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Affordable HousingDevelopmentNew JerseyNews

Hudson Valley Property Completes Renovation of 283-Unit Affordable Complex in Jersey City

by Jeff Shaw

JERSEY CITY, N.J. — Hudson Valley Property Group has completed the renovation of Grandview Terrace Apartments, a 283-unit affordable seniors housing complex in the Journal Square area of Jersey City.  The $15.2 million, 16-month project upgraded the cabinetry, countertops, appliances, lighting, flooring, walls and water fixtures in the units and added amenities such as a new sky lounge with a stretching room, community room, library and a computer center.  KeyBank provided construction financing for the project, and that loan was refinanced under HUD’s 223(f) program upon completion.

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Assisted LivingCaliforniaFinanceNews

G Capital Markets Arranges $15.5M Recapitalization for Bethany Home in Livermore, California

by Jeff Shaw

LIVERMORE, Calif. — G Capital Markets (GCap), a capital advisory firm based in Carmel, has arranged a recapitalization for Bethany Home, a 59-bed assisted living community in Livermore on the eastern edge of the Bay Area.  Built in 2021 by a regional owner-operator, the property leased up in 2022 and has shown consistently strong performance for several years with cash flow margins well over 40 percent and occupancy of 90 percent, according to GCap. The bridge-to-HUD loan was structured with a large equity-out component and sized to maximize the takeout …

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Affordable HousingDevelopmentFloridaNews

HTG, AM Affordable Housing Open $44M Tucker Tower in Miami

by Jeff Shaw

MIAMI — Housing Trust Group (HTG), a leading multifamily developer, and AM Affordable Housing, a nonprofit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, have opened Tucker Tower. The $44 million affordable housing community for seniors age 62 and older is located in the Perrine neighborhood of southern Miami. Tucker Tower, the eighth joint venture between HTG and AM Affordable Housing, will be exclusively available to income-qualifying residents, ensuring accessibility to those earning at or below 25, 30, and 60 percent of the area median income …

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AcquisitionsCaliforniaFinanceNews

Cambridge Arranges $6M Acquisition Loan for Twilight Haven in Fresno, California

by Jeff Shaw

FRESNO, Calif. — Cambridge Realty Capital Cos. has arranged a $6 million acquisition loan for Twilight Haven Senior Living in the San Joaquin Valley city of Fresno.  Twilight Haven comprises 60 independent living units, 116 assisted living beds and 50 skilled nursing beds. A California-based LLC was the borrower. A Utah-based industrial bank provided the capital. The seller was a nonprofit operator facing bankruptcy. The 25-year loan is fully amortizing.

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Assisted LivingDevelopmentFloridaNews

ANF Group Completes 121-Unit Providence Living at Pembroke Pines in Florida

by Jeff Shaw

PEMBROKE PINES, Fla. — ANF Group Inc. has completed construction of Providence Living at Pembroke Pines, a new assisted living facility and memory care facility in Pembroke Pines, Florida. The 114,003-square-foot community features 81 units of assisted living and 40 units of memory care. The project is located on 3.15 acres at the entrance to the Pembroke Pines City Center, approximately 20 miles north of Miami. Providence One Development and ANF Real Estate Group developed the property. ANF Group was the general contractor, while Providence Senior Living will manage the …

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CCRCNewsOperationsPeopleTexas

Edgemere Promotes Teresa Bates to Executive Director

by Jeff Shaw

DALLAS — Edgemere, a continuing care retirement community in North Dallas, has promoted Teresa Bates to executive director.  Bates brings more than 25 years of senior living experience to the community. She started with Edgemere in 2002 and assisted with the opening of its health center. She held several positions within the community for 17 years before returning in 2022 as the associate executive director. As executive director at Edgemere, Bates oversees the daily operations of the community across all departments and team members.

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AcquisitionsMissouriNewsOregonSouth CarolinaWashington

Merrill Gardens Acquires Five Communities

by Jeff Shaw

GREENVILLE, S.C.; SEATTLE; SPRINGFIELD, Mo.; TUKWILA, Wash.; and HILLSBORO, Ore. — Seattle based Merrill Gardens has added four existing communities to its portfolio, along with one new community under construction. The privately held company now operates 65 communities in 17 states. The first community is Merrill Gardens at Greenville. The newly opened independent living community features 129 studio, one- and two-bedroom apartments. Also acquired was Murano Senior Living in Seattle. The high-rise community features 243 apartments with waterfront and city skyline views. The property offers independent living, assisted living and …

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AcquisitionsAssisted LivingDelawareNew JerseyNewsOperations

Juniper Communities Takes Over Management of Three Leisure Care Properties in New Jersey, Delaware

by Jeff Shaw

NEWARK, Del.; HAMILTON and WASHINGTON TOWNSHIP, N.J. — Juniper Communities has taken over management of three Leisure Care senior living properties providing assisted living and memory care. The three properties are part of Columbia Pacific Advisors’ seniors housing portfolio. The move adds 397 assisted living and memory care units and approximately 300 associates to Juniper’s current portfolio. Juniper Communities now owns and operates 28 communities in Colorado, New Jersey, Pennsylvania, Texas and Delaware. Juniper Village at Newark, formerly known as The Vero at Newark and built in 2023, offers assisted …

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AcquisitionsAssisted LivingNewsUtah

Blueprint Negotiates Sale of Two Value-Add Communities in Utah

by Jeff Shaw

SALT LAKE CITY and ST. GEORGE, Utah — Blueprint Healthcare Real Estate Advisors has brokered the sale of two communities in Utah. The seller was a national developer/investor seeking an exit from more than a dozen geographically disparate, older-vintage communities.  The communities were purchased in a sizeable portfolio transaction pre-COVID, under a value-add thesis of operator transitions to create regional groupings coupled with renovations and repositioning. Unfortunately, the cumulative impact of COVID followed by the unprecedented rise in interest rates created meaningful headwinds to the original thesis and drove a …

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AcquisitionsFloridaMemory CareNews

SLIB Brokers Sale of 60-Unit Rosecastle of Deerwood Memory Care Community in Jacksonville

by Jeff Shaw

JACKSONVILLE — Senior Living Investment Brokerage (SLIB) has arranged the sale of Rosecastle of Deerwood, a 60-unit memory care community in Jacksonville. The asset was built in 2015 on approximately 3.4 acres. The buyer was a Florida-based entity using a 1031 exchange. The seller and price were not disclosed. Brad Clousing and Daniel Geraghty led the transaction for SLIB.

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