NORTH WALES, Pa. — Blueprint Healthcare Real Estate Advisors has arranged the sale of The Madlyn and Leonard Abramson Center for Jewish Life, a healthcare campus in the Philadelphia suburb of North Wales. Built in 2001 on 78 acres, the property features 324 licensed skilled nursing beds, 46 personal care units and two independent living units. It has undergone $5 million in renovations since 2008. The center boasts a five-star CMS rating and was named to the Best Nursing Homes list by Newsweek. A nonprofit owner-operator sold the community to …
Pennsylvania
PENNSYLVANIA — Monticello has provided a $1.3 million working capital loan to the operator of a 181-bed skilled nursing facility in Pennsylvania. Monticello’s asset-based lending group, Monticello Commercial Capital, provided the financing. Further details on the name and location of the property were not disclosed. The borrower is an experienced owner and operator with a current portfolio of 3,566 licensed beds. Prior to this deal, Monticello financed the acquisition of several facilities between 2017 and 2019 for the company.
Lancaster Pollard Provides $11.5M Fannie Mae Financing for Providence Place Community in Chambersburg, Pennsylvania
by Jeff Shaw
CHAMBERSBURG, Pa. — Lancaster Pollard, a division of ORIX Real Estate Capital, has provided $11.5 million in financing for the Providence Place Senior Living campus in Chambersburg. Located in the southern portion of the state near the Maryland border, the funds will refinance existing debt. The loan features long-term, fixed-rate financing. Miles Kingston, Doug Harper and Casey Moore led the transaction for Lancaster Pollard.
PHILADELPHIA — HJ Sims has arranged $6.5 million in financing for capital improvements at Philadelphia Protestant Home (PPH). PPH operates a continuing care retirement community in northeast Philadelphia, featuring 266 independent living units, 175 personal-care units and a 126-bed skilled nursing facility. PPH has been funding capital improvements from general fund revenues. Prior to engaging PPH’s existing banking partner, Citizens Bank, Sims worked with the PPH Fiscal Oversight Committee to develop structuring options. Citizens provided the 10-year, fully amortizing loan with five years of interest-only payments.
WEST CHESTER, Pa. — Kendal Corp. has completed construction of Preston, a 61,000-square-foot expansion of its Barclay Friends community in West Chester, approximately 25 miles west of Phialdelphia. Preston features 60 new apartments, including 20 for memory care. The building was named in honor of Dr. Ann Preston, a 19-century Quaker activist and physician who was one of the first women in America to become a medical doctor.
NORTH STRABANE TOWNSHIP, Pa. — HJ Sims has arranged $29.3 million in financing for the development of Encore on the Lake, an 80-unit independent living community in North Strabane Township, approximately 20 miles southwest of Pittsburgh. Presbyterian Senior Care (PSC) is developing the four-story community, which will target middle-income residents. Companies involved in the project include Senior Housing Partners, a subsidiary of Presbyterian Homes & Services. For this financing, Sims identified commercial bank financing as the preferred option for the majority or the financing. The main lender is First National Bank …
Ziegler Places $53M Bank Financing for Pleasant View Communities Expansion in Pennsylvania
by Jeff Shaw
MANHEIM, Pa. — Ziegler has arranged $53 million in financing for Pleasant View Communities, which operates a continuing care retirement community in the South Central Pennsylvania borough of Manheim. Originally built in 1954, the community currently features 152 independent living apartments and cottages, 95 personal care units and 115 skilled nursing beds. The loans will fund two expansions. The first project, West Lawn Apartments, will consist of two buildings containing 18 independent living units located on Pleasant View’s existing campus. The second project, the Lofts at Lititz, will consist of …
SPRINGFIELD, Pa. — Tryko Partners has purchased the Harlee Manor and Springfield Commons skilled nursing campus in Springfield, approximately 12 miles west of downtown Philadelphia. Located on more than six acres, the property totals 173 skilled nursing beds and personal care units. It will be rebranded as Springfield Rehabilitation & Healthcare Center and Springfield Crossings. The acquisition price was not disclosed. Tryko is planning to immediately start a $2.5 million improvement plan for both the physical plant and programming. Tryko Partners’ regional portfolio includes three additional skilled nursing facilities in …
HARLEYSVILLE, Pa. — CBRE has arranged an undisclosed amount of supplemental financing for Arbour Square of Harleysville, a 276-unit independent living community. Located approximately 35 miles north of downtown Philadelphia, the community was opened in two phases between 2006 and 2014. The borrower is Green Courte Partners, and the company’s wholly owned subsidiary True Connection Communities operates the property. Aron Will, Austin Sacco and Tim Root arranged the Freddie Mac loan. Further details of the transaction were not disclosed.
LEBANON and MOUNT JOY, Pa. — BMO Harris Bank’s Healthcare Real Estate Finance group has provided a $12.3 million credit facility for Juniper Communities LLC. The facility will refinance the mortgages on Juniper Village at Lebanon and Juniper Village at Mount Joy, both located in Southeastern Pennsylvania. The Lebanon location features 40 independent living and 83 assisted living units, while the Mount Joy location features 63 assisted living units. Juniper Communities LLC currently operates 21 communities, of which 18 are owned, across Pennsylvania, New Jersey and Colorado. An affiliate of …