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AcquisitionsAffordable HousingAssisted LivingDevelopmentNewsWashington

Great Expectations Acquires Sagebrook Seniors Housing Property in Bellevue, Plans Affordable Housing Conversion

by Jeff Shaw

BELLEVUE, Wash. — Great Expectations LLC has purchased Sagebrook, a seniors assisted living and memory care community on 2.3 acres in the Seattle suburb of Bellevue, for $16.5 million. The buyer plans to convert the property into a 108-unit apartment community for residents of all ages. The new property, which will be rebranded, will offer housing for residents earning 60 percent to 80 percent of area median income. The community is located at 15750 NE 15th St. Dan Chhan, Tim McKay, Sam Wayne and Matt Kemper of Cushman & Wakefield …

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Company NewsNewsOperations

Discovery Launches Arvum Senior Living Operator Brand

by Jeff Shaw

BONITA SPRINGS, Fla. — Discovery Senior Living, a Bonita Springs-based operator with the fifth-largest portfolio in the country, has launched its latest operating company, Arvum Senior Living.  The new brand manages the company’s Midwest portfolio, including properties in Illinois, Iowa, Kansas, Missouri and Wisconsin, with plans to strategically manage communities throughout the Great Plains region. The launch is part of Discovery’s evolving regional operating company structure. As an operating company of Discovery, Arvum will function as a local management company with a dedicated leadership team, leveraging the comprehensive support services …

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Affordable HousingFinanceGeorgiaNewsTennesseeTexas

BWE Arranges $60M in Financing for Affordable Housing Projects in the South

by Jeff Shaw

DALLAS, ATLANTA and NASHVILLE — BWE has arranged three financings totaling over $60 million to build, renovate and provide permanent financing for three affordable multifamily housing properties. Jon Killough and John Roberts originated the Freddie Mac tax-exempt loans on behalf of the borrowers. In the first transcation, BWE arranged a $14.2 million loan for Villages at Carver in Atlanta. The borrower, an Atlanta-based developer and operator, will fund renovations and permanent financing for the 220-unit, mixed-income, garden-style apartment complex. The development houses a mix of one-, two-, three-, and four-bedroom …

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AcquisitionsFinanceNewsSkilled NursingVirginia

CFG Provides $19.8M Acquisition Loan for Skilled Nursing Facility in Virginia

by Jeff Shaw

VIRGINIA — Capital Funding Group (CFG) has provided a $19.8 million bridge-to-HUD loan to support the acquisition of a 120-bed skilled nursing facility in Virginia.  Loan proceeds represented 100 percent of the acquisition and closing costs. Further details were not disclosed. Andrew Jones originated the transaction for Capital Funding Group.

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FinanceMinnesotaNews

Colliers Mortgage Funds $1.5M HUD-Insured Loan for Rehabilitation of Minnesota Seniors Housing Community

by Jeff Shaw

BURNSVILLE, Minn. — Colliers Mortgage has provided a $1.5 million HUD 241(a) loan for the rehabilitation of Parkway Cooperative of Burnsville.  The 102-unit seniors cooperative property features one- and two-bedroom units. Amenities include laundry rooms, community areas, underground parking, an exercise facility, library, craft room and workshop.  The loan features a 26.5-year term and amortization. Parkway Cooperative of Burnsville was the borrower.

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FinanceNewsPeople

Greystone Hires David Young as Managing Director for Healthcare Finance

by Jeff Shaw

NEW YORK CITY — Greystone has hired David Young as a managing director for healthcare finance.  In this role, Young will focus on originating and structuring senior loans for Greystone’s FHA lending platform as well as other permanent financing options such as bridge, Fannie Mae, and Freddie Mac. Based in the New York area, Young reports to Christopher Clare, managing director for healthcare finance at Greystone. Prior to joining Greystone, Young was a managing director at Locust Point Capital, where he originated and structured over $2 billion in seniors housing …

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Active AdultDevelopmentFloridaNews

United Group Completes $62.5M The Alloro at University Groves in Sarasota, Florida

by Jeff Shaw

SARASOTA, Fla. — The United Group of Cos. has completed The Alloro at University Groves, a seniors housing community in Sarasota. The property offers 183 units of “independent living lite,” which the developer describes as a blend of active adult and independent living service levels. Development costs were estimated at $62.5 million. The Alloro at University Groves spans 10 acres of land and features one-bedroom, two-bedroom and penthouse units across its two three-story buildings. In between the two buildings is a 15,000-square-foot clubhouse.

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AcquisitionsAssisted LivingNewsOregon

Foundry Commercial Acquires 126-Unit The Village at Keizer Ridge in Keizer, Oregon 

by Jeff Shaw

KEIZER, Ore. — Foundry Commercial has purchased The Village at Keizer Ridge, a seniors housing community in Keizer, a northern suburb of the state capital, Salem. With this acquisition, Foundry now owns 30 senior living communities totaling over 1,900 units and operates 57 senior living communities totaling over 3,800 units across the U.S. The Village at Keizer Ridge, which opened in 2016, offers 126 units of assisted living and memory care. Cascadia Senior Living, Foundry’s regional operating partner in the Pacific Northwest, will operate the community following the acquisition.  Foundry’s …

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AcquisitionsNewsWisconsin

Ziegler Negotiates Sale of 67-Unit Cedar Community Elkhart Lake in Wisconsin

by Jeff Shaw

ELKHART LAKE, Wis. — Ziegler has arranged the sale of Cedar Community Elkhart Lake, a 67-unit independent living and assisted living community in Elkhart Lake, approximately midway between Green Bay and Milwaukee. Ziegler advised the seller, local nonprofit Benevolent Corp. Cedar Community, in the transaction. The seller built the entry-fee community in 2008. The 13.3-acre property, located blocks from Elkhart Lake, includes a neighborhood of independent townhomes, a main assisted living apartment complex and a resident clubhouse. Matter Development acquired the property. Matter’s operating affiliate, Koru Health, will operate the …

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DevelopmentIndependent LivingMarylandNews

Commonwealth Senior Living Plans Independent Living Expansion in Salisbury, Maryland

by Jeff Shaw

SALISBURY, Md. — Commonwealth Senior Living has unveiled a planned expansion at Commonwealth Senior Living at Salisbury, located on the Delmarva Peninsula near the Delaware border, southeast of both Baltimore and Washington, D.C. The plan calls for 12 cottages and a new clubhouse. In addition to the new facilities, Commonwealth Senior Living will introduce new lifestyle programming and amenities. After construction is complete, there will be a total of 23 cottages at Commonwealth Senior Living at Salisbury. “We have seen a tremendous amount of demand from existing and prospective residents …

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