RIDLEY TOWNSHIP, Pa. — Pennrose, the Delaware County Housing Authority (DCHA), The County of Delaware and the Pennsylvania Housing Finance Agency (PHFA) have closed on financing for the final phase of the Kinder Park redevelopment in Ridley Township, near the Philadelphia International Airport. Phase IV will add 96 units of affordable seniors housing to the Kinder Park site, which already features 160 existing affordable apartments for seniors and individuals with disabilities, 154 townhomes, a community building and several community parks. The final phase is slated for completion in the spring …
Pennsylvania
ELIZABETHTOWN, Pa. — Senior Living Investment Brokerage has negotiated the sale of Elizabethtown Health & Rehab, a skilled nursing and personal care community in Elizabethtown, a suburb of Harrisburg. The facility consists of 45 skilled nursing beds and 39 personal care beds. Most of the building is configured as semi-private rooms. The facility encountered COVID very early in the pandemic with almost all residents and several staff testing positive. With very few deaths, the facility continued to perform extremely well, benefited from higher rates, and was able to continue admitting …
UNIONTOWN, Pa. — Evans Senior Investments (ESI) has arranged the sale of Cherry Tree Nursing Center, a 120-bed skilled nursing facility in Uniontown, approximately 45 miles south of Pittsburgh. An independent owner-operator exiting the long-term care industry sold the property for $9.7 million. The buyer was an Ohio-based owner-operator looking to expand in Pennsylvania. Built in 1995, the community features all private or semi-private rooms. Despite the contemporary design, the community was not profitable at the time of marketing the offering, with census averaging 72 percent contributing to only $50,000 …
WELLESLEY HILLS, Mass. — Truist Financial Corp. has provided a $136 million loan to National Senior Campuses, a continuing care retirement community (CCRC) operator based in Wellesley Hills. The financing will be used toward five of the borrower’s communities, totaling 7,731 units in Warminster, Pennsylvania; Peabody, Massachusetts; Pompton Plains, New Jersey; Springfield, Virginia; and Tinton Falls, New Jersey. Greenspring, one of the borrower’s CCRCs in Northern Virginia, is the first affiliate that will benefit from the new debt proceeds. In total, the funding will provide $115 million toward multi-year, multi-phased …
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 — 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 …