ILLINOIS — Greystone Monticello has arranged a $16.7 million bridge loan for the acquisition of a seniors housing property in Illinois. The property comprises independent living, assisted living and memory care units. The bridge financing carries a two-year term with two six-month extensions. Karina Davydov originated the loan.
MICHIGAN CITY and MERRILLVILLE, Ind. — Blueprint Healthcare Real Estate Advisors has arranged the sale of two communities in Indiana. The two assisted living and memory care communities are located in Michigan City and Merrillville, both located on the south shore of Lake Michigan southeast of Chicago. The portfolio totals 119 units. Blueprint positioned the portfolio as a value-add opportunity for an incoming buyer to capitalize on strong pre-pandemic financial performance along with substantial Medicaid Waiver reimbursement rate enhancements that were passed in July of 2023. The buyer, seller and price were …
CENTENNIAL, Colo. — MorningStar Senior Living and Edgemark Development have opened MorningStar at Holly Park, a 160-unit seniors housing property in Centennial, a suburb southeast of Denver. Situated on three acres, MorningStar at Holly Park offers 85 independent living, 50 assisted living and 25 memory care units in a four-story residential building. The project team includes Rosemann & Associates as architect, JHL Constructors as general contractor and Thoma-Holec Design as interior designer. MorningStar and Edgemark co-developed and co-own the community.
ST. PETERS, Mo. — Midas Construction is underway on Viva Bene, a $37.8 million active adult community in the St. Louis suburb of St. Peters. Developed by Avenue, the 161-unit luxury property is located at 101 Viva Bene Circle. Greystar is the property manager. Completion is slated for this fall.
GIG HARBOR, Wash. — Northmarq has arranged $35 million in refinancing for The Lodge at Mallard’s Landing, a seniors housing property in Gig Harbor, across the Puget Sound from Tacoma. The Lodge at Mallard’s Landing offers 147 private-pay independent living, assisted living and memory care units. Stuart Oswald of Northmarq’s Seattle office arranged the six-year, fixed-rate loan through a correspondent life insurance company. The financing features an earn-out component allowing the borrower to draw additional dollars as NOI improves. Built in two phases from 2010 to 2015, the development consists …
MAPLEWOOD, Minn. — Colliers Mortgage has provided a $20.9 million HUD loan for the construction of The American Cooperative on Lake Phalen in Maplewood, an eastern suburb of the Twin Cities. The 56-unit cooperative is designed for residents age 62 and older. The property will be built on the north shore of Lake Phalen between Keller and Phalen regional parks and golf courses. Units will range from 1,200 to 1,900 square feet. The loan features a 40-year term and amortization.
KATY, Texas — Blueprint Healthcare Real Estate Advisors has arranged the sale of an assisted living and skilled nursing facility in Katy, a suburb of Houston. Opened in 2018, the facility consists of 70 short-term rehab beds and 34 assisted living beds across 78 units. The community maintained a steady lease-up trajectory that was quickly halted due to industry-wide COVID headwinds that caused statewide decreases in elective surgeries. With a minimal amount of dually certified beds, the seller struggled to turn a profit, according to Blueprint. The seller was a …
WYOMING, Mich. — Woda Cooper Cos. and Cherry Health have received tax credits from the Michigan State Housing Development Authority for development of Shea Ravines, a 56-unit affordable housing community in the Grand Rapids suburb of Wyoming. The $18.2 million project includes 20 permanent supportive housing (PSH) units for the formerly homeless. The site is adjacent to Cherry Health’s Wyoming Community Health Center. The development will provide one-bedroom and two-bedroom apartments for singles, families, and seniors who earn up to 80 percent of area median income The project is targeting …
CHEVY CHASE, Md. — Forbright Bank’s healthcare lending team closed three new loans in the first quarter of 2024. The loans helped finance the acquisition of two assisted living and two skilled-nursing facilities in the Southeast and Midwest. In total, more than $50 million of bridge and bridge-to-HUD lending financed about 500 beds for seniors across the four facilities. Further details were not disclosed.
NEEDHAM, Mass. — Regional owner-operator Wingate Living has announced plans to develop a 69-unit seniors housing project in Needham, a western suburb of Boston. One Wingate Way East will offer one- and two-bedroom units with more than a dozen different floor plans. Construction is expected to begin before the end of the year. The type of care was not disclosed.