ahead. That’s according to panelists on a webinar titled “Seniors Housing Development Pushes Forward” held Sept. 9. Presented by Seniors Housing Business and sponsored Moves for Seniors, panelists included Charlie Jennings of Harbor Retirement Associates; Bryan Schachter of Watermark Retirement Communities; Rob Leinbach of Cadence Living; Robert Burg of Moves For Seniors; Matt Johnson of McFarlin Group; and moderator Richard Swartz of Cushman & Wakefield. To view the full webinar, click here. All the developers …
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DALLAS — Capital Senior Living Corp. (NYSE: CSU) has announced that Carey Hendrickson, the company’s executive vice president and chief financial officer, will step down from his position to pursue another opportunity. Hendrickson plans to remain in his current role through Nov. 6 while CSU searches for a successor. An executive search firm has been hired to assist in the process. CSU also announced that Tiffany Dutton, vice president of accounting and financial reporting, will assume additional responsibility during the transition period. Based in Dallas, CSU is one of the …
DAYTON, Ohio — KeyBank has arranged a $38 million financing package for renovations to The Biltmore Towers, an affordable housing community in Dayton. KeyBank Community Development Lending and Investment (CDLI) secured a $6 million equity bridge loan and KeyBank Real Estate Capital’s (KBREC) Commercial Mortgage Group secured $16 million of fixed-rate Fannie Mae financing. Additionally, the Key Community Development Corp. provided $16 million of low-income housing tax credit (LIHTC) and historic tax credit (HTC) equity combined. St. Mary Development Corp. and Related Cos. are leading the redevelopment project. Built in …
MACOMB, Ill. — Lancaster Pollard has provided a $9.5 million refinancing for Grand Prairie of Macomb, an 84-unit supportive living facility in Macomb, located in the western part of the state approximately 150 miles north of St. Louis. Grand Prairie was originally constructed in 2007 with an addition built in 2013. The FHA Section 232/223(f) financing, which paid off a recent acquisition loan, features a fixed interest rate of less than 2.5 percent and will result in debt service savings. Brett Murphy led the transaction for Lancaster Pollard, a division …
NEW YORK CITY — Greystone, a national commercial real estate financing company based in New York, has hired Patrick Berry as a senior production manager with one of the firm’s healthcare and multifamily origination teams. Berry joins Greystone from the U.S. Department of Housing and Urban Development (HUD), where he spent the last 35 years. He will be based in Detroit and will work closely with Fred Levine, a longtime managing director at Greystone. While at HUD, Berry most recently served as director of production for FHA Section 232/223(f) loans, …
HINGHAM, Mass. — Callahan Construction Managers has completed The Residence at Penniman Hill, an assisted living community in the Boston suburb of Hingham. LCB Senior Living is the owner and operator, while The Architectural Team Inc. served as the design firm. This is Callahan’s fourth project with LCB Senior Living. The Residence at Penniman Hill features 90 assisted living and memory care apartments. The 90,000-square-foot, three-story building includes studio, one- and two-bedroom options.
RED BANK, N.J. — Locust Point Capital Inc., a Red Bank-based asset management firm specializing in direct lending to the lower middle market in the seniors housing and care industry, has hired F. Donald “Don” Kelly III as managing director. Kelly has more than 25 years of experience in the seniors housing and long-term care industry, including banking and lending experience at Pacific Western Bank (CapitalSource Healthcare Finance), Merrill Lynch Capital Healthcare Finance, KeyBank Healthcare Finance and MonticelloAM. He has originated, structured and underwritten approximately $5 billion in transactions. Kelly …
PHOENIX — Telgian Fire Safety has promoted Ryan Smith to senior vice president of sales at the Phoenix-based company. In this position, Smith will align the sales organization’s objectives with business strategy through strategic planning, sales strategy development, forecasting, resource planning and budgeting. Smith will also develop sales strategies with operations and account executives to ensure successful onboarding of new accounts, implement marketing programs to increase brand awareness, and improve the customer experience. Smith’s career spans more than 25 years as a corporate executive. His knowledge of management, business development …
Greysteel Arranges $27.2M Sale of Cascades Village Senior Apartments in Sterling, Virginia
by Jeff Shaw
STERLING, Va. — Greysteel has arranged the sale of Cascades Village Senior Apartments, a Low-Income Housing Tax Credit (LIHTC) property in Sterling, approximately 25 miles northwest of Washington, D.C. A private local investor sold the property to Avanath Capital Management for $27.2 million. Cascades Village is a 150-unit, age-restricted affordable housing community developed in 2001 under the LIHTC. Henry Mathies and Fletcher Hultman of Greysteel’s East Coast Affordable Housing practice represented the seller in the transaction. The Greysteel team additionally worked with the buyer to arrange a senior loan provided …
PASCO, Wash. — Blueprint Healthcare Real Estate advisors has arranged the sale of Tri-Cities Retirement Inn, an 82-unit assisted living and memory care community in Passco, located in the southeast portion of Washington state. A Washington-based owner-operator acquired the property for an undisclosed price. First Interstate Bank provided acquisition financing at an 85 percent loan-to-value ratio. The seller was not disclosed.