NEW YORK CITY — Greystone, a New York City-based healthcare facility owner and operator, has acquired 12 skilled nursing facilities and one supportive living community in Illinois and Missouri. The properties were all previously operated by Rosewood Care Centers. The Department of Housing and Urban Development (HUD) sold the assets for an undisclosed price. The portfolio totals 1,662 beds, and Greystone Healthcare Management Midwest will rebrand and operate the communities. The 13 properties are: Rosewood Care Center of Alton, Illinois, now named Riverside Rehab & Healthcare Rosewood Care Center of …
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Monticello Provides $16.7M Refinancing for 303-Bed Skilled Nursing Portfolio in Tennessee
by Jeff Shaw
TENNESSEE — Monticello and its affiliates have provided $16.7 million in first lien debt financing to refinance two skilled nursing properties totaling 303 beds in Tennessee. The transaction also includes a $3 million working capital loan to the operating companies of the properties provided by Monticello’s asset-based lending group, Monticello Commercial Capital. The specific names and locations of the two properties were not disclosed. The borrower is an owner and operator with a current portfolio of 4,637 licensed beds. Prior to this deal, Monticello financed the borrower’s acquisition of several …
GLEN MILLS, Pa. — Erickson Living has broken ground on an expansion at Maris Grove, a continuing care retirement community in Glen Mills, approximately 20 miles west of Philadelphia and 13 miles north of Wilmington, Delaware. The three-story, 76,000-square-foot project will be named Evergreen Pointe. The building will feature 84 new assisted living units. Evergreen Pointe is part of Erickson’s multi-year plan to expand and renovate Maris Grove’s existing residences. The new building will be located adjacent to the existing continuing care building, Rose Court, which will be renovated to …
BELLEVUE, Wash. — Aegis Living, a Bellevue-based developer and operator, has appointed Nader Naini to the company’s Board of Managers. Naini is managing partner of Frazier Healthcare Partners, has joined its Board of Managers. He joins fellow Aegis Living board members including founder and CEO Dwayne Clark as well as Jerry Meyer, Eddie Poplawski, Ashley Rea and Adam Clark. Naini joined Frazier in 1991. He has served on the firm’s management team and led its Growth Buyout practice since 1995. Under his leadership, the practice has raised more than $4 …
SAN FRANCISCO — San Francisco Campus for Jewish Living (SFCJL) is preparing to open the Lynne and Roy M. Frank Residences, a $140 million expansion to the property. The 270,000-square-foot expansion adds 113 assisted living apartments and 77 memory care suites. Byer Square, a new multi-generational community center, will feature a fitness center, pool, cinema, performance center, art studio and café. Construction began in mid 2017. Residents are expected to begin moving in during spring 2020. In conjunction with the expansion, SFCJL has created partnerships with Alzheimer’s Association, Creative Aging …
CHARLESTON, S.C. — Truist Financial Corp., through Atlanta-based SunTrust, has provided $50 million in financing to support the renovation and expansion of Bishop Gadsden Episcopal Retirement Community on James Island in Charleston. The funding will allow Bishop Gadsden to renovate existing assisted living facilities and construct a new 156,000-square-foot Health Care and Rehabilitation Center. Renovations to the existing building will result in 81 one- and two-bedroom assisted living units. The new building will feature 32 memory care, 64 long-term skilled care and 32 short-term skilled post-acute rehab residences. The project …
WINTER PARK, Fla. —Watercrest Senior Living Group and Titan Development Real Estate Fund I have completed construction of Watercrest Winter Park Assisted Living and Memory Care in Winter Park. The resort-style senior living community features 75 assisted living and 32 memory care apartments. This is the second senior living development project partnered between Watercrest and Titan Development. Their first project, Watercrest Columbia Assisted Living and Memory Care, opened last fall in Columbia, S.C. Titan Development Real Estate Fund I (TDREF I) is a $200 million private equity real estate fund …
GREENVILLE, S.C. — Rocky Berg of Dallas-based firm three will join the architecture team at senior living community The Woodlands at Furman in Greenville. The developers of the community are planning a $19 million expansion and repositioning project. A groundbreaking will be help Jan. 31, 2020, for the 13,000-square-foot community village, which will feature a wellness center, swimming pool, spa services. The building represents the start of a multi-phase project, which will ultimately include more than 40 new independent living residences and an expansion of dining offerings. A university-based senior …
DANIA BEACH and HOLLYWOOD, Fla. — Lightstone Capital, Lightstone’s real estate debt platform, has provided a $9.2 million senior bridge loan to Wartep Management to refinance two senior housing communities in South Florida. The communities, The Residences at Dania Beach and Azalea Gardens, include both assisted living and memory care. The Dania Beach community is located blocks from the $800 million Dania Pointe project and directly across from the $634 million Dania Beach City Center development. Azalea Gardens is located near Young Circle Park in the center of Hollywood. Wartep …
Cambridge Provides $16.3M Refinancing for Anberry Transitional Care in Merced, California
by Jeff Shaw
MERCED, Calif. — Cambridge Realty Capital Cos. has provided a $16.3 million HUD Lean loan to refinance Anberry Transitional Care, a 72-bed skilled nursing care facility. The property is located in Merced, a small city southeast of the Bay Area. The facility focuses on short-term rehabilitation. The borrower is a California limited partnership. The 35-year loan is fully amortizing.