SAN DIEGO — JLL today announced the addition of a new advisory and investment transaction services practice. The new service offering will be led by Deborah Street, who joins the firm as a senior vice president based in San Diego. Street will oversee a continuum of services across multiple property types, with a focus on seniors housing, nursing care and multifamily. Services include on-demand underwriting, strategic planning, transaction structure/return analysis, transaction management, and due diligence for potential investment and development opportunities, as well as ongoing asset management services and strategic …
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CHICAGO — Harrison Street, a Chicago-based alternative asset investment firm, has acquired a portfolio of 11 properties managed by Brightview Senior Living located throughout Maryland, New Jersey and Massachusetts. Harrison Street and Brightview already partner on several properties. This acquisition adds 1,322 units to the portfolio. The price and seller were not disclosed. The properties include: Brightview Perry Hall, Nottingham, Maryland Brightview Rolling Hills, Catonsville, Maryland Brightview Towson, Towson, Maryland Brightview White Marsh, Baltimore Brightview South River, Edgewater, Maryland Brightview Greentree, Marlton, New Jersey Brightview Mount Laurel, Mount Laurel, New …
Capital Funding Provides $14.5M Bridge Loan for Two Skilled Nursing Facilities in Southeast
by Jeff Shaw
EMPORIA, Va., and LOUISVILLE, Ky. — Capital Funding has provided a $14.5 million bridge-to-HUD loan to The Portopiccolo Group. The funds will be used to acquire one skilled nursing facility, Emporia Manor, and cross-collateralize it with another facility, Sycamore Heights Health and Rehabilitation. Emporia Manor is a 120-bed facility in Emporia, while Sycamore Heights is a 96-bed facility in Louisville. The Portopiccolo Group, a family owned private equity and investment management firm, will own both properties following the transaction. Clearview Healthcare Management operates Sycamore, while Accordius Health will operate Emporia. …
WASHINGTON, D.C. — Love Funding, a D.C.-based provider of FHA multifamily, affordable and healthcare financing, has added Doug Knebel to its St. Louis team as senior director. Knebel brings more than 15 years of experience in commercial lending, banking and servicing to Love Funding. Most recently, he served as associate director of commercial banking, and previously as commercial relationship manager, at Midland States Bank, Love Funding’s parent company. Knebel earned a bachelor’s degree in accounting from Greenville College. He is engaged in the healthcare industry, including board positions on Fayette …
CUYAHOGA FALLS, Ohio — Maplewood Senior Living has hired George Dubic as the new executive director for Maplewood at Cuyahoga Falls, located in the Akron suburb of Cuyahoga Falls. Dubic has almost 17 years of experience in nursing homes. In his new role, he transitions to assisted living care, bringing his experience in caregiving, operations, management and senior living. Dubic is responsible for the day-to-day operations of the community including the planning, development, implementation, evaluation and improvement of program services, management of staff, and the delivery of high-quality care and …
RICHMOND, Va. — Erickson Living has started construction of Avery Point, a massive continuing care retirement community (CCRC) in the Short Pump area of Richmond. Upon full build-out, the community will feature 1,160 independent living units, 120 assisted living units, 60 memory care units and 60 skilled nursing beds. The property will comprise 14 individual buildings totaling 2 million square feet of space. Total development costs are estimated at $300 million. Phase I is currently under way, which is scheduled to deliver 200 independent living apartments and a 43,000-square-foot amenity …
NEW YORK CITY — Greystone has provided a $68.5 million Fannie Mae loan to refinance Capitol Apartments, a Section 8 affordable seniors housing property in New York. Located on 8th Avenue where Hell’s Kitchen meets the Theater District in Manhattan, Capitol Apartments features 278 studio and one-bedroom apartments, including 250 age-restricted Section 8 units and 28 non-age-restricted units. Originally built in 1925 as a hotel, the 18-story property was converted to apartments in the 1970s. The property also has six street-level retail spaces, which are currently occupied by restaurants, a wine …
Hudson Capital Properties Plans 194-Unit Active Adult Community in Myrtle Beach, South Carolina
by Jeff Shaw
MYRTLE BEACH, S.C. — Hudson Capital Properties, a multifamily real estate investment and development firm focused on value-added acquisitions in the Southeast, has unveiled plans for The Retreat at Coastal Grand in Myrtle Beach. The high-end community, designed for 55-and-older residents, will feature 194 one-and two-bedroom residences. Construction is currently underway, but a timeline for completion was not released. Hudson is partnering with GHK Cape Fear Development and C&S Commercial Properties on the project. “With the combination of low taxes, reduced cost of living and warm weather, Myrtle Beach is …
Harborview Capital Partners Arranges $60M in HUD Loans for Properties in Illinois, New Jersey
by Jeff Shaw
ILLINOIS and NEW JERSEY — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged a total of $60 million in HUD financing for a portfolio of skilled nursing facilities in Illinois and New Jersey. In the first loan, Harborview arranged $7 million in financing for a 96-bed skilled nursing facility in Lake County, Illinois. The non-recourse loan features a 35-year amortization. Ephraim Kutner and Jonathan Kutner originated the transaction. Harborview also placed $53 million in HUD refinancings for multiple skilled nursing facilities totaling more than …
SAN FRANCISCO — Sequoia Living, a nonprofit organization that operates seniors housing and provides services to the elderly in Northern California, has hired Sara McVey as president and CEO. McVey succeeds David Berg, who retired in September. Bringing more than 20 years of marketing and senior living management experience to Sequoia Living, McVey previously served as CEO of Horizon House, a continuing care retirement community in Seattle. Prior to that, she held executive leadership roles at Mather LifeWays, an operator of senior living communities. McVey earned a bachelor’s degree in …