MANALAPAN, N.J. — Hackensack Meridian Health has opened the doors on The Villas in Manalapan. The company is marketing the property to Staten Island residents looking to downsize. The property spans 100,000 square feet on seven acres and offers independent living, assisted living, memory care and skilled nursing. The number of units was not disclosed. Independent living residences are available as one- or two-bedroom, and studio apartments, with monthly rates starting at $4,950.
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JACKSONVILLE, Fla. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Summer Brook Health Care Center, a 120-bed skilled nursing facility in Jacksonville. A longtime private owner-operator sold the community for $12.6 million. The buyer was a partnership between a private ownership group and a regional operator. The price translates to approximately $105,000 per bed. Originally built in 1967, Summer Brook is located in the heart of Jacksonville. A strong historical performer, according to Blueprint, Summer Brook EBITDAR was trending even higher during the sale process. Trent Gherardini …
LUBBOCK, Texas, and HUNTSVILLE, Ala. — Walker & Dunlop has structured $13.1 million in financing for Crown Point Health Suites, a skilled nursing facility in Lubbock, and $33.6 million in financing for Regency Retirement Village of Huntsville, a continuing care retirement community (CCRC) in Huntsville. Built in 2011, Crown Point Health Suites is a 96-unit, Class A+ facility in West Texas. Regency Retirement Village of Huntsville is a 312-unit CCRC built in 1980, with a skilled nursing expansion completed in 2016. The two transactions were both refinancings through HUD’s 232/233(f) …
NEW JERSEY — Monticello and its affiliates have provided $38 million in first lien debt financing for the acquisition of one rental-model retirement community in New Jersey. The community features 226 independent living units, 113 assisted living and memory care beds and 60 skilled nursing beds. The transaction also includes a $1 million working capital loan to the operating company of the property provided by Monticello’s asset-based lending group, Monticello Commercial Capital. The borrower is an owner and operator of various models of senior living. The name and location of …
Dwight Capital Closes $6.8M Financing for Canal Pointe Skilled Nursing Facility in Akron, Ohio
by Jeff Shaw
AKRON, Ohio — Dwight Capital has provided a $6.8 million bridge loan for the acquisition of Canal Pointe Nursing and Rehab, a 120-bed skilled nursing facility in Akron. Renovated in 2008, the property totals 57,724 square feet situated on 2.2 acres. Canal Pointe offers its residents services such as short-term rehabilitation, occupational therapy, respiratory care, trach care and behavioral care. The borrower was not disclosed.
Capital Funding Arranges $10.8M Acquisition Financing for Harrison House of Christiana in Pennsylvania
by Jeff Shaw
CHRISTIANA, Pa. — Capital Funding LLC has arranged $10.8 million in bridge-to-HUD financing for the acquisition of Harrison House of Christiana in Lancaster County. The property is a 139-bed skilled nursing facility. The borrower was not disclosed. Concurrent with the real estate closing, Capital Finance also provided a $3.5 million line of credit. Craig Casagrande and Andrew Jones originated the transaction for Capital Funding.
CARLSBAD, Calif. — Integral Senior Living (ISL) and Solstice Senior Living (SSL), a joint venture of Integral Senior Living and NorthStar Healthcare Income Inc., have named Collette Gray as president and CEO and Jennifer Ferrer as CFO. In these positions, they will have C-Suite responsibilities for both ISL and SSL. “Bringing leadership of both ISL and SSL together allows us to streamline the services we provide for our communities and ensure both Integral Senior Living and Solstice Senior Living are receiving exceptional management, as well as having community-specific needs and …
Ziegler Arranges $35.7M Bond Financing for The Woodlands at Furman Expansion in South Carolina
by Jeff Shaw
GREENVILLE, S.C. — Ziegler has arranged a total of $35.7 million in bond financing for The Woodlands at Furman, a nonprofit continuing care retirement community (CCRC) in Greenville. The community opened in 2009 adjacent to Furman University on land leased by The Furman University Foundation. The property currently features 132 independent living apartments, 28 independent living villas (some of which are under construction), 32 assisted living apartments, 16 memory care units and 30 private skilled nursing units. The bond financing will fund an expansion at the property, adding 44 independent …
TOLEDO, Ohio — Welltower (NYSE: WELL) has agreed to sell a portfolio of seniors housing properties in California, Nevada and Washington for more than $740 million. The announcement was made on the company’s fourth-quarter earnings call on Wednesday, Feb. 12. Very few details have been released, however, with Welltower not disclosing the names, locations, buyers or number of properties. The portfolio was 97 percent occupied with a net operating income of $36.7 million in 2019.
MOORESTOWN, N.J. — Private equity investment firm Tryko Partners has acquired Lutheran Crossings at Moorestown, a seniors housing community featuring 201 beds of skilled nursing and a 63-unit assisted living campus. The property is located on 14 acres in Moorestown, across the Delaware River from Philadelphia. The price was not disclosed. The community is slated for a two-phase, $12 million improvement campaign under the new ownership. The property has been separated into its skilled nursing and assisted living pieces and rebranded as Cambridge Rehabilitation & Healthcare Center and Cambridge Enhanced …