PHILADELPHIA — The U.S. Department of Housing and Urban Development (HUD) has awarded HumanGood $26.5 million in financing from the Green and Resilient Retrofit Program (GRRP), which provides funding for direct loans and grants to HUD-assisted multifamily properties to make sustainability updates. The following HumanGood affordable housing communities in Philadelphia were the only properties in Pennsylvania to receive the award in the comprehensive category in its first wave: The funds will help HumanGood meet sustainability goals, assisting in the renovation and preservation of 329 affordable seniors housing units. President Biden’s …
PENNSYLVANIA — Capital Funding Group (CFG) has provided a $9.5 million HUD loan, which refinanced an existing bridge loan executed by CFG. The transaction supported a 173-bed skilled nursing facility in Pennsylvania. Further details on the property and borrower were not disclosed.
TEMPE, Ariz. — Spellman Brady & Co. (SBC) has completed the interior design for a new five-story, 64-unit independent living building for Friendship Village of Tempe. SBC was responsible for selecting the interior finishes, as well as the selection and procurement of the furnishings and artwork. The crowning highlight of the 142,619-square-foot building is the rooftop destination restaurant and brew house called Starfire. SBC collaborated with architecture firm Ryan A+E Inc. and general contractor Ryan Cos. US Inc. LCS Development, An LCS Company is the developer. Friendship Village of Tempe …
BALA CYNWYD, Penn. — LCB Senior Living has named Ashley Russo as executive director of The Residence at Bala Cynwyd, an assisted living and memory care community in the Philadelphia suburb of Bala Cynwyd. Russo holds master’s degrees in gerontology and health administration from the University of Southern California, as well as a bachelor’s degree in communications from Rider University. She is a Certified Assisted Living Administrator, a Certified Dementia Practitioner, and is pursuing a license as a Personal Care Home Administrator. Russo has 15 years’ experience in the senior …
PHILADELPHIA — Blueprint Healthcare Real Estate Advisors has negotiated the sale of two Class A assisted living and memory care communities in the Philadelphia metro area. The seller was a national developer and investor. A joint venture between Persimmon Ventures and Capital Senior Ventures acquired the assets for an undisclosed price. Opened in 2016 and February 2020, the two communities are approximately 10 miles apart, comprise 200 units, and offer complementary asset profiles. While the smaller, 2016-vintage community had never fully stabilized, it had maintained modest in-place cashflow and showed …
HUNTINGDON VALLEY, Pa. — Distinctive Living has opened the doors on Crescent Fields at Huntingdon Valley, located in the northern Philadelphia suburb of Huntingdon Valley. The community offers independent living, assisted living and memory care services. The number of units was not disclosed. Westrum Development Co., a leading residential real estate developer in the Mid-Atlantic region with senior living communities completed or planned across the Philadelphia metro area, partnered on the development. Distinctive Living currently operates 27 communities and has 20 under development via its development services platform, Distinctive Living …
DOYLESTOWN, Pa. — Presbyterian Senior Living (PSL) has acquired Pine Run Life Plan Community, a 532-unit continuing care retirement community in Doylestown, approximately 25 miles north of Philadelphia. Doylestown Hospital sold the property for an undisclosed price. PSL is partnering with Doylestown Health at the community. Further details were not disclosed.
MAPLE GROVE, Minn. — Grace Management Inc., a Maple Grove-based operator, has promoted Jenna Johnston to regional director of operations. Johnston joined Grace Management in April 2020 as the executive director of The Residence at Bethel Park, located in Bethel Park, Pennsylvania. It is at Bethel Park where she began to make her mark, leading this community and team up to 100 percent occupied with strong financial results. Within 16 months, Johnston was promoted to senior executive director and began to support The Residence at Whitehall, located in Pittsburgh. She …
PHILADELPHIA — Marquis Health Consulting Services has started work on the first phase of a $25 million renovation at Fountain View at Logan Square. The high-rise community is located in Philadelphia’s Center City district. The 24-story Fountain View tower is a familiar fixture in the city’s skyline. The three-year repositioning follows an ownership change and rebranding at Fountain View, formerly The Watermark. The building at 2 Franklin Town Boulevard spans 420,000 square feet and includes subterranean parking. Designer Michael Lebovics of ML Group is spearheading the transformation of the physical …
PENNSYLVANIA — Capital Funding Group (CFG) has provided $34.7 million in bridge-to-HUD financing for the acquisition of three skilled nursing facilities. The facilities, which are located in Pennsylvania, total 299 beds. The buyer, seller, price and locations were not disclosed. Craig Casagrande and Andrew Jones originated the transaction for CFG.