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Affordable HousingArizonaDevelopmentNews

Pennrose Breaks Ground on $28M Affordable Seniors Housing Project in Phoenix

by Jeff Shaw

PHOENIX — Pennrose, Butler Housing Co., CBC Financing Corp., the City of Phoenix, the Arizona Department of Housing and additional project partners have broken ground on Garfield Housing Phase II, an affordable housing community for low-income seniors in Phoenix’s Garfield neighborhood. The project is located at 1510 E. Portland St. Located adjacent to the Garfield Commons affordable housing community, the second phase will deliver 60 affordable apartments with community amenities and on-site supportive services for seniors age 55 or older. Completion is slated for winter 2024. The four-story, 58,000-square-foot community …

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Affordable HousingAlabamaDevelopmentFinanceGeorgiaNewsTexas

BWE Arranges $15.3M in Financing for Affordable Communities in the South

by Jeff Shaw

AUSTIN, Texas; DOUGLASVILLE, Ga.; and MOBILE, Ala. — BWE has arranged $15.3 million in permanent loans to finance three affordable housing communities in Austin, Douglasville and Mobile. Jon Killough and Tony Love originated the loans using HUD’s RAD for PRAC initiative, a new tool designed to preserve existing Section 202 housing as well as create new Section 8 housing across the country. Traditionally, Section 202 PRAC rental assistance could only be used for operating expenses, not debt servicing. The RAD for PRAC process allows borrowers to convert PRAC subsidies to …

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NewsPeople

Diversified Healthcare Trust Appoints Christopher Bilotto as President, CEO

by Jeff Shaw

NEWTON, Mass. — Diversified Healthcare Trust (NASDAQ: DHC) has appointed Christopher Bilotto as president and CEO, effective Jan. 1, 2024. Bilotto is an executive vice president of The RMR Group (NASDAQ: RMR), overseeing portfolio management for all office, industrial and retail properties managed by RMR and hotel and senior living asset management, as well as development and redevelopment across the United States. Prior to joining RMR in 2011, he worked at General Growth Properties in various management roles. Bilotto succeeds Jennifer Francis, who is retiring from RMR on July 1, …

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DevelopmentNewsTexas

Ryan Cos. Tops Out Grand Living at The Grove in Austin, Texas

by Jeff Shaw

AUSTIN, Texas — Ryan Cos. US Inc., Grand Living and Castletop Capital have topped out Grand Living at The Grove, a seniors housing community in Austin. Located at The Grove, a mixed-use development in Central Austin’s, the five-story senior living community will total approximately 348,353 square feet and feature 177 independent and assisted living apartments, as well as an entire wing dedicated to 36 memory care apartments. Resident move-ins are scheduled to begin in early 2025. Grand Living at The Grove will provide an age-in community, which allows residents to reside …

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Assisted LivingFinanceNewsTexas

Cambridge Funds $2.1M Refinancing for Wells Point Lodge in Pflugerville, Texas

by Jeff Shaw

PFLUGERVILLE, Texas — Cambridge Realty Capital has provided a $2.1 million first mortgage loan to refinance Wells Point Lodge in Pflugerville, a suburb of Austin.  Wells Point Lodge is a 60-bed assisted living community. Anthony Marino of Cambridge reports that the fully amortizing, 35-year loan was provided for the owner, a Texas limited liability company, using the HUD Section 232/223(f) mortgage insurance program. Cambridge’s early rate lock program was utilized, which allowed the owner to avoid the recent run-up in interest rates.

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AcquisitionsAssisted LivingNewsTennessee

Blueprint Brokers Sale of Community in Brentwood, Tennessee for Behavioral Health Conversion

by Jeff Shaw

BRENTWOOD, Tenn. — Blueprint Healthcare Real Estate Trust has arranged the sale of an assisted living and memory care community in Brentwood, a suburb of Nashville. The buyer plans to convert the property to residential mental health center, and has already executed a long-term lease with a tenant. Further details on the buyer, seller and price were not disclosed. Andrew Sfreddo, Kyle Hallion, Shane Harmon and Gunnar Raney led the Blueprint team.

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CCRCNewsPeople

Life Care Services Promotes Kyle Exline to Director of Operations Management

by Jeff Shaw

DES MOINES, Iowa — Life Care Services, An LCS Company, has promoted Kyle Exline to the role of senior vice president, director of operations management for life plan communities.  Exline started his career with Des Moines-based LCS in 2008 and has impacted occupancy, operations improvement, development and building strong teams over his 15-year tenure. Along the way, he gained experience in for-profit, nonprofit, LCS-owned, LCS-managed and rental communities.   Exline will assume responsibility for the strategy and operations of 18 LCS equity-owned life plan communities and will oversee a team of …

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DevelopmentNewsVirginia

Hoffman, ESL to Develop 15-Story Seniors Housing Project at West Falls Development in Northern Virginia

by Jeff Shaw

FALLS CHURCH, VA. — Hoffman & Associates and Experience Senior Living (ESL) plan to co-develop The Reserve at Falls Church, a 15-story seniors housing project within the 10-acre West Falls mixed-use development underway in Northern Virginia.  The Reserve will feature more than 200 units of independent living, assisted living and memory care. Amenities will include a spa with a saltwater pool and fitness center, multiple onsite restaurants, a sky bar, maker space, concierge floors and electric vehicle transportation services.  Aside from the seniors housing component, West Falls will feature apartments, …

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AcquisitionsActive AdultNew YorkNews

CBRE Brokers Sale of 200-Unit Active Adult Complex on Long Island

by Jeff Shaw

DEER PARK, N.Y. — CBRE has brokered the sale of Sutton Landing at Deer Park, a 200-unit active adult complex on Long Island.  The age-restricted property was built in 2021.  Aron Will, John Sweeny and Scott Bray of CBRE represented the seller, a partnership between local developer B2K Development and Chicago-based investment firm Harrison Street. Shawn Rosenthal, Jason Gaccione, Jake Salkovitz, Aron Will, Matthew Kuronen and Michael Cregan of CBRE originated Freddie Mac acquisition financing on behalf of the buyer, Fairfield Properties.

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AcquisitionsAssisted LivingIndianaNews

Blueprint Arranges Sale of Three Communities in Indiana

by Jeff Shaw

ELKHARD, KOKOMO and MADISON, Ind. — Blueprint has arranged the sale of three assisted living communities in Indiana. The communities were built in the late 1990s in Elkhart, Kokomo and Madison, and historically struggled operationally. The buyer plans to reposition the assets as the premier affordable option in their respective markets by utilizing the Indiana Assisted Living Waiver Program. The buyer, seller and price were not disclosed. Connor Doherty, Ryan Kelly, Amy Sitzman and Giancarlo Riso led the Blueprint team.

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