WALDORF, Md. — Greysteel has arranged the sale of Victoria Park Jaycees, a 60-unit affordable seniors housing community in Waldorf, approximately 25 miles south of Washington, D.C. Ari Firoozabadi and Henry Mathies from the firm’s D.C. office represented the seller, Osprey Property Cos. An undisclosed buyer paid $5.8 million for the community. Victoria Park Jaycees was completed in 2003 using Section 42 Low-Income Housing Tax Credits. Eight are set aside for residents making up to 30 percent area median imcome (AMI), 16 units at 40 percent AMI, 20 at 50 …
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CALDWELL, Idaho — Blueprint Healthcare Real Estate Advisors has arranged the sale of Alexander Place, a closed, 35-unit assisted living community in Caldwell, approximately 25 miles west of Boise. A national owner-operator sold the property to a local owner-operator for an undisclosed price. This acquisition marks the buyer’s seventh community in Idaho. Blueprint positioned the offering as a value-add opportunity for an incoming operator to renovate and relicense the closed building. Blake Bozett, Amy Sitzman and Giancarlo Riso of Blueprint handled the transaction.
FORT WASHINGTON, Pa. — Acts Retirement-Life Communities, a Fort Washington-based, nonprofit operator, has promoted Karen I. Christiansen to president. Christiansen has been with Acts since 1996, and most recently served as executive vice president and chief financial officer. During her tenure, Acts has experienced growth and been recognized for its financial and operational strength, according to the company. Gerald T. Grant, who was appointed president and CEO in 2017, will continue in his role as CEO. In addition, Acts promoted Richard Winter to the position of chief financial officer to …
Frontier Management Takes Over Operations at Former Autumn Leaves Location in Metro Atlanta
by Jeff Shaw
WOODSTOCK, Ga. — Frontier Management has taken over operations at The Reserve at Towne Lake, a 48-unit memory care community in the northern Atlanta suburb of Woodstock. The community is formerly an Autumn Leaves location. Frontier Management was founded in 2000 and currently operates 101 seniors housing communities in 11 states.
STRATFORD, Conn. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Atria Stratford, a 100-unit assisted living and memory care community located in Stratford. A publicly traded REIT sold the property to partners of Woodbine Senior Living for an undisclosed price. Developed in 1999, the 87,000-square-foot community features 76 assisted living and 24 memory care units. The property previously boasted an average assisted living occupancy of 98 percent, but was struggling with new competition in the market, according to Blueprint. Ben Firestone, Steve Thomes, Michael Segal and Alex …
PONTIAC, Ill. — Cambridge Realty Capital Cos. has provided a $7.6 million HUD loan to refinance Pontiac Supportive Living, a 60-bed assisted living facility in Pontiac. Located in the central part of the state approximately 100 miles southwest of Chicago, the community features eight one-bedroom units and 52 private studios. The loan is fully amortizing on a 35-year term.
GENESEO, N.Y. — M&T Realty Capital Corp. has provided a $7.5 million refinancing for a 64-unit assisted living facility in Geneseo, a town in the Finger Lakes region. At a 75 percent loan-to-value ratio, the 10-year, 4.18 percent fixed-rate loan is structured with a 25-year amortization. John Sigeti of M&T Realty Capital’s Buffalo office led the transaction. The name of the borrower and property were not disclosed.
CHICAGO — Fundamental Advisors has sold The Clare at Rush and Pearson, a 53-story continuing care retirement community (CCRC) in downtown Chicago, to LCS. Although the price was not disclosed, BMO Harris provided $59.4 million in financing for the transaction. Fundamental partnered with Senior Care Development (SCD) and LCS to acquire the community out of bankruptcy in 2012. A renovation plan was implemented that expanded the health center while augmenting programs and services for residents. Additionally Life Care Services, the management arm of LCS, was brought in to operate the community. …
NEW YORK CITY — ORIX Corp. USA, the U.S. and Latin America arm of Tokyo-based ORIX Corp., has completed its acquisition of Hunt Real Estate Capital. The buyer announced it plans to combine Hunt Real Estate Capital with its two other ORIX Real Estate Capital brands, Lancaster Pollard and RED Capital Group. “The combined organization will possess the capital, national presence, servicing capability, and range of debt and investment solutions to address the needs of the entire commercial real estate community,” says Terry Suzuki, ORIX USA president and CEO. Industry …
Commonwealth Senior Living Acquires 10 Communities in Pennsylvania, Tennessee, Maryland, Virginia
by Jeff Shaw
CHARLOTTESVILLE, Va. — Commonwealth Senior Living, a Charlottesville-based owner-operator, has added 10 new senior living communities to its portfolio. The properties are in Pennsylvania, Tennessee and Virginia, consisting of over 660 units. The new communities include: Commonwealth Senior Living at Oak Ridge (Oak Ridge, Tennessee) Commonwealth Memory Care at Chesapeake (Chesapeake, Virginia) Commonwealth Senior Living at Monument Avenue (Richmond, Virginia) Commonwealth Senior Living at Stafford (Stafford, Virginia) Commonwealth Senior Living at Fredericksburg (Fredericksburg, Virginia) Commonwealth Senior Living at Berryville (Berryville, Virginia) Commonwealth Senior Living at Hagerstown (Hagerstown, Maryland) Commonwealth Senior …