WELLINGTON, Fla. — Resort Lifestyle Communities (RLC) is scheduled to break ground on July 23 for Palomino Gardens, an active adult community in Wellington, approximately 65 miles north of Miami. The $30 million, 180,000 square foot community is the sixth RLC location in Florida. The number of units was not disclosed.
News
DALLAS — Lancaster Pollard Mortgage Co. has arranged a $20.8 million refinancing for a skilled nursing and memory care community in the Lake Highlands neighborhood of Dallas. The loan refinanced the existing debt and reimbursed the ownership group in excess of $1 million for recent capital improvements at the community. Kyle Hemminger led the transaction for Lancaster Pollard.
LONGVIEW, Texas — Cambridge Realty Capital Cos. has provided a $3.9 million HUD Lean loan to refinance Summer Meadows, a 115-bed skilled nursing care facility in Longview. The fully amortized, 29-year loan was arranged for the owner, a New York limited liability company, using the HUD Section 232 pursuant to Section 223(a)(7) funding program. Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans, underwrote the transaction.
Monticello Provides $3M in Working Capital for 336-Bed Skilled Nursing Portfolio in Tennessee
by Jeff Shaw
TENNESSEE — Monticello has provided a $3 million working capital loan to the operating companies of two skilled nursing properties totaling 336 beds in Tennessee. The borrower is an owner and operator with a current portfolio of 8,752 licensed beds and has an established relationship with Monticello.
CHICAGO — Ventas Inc. (NYSE: VTR) has appointed Marguerite Nader, president and CEO of Equity LifeStyle Properties, as an independent member of its Board of Directors. Nader, 52, is a seasoned real estate investment trust (REIT) executive. Equity LifeStyle Properties owns and operates over 400 communities across the United States and British Columbia. Since joining Equity LifeStyle Properties, Nader has served in a wide variety of departments including asset management, sales and marketing, finance and acquisitions over the past 20 years. Nader is a member of Equity Lifestyle’s Board of …
Pennrose to Repurpose Historic Mary Stone School in Massachusetts as Affordable Seniors Housing
by Jeff Shaw
AUBURN, Mass. — Pennrose has closed on financing for the redevelopment of the Mary D. Stone school building in Auburn, a suburb of Worcester. The project will turn the three-story, 1920s-era property into a 55-unit affordable seniors housing community. Plans call for the renovation of the historic school, demolition of some later-built wings and construction of a new expansion. The property sits on 1.3 acres, and construction is set to begin before the end of the month. Comprising a mix of studio, one-bedroom and two-bedroom apartments, 80 percent of the …
WASHINGTON, D.C. — Despite the ongoing effects of the COVID-19 pandemic, which has a higher mortality rate among seniors than other age groups, a recent survey shows that the majority of consumers still find independent living and assisted living to be an appealing option for seniors. The survey was commissioned by the American Seniors Housing Association (ASHA), a D.C.-based organization serving the seniors housing industry. Research firm ProMatura Group is conducting the study, which is still ongoing and polls prospective customers from the lead lists of 115 ASHA member communities. …
Lancaster Pollard Provides $17.2M HUD Refinancing for Aaron Manor in Fairport, New York
by Jeff Shaw
FAIRPORT, N.Y. — Lancaster Pollard has provided $17.2 million in financing for Aaron Manor Rehabilitation and Nursing Center, a 142-bed skilled nursing facility in Fairport, a village east of Rochester. The FHA Sec. 232/223(f) loan will refinance several types of acquisition loans into a single payment structure. The new financing is nonrecourse and features a fixed rate. The current owner bought the property in 2018 and improved the operations and financial performance at the facility. Miles Kingston led the transaction for Lancaster Pollard, a division of ORIX Real Estate Capital.
CORAL GABLES and WEST PALM BEACH, Fla. — ZOM Senior Living and Watermark Retirement Communities have acquired two seniors housing development sites in Coral Gables and West Palm Beach, both cities located on the Atlantic Coast of South Florida. The Watermark at Merrick Park in Coral Gables will comprise 196 units including independent living, assisted living and memory care, with 50,000 square feet of amenities. The site is adjacent to the Shops at Merrick Park and across the street from a train station. The Watermark at West Palm Beach will …
MYRTLE BEACH, S.C. — Watercrest Senior Living Group and its equity partners, Peninsula U.S. Real Estate and Corecam Capital Partners, have broken ground on Watercrest Myrtle Beach Assisted Living and Memory Care in Myrtle Beach. The property will feature 76 assisted living units and 22 memory care units near the Atlantic Coast and many golf courses. Bank of Texas financed the construction, and Shiel Sexton is the builder. The project is scheduled for completion in late 2021.