WICHITA, Kan. — KeyBank Community Development Lending and Investment (CDLI) has provided an $11.3 million tax-exempt construction and permanent bond loan for the acquisition of Somerset Tower Plaza in Wichita. Steele Properties plans to renovate the 100-unit affordable seniors housing community. The city of Wichita issued the bonds, and the National Development Council provided $4.2 million of Low-Income Housing Tax Credit equity. Originally constructed in 1979, the seven-story Somerset Tower Plaza is located two miles from the Wichita Central Business District. The renovation will include exterior upgrades and life-safety improvements. …
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SALEM, Ore. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 190-unit seniors housing campus in Salem. The community features 94 independent living apartments, 22 cottages and 72 assisted living units. At the time it was put on the market, the property generated a 30 percent profit margin and was still 94 percent occupied despite the pandemic, according to Blueprint. The seller was an ownership group finalizing its exit from seniors housing. The buyer was a local owner-operator with two other communities within a mile of the …
CARY, N.C. — HJ Sims has arranged $6.6 million in financing for Samaritan Housing’s continued expansion plans at SearStone, a continuing care retirement community in Cary. Following the original Phase I development, SearStone consists of 131 independent living apartments, 38 independent living estate homes, 14 assisted living units and 25 skilled nursing beds. Sims financed the first phase of SearStone with a $117.5 million non-rated, fixed-rate bond issue in June 2012 and an expansion of the healthcare center in 2016 with an $8 million issue. Sims provided the original seed …
Watercrest Hires MaryAnn Howell as Executive Director of Community in Winter Park, Florida
by Jeff Shaw
WINTER PARK, Fla. — Watercrest Senior Living Group has hired MaryAnn Howell as executive director of Watercrest Winter Park Assisted Living and Memory Care in Winter Park, a suburb of Orlando. Watercrest Winter Park is a newly built, 107-unit senior living community that recently celebrated its grand opening under Howell’s leadership. Howell brings over 10 years of senior living experience, having most recently served an eight-year tenure with another senior living provider.
FORT WASHINGTON, Pa. — Ziegler has arranged $199.4 million in bond financing for Acts Retirement-Life Communities. Based in Fort Washington, Acts is the third largest nonprofit seniors housing operator in the country. The company operates 26 communities in nine states with a total of 9,671 total units. The portfolio involved in this specific financing includes 20 communities in seven states, with eight locations in Pennsylvania, four locations in Florida, three locations in Delaware, two locations in North Carolina, one location in South Carolina, one location in Georgia, and one location …
DULLES, Va. — M&T Realty Capital Corp. has provided a $23 million FHA-insured loan to refinance of a 166-bed skilled nursing facility in Dulles, a subsurb of Washington, D.C. At an 80 percent loan-to-value ratio, the 35-year, 2.65 percent fixed-rate loan is fully amortizing. Matthew Pipitone of M&T Realty Capital’s Baltimore office led the transaction in collaboration with Nick Gent of M&T Bank’s D.C. office.
MCLEAN, Va. — Artis Senior Living, a McLean-based owner-operator, has partnered with Johns Hopkins physicians to launch the Artis Safety Council. The physicians, along with a cross-discipline group of Artis associates and healthcare leaders, seek to focus on maximizing the safety and well-being of residents, associates and families. For several weeks, the council has been strengthening the health and safety protocols for the challenge of COVID-19. The council will provide guidance in regard to the latest science of dealing with the new virus, along with looking ahead at other potential …
HAILEY, Idaho — Silvercreek Senior Assisted Living, a seniors housing community in Hailey, has hired Lori Eberharter as its executive director. In her new role, Eberharter ensures compliance with Silvercreek’s quality standards, as well as state and federal regulations. Silvercreek has remained free of COVID-19 throughout the current crisis. The community offers assisted living and memory care services.
ORLANDO and WINTER PARK, Fla. — Strive Senior Living, based in Orlando, has acquired Sutton Homes, based in Winter Park. Sutton Homes is a 25-year-old operator of seven seniors housing communities in Central Florida. Sutton Homes is focused on memory care, and Strive will launch a new standalone memory care brand named Sanctuary by Strive to lead the new portfolio. Strive purchased all assets of the company and will continue to operate the communities under Sutton Homes until the full rebrand to Sanctuary by Strive is completed by the end …
MOUNT SINAI, N.Y. — Engel Burman has opened The Bristal at Mount Sinai, a 120-unit assisted living community in the Long Island hamlet of Mount Sinai. The Bristal at Mount Sinai has 76 assisted living apartments and 44 additional apartments for memory care. Monthly rents begin at $5,200 for assisted living and $8,400 for memory care. This is the 20th Bristal-branded community, with 15 of those located on Long Island. Engel Burman develops, owns and operates the properties.