WALKERSVILLE, Md. — Greysteel has arranged the sale of Victoria Park at Walkersville, an 80-unit affordable seniors housing community in the Western Maryland town of Walkersville. Osprey Property Cos. sold the property to an undisclosed buyer for $10.2 million. The community was constructed in 2008 using Low-Income Housing Tax Credits. Residents must be at least 62 years old and meet low-income requirements. According to Greysteel, it is both the only seniors housing and affordable housing in Walkersville. Ari Firoozabadi, Henry Mathies and Fletcher Hultman from the Greysteel’s Washington, D.C. office …
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SPRINGFIELD, Mo. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of The Fremont, a 119-unit independent living, assisted living and memory care community in Springfield. A Missouri-based ownership group sold the property to a Florida-based private equity company for an undisclosed price. The new owner assumed an existing agency loan as part of the acquisition, and will keep Arrow Senior Living as the operator. Originally built in 2008, the community underwent an expansion in 2012 to keep up with the demand of the local market. Consisting of 54 …
MINNEAPOLIS — Ryan Cos., a builder and developer based in Minneapolis, has hired Julie Ferguson as senior vice president and senior living sector leader. Ferguson will work with national and regional development, architecture, construction, asset management and capital market teams to lead, plan and execute the company’s strategic vision for the senior living sector. Ferguson joins Ryan Cos. with over 20 years of real estate development, acquisition and brokerage experience in seniors housing, most recently serving as a director at Titan Development. She helped launch the Titan Development Real Estate …
INDIANAPOLIS — Elevation Financial Group, through its Elevation Real Property Fund VII, has Crestwood Village East in Indianapolis for $20 million, or $40,300 per unit. The property sits on 20 acres and features 496 units ranging from 430 to 1,130 square feet. It is Elevation’s largest acquisition to date, in both unit count and price, and its first property in Indiana. The Justus Co. built the community in 1966 as part of a larger development, with the intent of offering an affordable lifestyle for seniors. A single family has owned …
MATTESON, Ill. — Alexi Senior Living Corp. has received $17.7 million in HUD financing, allowing the company to start construction of Alexi Senior Community in Matteson, a southern suburb of Chicago. Upon completion the property will feature 55 assisted living and 20 memory care units. The 81,500-square-foot building will be the first of four planned for the property. Future buildings will include an independent living building, scheduled for groundbreaking in August 2020, plus areas for early learning and higher education, leading to an intergenerational community. The development team includes architectural …
WESTBROOK, Maine — Boston Capital has invested in the development of Robert L. Harnois Apartments, a 61-unit affordable housing development for seniors in Westbrook, a suburb of Portland. The general partner is Westbrook Development Corp., based in Westbrook. Robert L. Harnois Apartments will serve seniors ages 62 or older earning 60 percent or less of the area median income (AMI). The five-story property is located near public transportation, a retail center and supportive services. Robert L. Harnois Apartments is Phase II of the adjacent Larabee Village, a 150-unit seniors housing …
Lancaster Pollard Provides $14.8M HUD Financing for Skilled Nursing Facility in Illinois
by Jeff Shaw
AURORA, Ill. — Lancaster Pollard has provided $14.8 million in HUD financing for the development of a Thrive skilled nursing facility in Aurora, approximately 38 miles west of downtown Chicago. The 68-bed facility will focus on post-acute care. The borrower is Innovative Health and its Chicago-based parent company, which has three communities under construction. Brett Murphy of Lancaster Pollard arranged the long-term, non-recourse financing.
DALLAS — Buckner Retirement Services, a Dallas-based operator, has hired Phil Elmore as its director of hospitality, effective Jan. 20. The position will oversee the facilitation, coaching and curriculum development of resident experience training for staff at all six of Buckner’s communities across Texas. A 23-year veteran of the senior living industry, Elmore most recently served as president and CEO of Christian Care Centers Inc. from 2004 through 2018. Elmore is a 20-year member of Leading Age Texas. He also served on the board of the Educational Institute on Aging …
MIAMI — Lincoln Avenue Capital (LAC) has acquired Brownsville Transit Village I and II, a mid-rise, two-building affordable housing complex in Miami’s Brownsville neighborhood. The first building features 96 units available to any age, while the second features 100 units reserved for independent seniors. The purchase price was not disclosed. Both properties are part of a larger campus of affordable apartment buildings that were built in 2012, encompassing almost 500 affordable housing units plus ground-floor retail. The development is transit-oriented, located near the Metrorail Green Line station, with easy access …
CARLSBAD, Calif. — Lancaster Pollard has arranged $420 million in financing for Plum Healthcare Group, a Carlsbad-based skilled nursing operator. The transaction refinances debt for 26 independently licensed and operated skilled nursing facilities throughout California. The loans were through HUD’s Sec. 232/223(f) program. This was the first HUD transaction for Plum. In addition, it was the largest portfolio refinance closed by HUD/FHA in its fiscal year 2019 and one of the largest ever undertaken by the agency, according to Lancaster Pollard. The transaction is the conclusion of a $400 million …