SOUTH CAROLINA — Blueprint Healthcare Real Estate Advisors has arranged the sale of five assisted living and memory care communities in South Carolina. The 334-unit portfolio is located in multiple cities throughout the state, all built in the late 1990s. A court-appointed Receiver selected Blueprint to lead the disposition process on behalf of the lender. Spring Oak, a family-owned company based in New Jersey, purchased the properties for an undisclosed price. Brooks Blackmon, Ryan Chase and Lauren Nagle led the Blueprint team.
DURANGO, Colo — Lument has arranged a $27 million debt placement to assist Mission Senior Living with the construction of a 124-unit, 129-bed, two-story assisted living and memory care community to be known as Mesa Verde Estates in Durango. Lument’s Steve McGee, Rob McAdams, and Sangjin Na led the transaction. The financing structure included a $20.9 million U.S. Department of Agriculture (USDA) guaranteed loan that a community bank provided. The structure also includes approximately $6 million of commercial property assessed clean energy (C-PACE) proceeds, which Lument sourced from an independent …
PITTSBURGH — With construction progressing on schedule for a March 2024 delivery, leasing is underway at Cedarwood Homes in Pittsburgh’s West End. An on-site leasing office is now open at the age-restricted affordable housing community, marking a milestone for Tryko Partners’ redevelopment of the former Fairywood School site. Available to residents ages 62 and over, Cedarwood Homes includes seven market-rate apartments and 39 residences for those with incomes up to 60 percent of the area median income.
MINNEAPOLIS — Health Dimensions Group, a Minneapolis-based operator, has named Todd Ellingson as chief financial officer. With more than 35 years of financial leadership experience, Ellingson has a record in growing organizations’ capital structure and managing multi-million-dollar acquisitions. He began his career as a senior accountant at Deloitte and since then has grown to hold several high-level, financial leadership roles, including his most recent position as the CFO of a $70 million, global professional services firm. Ellingson earned his accounting degree from the University of Wisconsin-Eau Claire in 1989. He …
CAMARILLO, Calif. — Global investment and development firm Kennedy Wilson (NYSE: KW) is nearing completion of Anacapa Canyon, a 579-unit multifamily project in the Southern California community of Camarillo. Anacapa Canyon, a 32-acre master-planned development, consists of 310 market-rate apartments, 109 for-sale, single-family homes and 170 income-restricted apartments for senior citizens. The first move-ins are underway, and full completion of the project is slated for the third quarter. Kennedy Wilson developed Anacapa Canyon in a public-private partnership with California State University Channel Islands (CSUCI) and partnered with Comstock Homes, as …
KANSAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 58-unit assisted living community in Central Kansas. The community was built in the early 1990s and was well maintained by current ownership including a $400,000 capital expenditure investment to ensure the community remained competitive within the local market, according to Blueprint. The buyer was a Kansas-based owner-operator. The seller, price and further details were not disclosed. Amy Sitzman, Giancarlo Riso and Kory Buzin led the Blueprint team.
BALTIMORE — Capital Funding Group (CFG), a Baltimore-based lender, executed or arranged more than $1.7 billion in financing across 50 deals in 2023. The transactions included 34 healthcare bridge-to-HUD loans, five multifamily bridge loans, and 11 HUD loans. The multifamily bridge-to-HUD loans totaled approximately $49.7 million of the company’s annual financing.
FORT WASHINGTON, Pa. — Acts Retirement-Life Communities, a nonprofit operator based in Fort Washington, has elected Kathryn Brod to its board of directors. With over 30 years of experience in the senior living sector, Brod brings knowledge in financial management, research, marketing, human resources management and systems consulting. Her career includes leadership roles at prominent organizations, most notably serving as president and CEO of LeadingAge Ohio. Additionally, she held positions at Mather LifeWays as vice president of senior living strategic initiatives and at Ziegler as senior vice president and director …
LOS ANGELES — In 2023, particularly in the second half of the year, a combination of forces slowed property sales to a crawl in the seniors housing sector. Amy Sitzman, executive managing director of seniors housing and care at Blueprint Healthcare Real Estate Advisors, laid out the laundry list of challenges. “The bid-ask spread conversation really has everything to do with what’s gone on in the market the past year and a half,” she said. “It has been trying for everybody dealing with interest rate hikes, inflation, operations, staffing challenges, …
CHICAGO — Millions of Black and Hispanic middle-income older adults will lack the financial resources to pay for seniors housing and healthcare expenses as they age, according to new findings from NORC at the University of Chicago’s “Forgotten Middle” study commissioned by The SCAN Foundation. The analysis shows the number of middle-income older adults of color will increase from 12 percent in 2020 to 25 percent by 2035, yet this population will be least likely to afford seniors housing and care when compared to the middle-income older adult population as …