CANANDAIGUA, BATH and CORNING, N.Y. — Greystone has provided $43.9 million in HUD-insured financing for a trio of affiliated skilled nursing facilities in Upstate New York. The borrower is Centers for Care. The three facilities, totaling 323 beds, include Ontario Center for Nursing and Rehabilitation in Canandaigua, Steuben Center for Nursing and Rehabilitation in Bath and Corning Center for Nursing and Rehabilitation in Corning. Fred Levine of Greystone originated the financing package.
News
WEST LINN, Ore. — Owner-operator Cadence Living has partnered with boutique investment firm Dylan Investments to acquire Tanner Spring, an assisted living and memory care community in the affluent Portland suburb of West Linn. The community comprises 62 assisted living units and 26 memory care units. The partnership also acquired the adjacent vacant land and has plans to add 100 residential units in the future. Orix Securities advised the seller on the transaction and Blueprint Healthcare Real Estate advised the buyer. “We have been focused on the northwest for our …
BEND, Ore. — Sunshine Retirement Living has announced plans to move into a new headquarters within its current home of Bend. While the square footage was not released, the new headquarters will triple the company’s current footprint. Sunshine operates 32 communities across 16 states, with plans for “significant expansion.”
Hunt’s $166M Herndon Square Mixed-Use Project in Downtown Atlanta to Include Affordable Seniors Housing
by Jeff Shaw
ATLANTA — Hunt Development Group has started construction of Phase I of Herndon Square, a 12-acre, mixed-use project in downtown Atlanta. Upon full build-out, the project will feature 700 residential units, 40,000 square feet of retail space and 20,000 square feet of community space open to the general public. The site is located on Northside Drive, approximately one mile north of Mercedes-Benz Arena, Philips Arena, Centennial Olympic Park and the other attractions in the heart of the city. The project, a redevelopment of the former Herndon Homes affordable community, will …
Cushman & Wakefield Arranges $19.8M Refinancing for HarborChase of Riverwalk Near Charlotte
by Jeff Shaw
ROCK HILL, S.C. — Cushman & Wakefield Senior Housing Capital Markets has arranged $19.8 million in financing for HarborChase of Riverwalk, a recently opened assisted living and memory care community in Rock Hill, approximately 25 miles southwest of Charlotte, North Carolina. The borrower, private equity firm BridgeForth Capital, will use the funds to refinance the construction loan. Saperean Capital provided the new financing. HarborChase of Riverwalk is an 88-unit property located within the Riverwalk master planned development. The community opened February 2020. The operator is Harbor Retirement Associates. The Cushman …
SAN ANTONIO — Aspen Heights Partners has broken ground on its first active adult community, Dolce Vita at Cibolo Canyon in San Antonio. The property will feature 150 age-restricted apartments and 208 parking spaces in a four-story building. “The Cibolo Canyons area is an ideal locale for a community such as Dolce Vita, which we are developing in response to the specific needs of the area’s population,” says Greg Henry, founder and CEO of Aspen Heights Partners. The neighborhood surrounding Dolce Vita is within a few miles of a wide …
ROSWELL, DUNWOODY and MARIETTA, Ga. — Macallan Works has completed the renovation of three Phoenix Senior Living facilities in Roswell, Dunwoody and Marietta, all suburbs of Atlanta. Macallan Works modernized the front entry, reception area, dining areas and gathering spaces of all three facilities. The location in Marietta also included a bistro area makeover totaling about 33,000 square feet. Macallan Works had to account for the increased susceptibility of seniors to getting and spreading COVID-19, and through its renovation plans was able to allow for increased social distancing of community …
DANVILLE, Ky. — Strawberry Fields REIT LLC has acquired Charleston Health Care Center, a skilled nursing facility in Danville, approximately 35 miles southwest of Lexington. The REIT paid $5.4 million for the community, which features 90 skilled nursing beds, 16 assisted living beds and an independent living cottage. The seller was not disclosed. “The plan is to rebrand the property Landmark of Danville, and include it in the Landmark group of homes that are operated by A&M Healthcare,” says Moishe Gubin, CEO of Strawberry Fields. “A&M already has other facilities …
SHEBOYGAN, Wis., and MINNETONKA, Minn. — PalCare and Notify Nurse Call have formed a strategic partnership that will provide senior living communities with emergency alert systems, nurse call mobile applications and management dashboards. Sheboygan-based PalCare has partnered with over 1,600 communities across North America to implement technological solutions for resident safety and caregiver efficiency. Services include nurse call, access control and wander management. Minnetonka-based Notify is a mobile nurse call system that allows caregivers to receive and respond to alerts from wherever they are in the building.
LUNENBURG, Mass. — Boston Capital has invested in the development of Baker Brook Apartments, a 70-unit development for seniors in Lunenburg, a small town north of Worcester. The developer is Great Bridge Properties. Residents must be age 55 or older and earn 80 percent or less of the area median income (AMI). Forty-eight units are reserved for seniors earning 60 percent or less of AMI and eight units are for seniors earning 30 percent of less of AMI. Ten percent of the units are reserved for those currently homeless. Located …