SAN DIEGO — Wells Fargo’s Community Lending and Investment (CLI) group has provided a total of $57.9 million in financing for construction of La Sabila, an affordable housing community for seniors in San Diego. The borrower is Wakeland. CLI provided a $30.5 million construction loan and $27.4 million equity investment. The project will consist of 85 residential units reserved for low-income residents over age 55. Further details were not disclosed. Timothy McCann, Terence Cordero and Jessica Gonzalez of CLI arranged the financing.
PONTE VEDRA, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Palms of Ponte Vedra, an 86-unit assisted living and memory care community in the Jacksonville suburb of Ponte Vedra. Constructed in 2015, the two-story building sits on 14.5 acres. The seller was a regional owner-operator in Florida. The buyer was a locally based regional owner-operator looking to expand its presence in Florida. The price was not disclosed Brad Clousing and Daniel Geraghty led the transaction for SLIB.
DALLAS — Buckner Retirement Services has hired John Falldine as senior executive director for Ventana by Buckner, a high-rise seniors housing community in Dallas. Falldine will oversee community operations, regulatory compliance, and resident and associate relations. He most recently served as executive director of Edgemere, another senior living community in Dallas. Falldine previously held leadership roles with Greystone Communities LLC and served as a senior living operations and marketing consultant for several senior living communities across the country. He has a bachelor’s degree from Oklahoma State University and an MBA …
NEW YORK CITY — Lendlease has completed construction of Garden Towers, an affordable seniors housing community in the Bronx. Developed by Foxy Management, in partnership with HANAC Inc. and JLD Advisory LLC, the building features 149 rental homes for low-income adults age 62 or older. Lendlease served as general contractor on the development, located in the Morrisania neighborhood. Garden Towers features two mid-rise residential buildings, with an eight-story building facing Boston Road and a seven-story building facing Clinton Avenue. In addition to meeting Enterprise Green Communities criteria, Garden Towers was …
MIRAMAR, Fla. — Pinnacle has broken ground on Pinnacle at La Cabaña, an affordable seniors housing community in Miramar, a northern suburb of Miami. The $41.2 million project will feature 110 units in one- and two-bedroom floorplans. Construction is scheduled for completion in 2025. The development is part of a public-private partnership between Pinnacle and the City of Miramar. Pinnacle at La Cabaña will offer 11 units to seniors earning up to 28 percent of the area median income, and the remaining units will be available to seniors earning up …
BRYAN and CALDWELL, Texas — Senior Living Investment Brokerage (SLIB) has arranged the sale of an assisted living and skilled nursing facility in Bryan, as well as a skilled nursing facility in Caldwell. The cities are located east of Austin and northwest of Houston. Offering 237 beds, the communities total approximately 137,265 square feet. The seller is a nonprofit Catholic hospital system, which was selling its only skilled nursing/seniors housing communities. The buyer owns several skilled nursing facilities in Texas and is leasing the operations of these buildings to a …
DALLAS — The Aspenwood Company, a Dallas-based operator, has taken over operations of four retirement communities in North Texas. Aspenwood manages 20 luxury communities, mostly across the southern United States, primarily operating under The Village and The Village on the Park brands. The four new Aspenwood communities, operating under The Village on the Park brand, are located within the North Texas communities of Plano, Denton and McKinney. Together, they feature a total of 366 units. They include:
CHESTNUT HILL, Mass. — LCB Senior Living has named Eileen Mahoney as the new executive director of The Residence at Boylston Place, an assisted living, independent living and memory care community in the Boston suburb of Chestnut Hill. With nearly 20 years of experience in senior living, Mahoney previously worked at The Current Weymouth, a Monarch Communities assisted living residence. She received her education in Business Management from Bunker Hill Community College and Northeastern University. She has also served as regional vice president for The Regus Group, formerly known as …
SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NYSE:CTRE), a San Clemente owner and developer of skilled nursing, seniors housing and other healthcare-related properties, has acquired three continuing care retirement communities (CCRCs) located in Los Angeles, Orange, and San Diego counties. The portfolio totals 475 assisted living, skilled nursing and memory care beds/units. Bayshire Senior Communities, an existing CareTrust tenant based in Southern California, has taken over management of all three properties. The highest profile property of the three is Torrey Pines Senior Living in San Diego. CareTrust paid $32.3 million …
MERIDEN, Conn. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Miller Memorial Community in Meriden, approximately midway between Hartford and New Haven. The 90-bed skilled nursing community also features 19 cottage-style apartment units. The campus was under nonprofit ownership since its inception. While the community was operating at a heavy loss during the marketing period, buyers were attracted to the community due to it being non-union and having an above-average Medicaid rate, according to SLIB. The seller is a nonprofit based in Connecticut that had owned and …