DALLAS, ATLANTA and NASHVILLE — BWE has arranged three financings totaling over $60 million to build, renovate and provide permanent financing for three affordable multifamily housing properties. Jon Killough and John Roberts originated the Freddie Mac tax-exempt loans on behalf of the borrowers. In the first transcation, BWE arranged a $14.2 million loan for Villages at Carver in Atlanta. The borrower, an Atlanta-based developer and operator, will fund renovations and permanent financing for the 220-unit, mixed-income, garden-style apartment complex. The development houses a mix of one-, two-, three-, and four-bedroom …
DALLAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 93-unit assisted living and memory care community in the Preston Hollow area of Dallas. The seller was a national developer and investor looking to create an exit strategy in order to maximize value for more than a dozen geographically disparate, older-vintage communities. The communities were purchased in a sizeable portfolio transaction pre-COVID, under a value-add thesis contemplating operator transitions to create regional groupings coupled with the intent to meaningfully invest in renovations and repositioning. Unfortunately, according to …
DALLAS — Evans Senior Investments (ESI) has arranged the sale of Crystal Creek at Preston Hollow. Built in 2001 with a 2018 renovation, Crystal Creek is located just north of downtown Dallas. The community features 119 beds, offering a range of care levels, including assisted living, memory care and long-term care. At the time of marketing, occupancy in both the senior living and skilled nursing was rapidly declining. Due to the skilled nursing component not being licensed to accept Medicaid, the community experienced negative operating margins. A regional owner-operator sold …
SAN ANTONIO — JLL Capital Markets has arranged the sale of Franklin Park Alamo Heights, a seniors housing community in San Antonio. The transaction involves Artemis Real Estate Partners taking over as equity partner from Harrison Street, while retaining Franklin Park as part owner in the joint venture. JLL also placed the acquisition financing with a Freddie Mac loan for the buyer. Neither the price nor the amount of the financing were disclosed. Franklin Park Alamo Heights features 117 independent living units, 64 assisted living units and 40 memory care …
ANNA, Texas — Locally based developer JPI, in partnership with the City of Anna, has begun leasing Parmore Anna Senior Living, a luxury independent living community located approximately 50 miles north of Dallas. The property will be the first of its kind in Anna and JPI’s second installment in its new line of senior housing developments. The Anna Housing Finance Corp. is also a partner on the project. The 150,000-square-foot community will span over nine acres and include 185 apartments. Rents start at $1,100 per month for a one-bedroom unit.
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 …
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 …
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.
HOUSTON — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the real estate and operations of Champions Healthcare at Willowbrook, a healthcare campus consisting of a 98-bed skilled nursing facility and a 144-bed assisted living facility located in Houston. The real estate was acquired by a subsidiary of Standard Bearer Healthcare REIT Inc., Ensign’s captive real estate company. The seller and price were not disclosed. This acquisition brings Ensign’s portfolio to 297 healthcare operations, 27 of which also include senior living operations, across 13 states. Ensign subsidiaries, including Standard Bearer, …
HOUSTON — Buckner Retirement Services has named Amy Shields as executive director for Parkway Place, a seniors housing community in Houston. Shields has spent the entirety of her 25-year career in senior living serving in the Houston area. Most recently, she held the position of CEO at St. Dominic Village, where she was responsible for the overall operations of the continuing care community. Prior to that, she served as the licensed facility administrator for Sava Senior Care for 14 years. Shields also holds a bachelor’s degree in social work from …