CLARENCE CENTER, N.Y. — Greystone has provided an $8.6 million construction loan for the expansion of Bristol Village, an 84-unit, 110-bed assisted living and memory care community in Clarence Center, approximately 20 miles northeast of Buffalo. The fixed-rate loan will fund the construction of 23,000 square feet of residential and community spaces, which will include 32 additional beds. The facility was originally constructed in 2003. The loan will convert to permanent financing when the expansion project is completed and will run concurrent with the property’s existing HUD-insured loan, which Greystone …
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FORT WORTH, Texas — Civitas Senior Living has completed construction of The Grandview of Chisholm Trail Senior Living in southwest Fort Worth. The luxury seniors housing community features 66 assisted living and 21 memory care residences. Civitas and Journey Capital co-own the community, and Civitas will also be the operator. “The Chisholm Trail Parkway is a booming part of Tarrant County, and we’re excited to be a part of that growth,” says Wayne Powell, founder and CEO of Civitas. Partners on the project include developer Journey Capital, management company Civitas …
CHICAGO — Ventas Inc. (NYSE: VTR), a Chicago-based REIT and one of the largest owners of seniors housing in the United States, has adjusted its corporate cost structure in response to the COVID-19 pandemic’s impact on the company. In mid-June, Ventas plans to eliminate roles representing over 25 percent of its corporate positions, excluding onsite field personnel, according to a May 27 SEC filing. In addition, for the second half of 2020, the company will reduce the base salary of CEO Deb Cafaro by 20 percent, while reducing the salaries …
Beacon Communities Plans 55-Unit Expansion at Old Colony Affordable Community in Boston
by Jeff Shaw
BOSTON — Beacon Communities Development has unveiled plans for a 55-unit expansion of The Anne M. Lynch Homes at Old Colony, an affordable housing property in South Boston. Designed by The Architectural Team (TAT), units in the expansion will be reserved for low-income seniors. The property is also being built the Passive House energy-saving standards. “Leading developers of affordable and workforce housing are employing Passive House standards to benefit from their lower ongoing operating costs, healthier interior environments for residents, and a growing number of incentives from states and cities,” …
Monticello Provides $30M Financing for 312-Bed Skilled Nursing Portfolio in Kentucky, North Carolina
by Jeff Shaw
KENTUCKY and NORTH CAROLINA — Monticello has provided $30 million in first lien debt financing for the acquisition of one skilled nursing facility and refinancing of two others. The portfolio totals 312 beds in Kentucky and North Carolina. The borrower is an experienced owner and operator with a current portfolio of 8,752 licensed beds. Prior to this deal, Monticello financed the acquisition of a number of facilities in 2018 and 2019 for the sponsor.
KANSAS — Blueprint Healthcare Real Estate Advisors has brokered the sale of three skilled nursing facilities in Kansas totaling 250 beds. The properties were located in suburban and rural locations. The price and buyer were not disclosed. The transaction is the last of five that Blueprint arranged for LTC Properties as part of the REIT’s divestment of its 2,500-bed Preferred Care skilled nursing portfolio. The company sold the properties to five different buyers, with each buying all properties within a single state.
WESTLAKE VILLAGE, Calif. — LTC Properties Inc. (NYSE: LTC), a Westlake Village-based seniors housing and healthcare REIT, has promoted Pam Kessler and Clint Malin to the newly created positions of co‑president. Kessler will retain her role as chief financial officer, and Malin will continue as chief investment officer. Wendy Simpson will remain LTC’s chairman and Chief Executive Officer. “The promotions of Pam and Clint reflect the many years of significant contributions they have made to LTC, both individually and as a cohesive team, along with their shared strategic vision and …
LEBANON, Ohio — Leo Brown Group, a developer, owner and operator of senior living properties in the Midwest, has started construction of Traditions of Lebanon, located in the northeastern suburbs of Cincinnati. The community will feature 146 units in a mix of independent living, assisted living and memory care options. Development costs are estimated at $35 million. Traditions Management, an affiliate of the developer, will operate the community upon completion. “We are excited to get started on this project, which we feel is a much-needed senior living option for the …
Walker & Dunlop Arranges $10.1M in Financing for Affordable Redevelopment Project in Washington, D.C.
by Jeff Shaw
WASHINGTON, D.C. — Walker & Dunlop has structured $10.1 million in construction and permanent financing for Spring Flats. The project calls for the redevelopment of a historic property known as The Hebrew Home, located in the Petworth neighborhood of Northwest Washington, D.C. The development caters primarily to seniors and low-income residents. Development costs are estimated at $59 million. Originally constructed in 1925, The Hebrew Home served as a nursing home until 1968, when the city purchased the property and converted it into a community health center. The asset has been vacant …
COLUMBUS, Ohio — Ohio Gov. Mike DeWine has formed several Congregate Care Unified Response Teams, with the goal of testing residents and staff members at skilled nursing facilities in the state. “Nursing facilities have been aggressive regarding testing and managing COVID-19 outbreaks on their own, but this effort will provide them with additional resources,” says DeWine. “As we continue to ramp up our testing in Ohio, we must deploy our resources in a way that will save the most lives.” The response team will include medically trained members of the …