VIRGINIA — Monticello has provided $13.5 million in financing for the acquisition of a skilled nursing property totaling 120 beds in Virginia. The borrower is an owner and operator with 26 facilities in five states, including seven facilities totaling 915 beds in Virginia. The specific name and location of the acquired facility was not released.
Virginia
Commonwealth Senior Living Acquires 10 Communities in Pennsylvania, Tennessee, Maryland, Virginia
by Jeff Shaw
CHARLOTTESVILLE, Va. — Commonwealth Senior Living, a Charlottesville-based owner-operator, has added 10 new senior living communities to its portfolio. The properties are in Pennsylvania, Tennessee and Virginia, consisting of over 660 units. The new communities include: Commonwealth Senior Living at Oak Ridge (Oak Ridge, Tennessee) Commonwealth Memory Care at Chesapeake (Chesapeake, Virginia) Commonwealth Senior Living at Monument Avenue (Richmond, Virginia) Commonwealth Senior Living at Stafford (Stafford, Virginia) Commonwealth Senior Living at Fredericksburg (Fredericksburg, Virginia) Commonwealth Senior Living at Berryville (Berryville, Virginia) Commonwealth Senior Living at Hagerstown (Hagerstown, Maryland) Commonwealth Senior …
VIRGINIA BEACH, Va. — Life Care Services has taken over management of Atlantic Shores Retirement Community, a 100-acre seniors housing campus in Virginia Beach. Atlantic Shores Cooperative Association owns the property, which features 667 units of independent living, assisted living, memory care and skilled nursing.
NORFOLK, Va. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Thornton Hall Nursing and Rehabilitation, a 60-bed skilled nursing facility in Norfolk. A skilled nursing investor with an expanding presence in Virginia made an unsolicited offer on the property, prompting the existing owner-operator to sell. The price was not disclosed. Steve Thomes and Michael Segal led the effort on behalf of Blueprint.
ROANOKE, Va. — M&T Realty Capital Corp. has provided a $12.9 million Fannie Mae loan to refinance a 55-unit seniors housing property in Roanoke. The 10-year loan features a fixed rate of 3.75 percent and a 30-year amortization. Matthew Pipitone of M&T Realty Capital Baltimore office, in collaboration with Nick Gent of M&T Bank’s Washington, D.C. office, led the transaction. The borrower and name of the community were not disclosed.
Capital Funding Provides $14.5M Bridge Loan for Two Skilled Nursing Facilities in Southeast
by Jeff Shaw
EMPORIA, Va., and LOUISVILLE, Ky. — Capital Funding has provided a $14.5 million bridge-to-HUD loan to The Portopiccolo Group. The funds will be used to acquire one skilled nursing facility, Emporia Manor, and cross-collateralize it with another facility, Sycamore Heights Health and Rehabilitation. Emporia Manor is a 120-bed facility in Emporia, while Sycamore Heights is a 96-bed facility in Louisville. The Portopiccolo Group, a family owned private equity and investment management firm, will own both properties following the transaction. Clearview Healthcare Management operates Sycamore, while Accordius Health will operate Emporia. …
RICHMOND, Va. — Erickson Living has started construction of Avery Point, a massive continuing care retirement community (CCRC) in the Short Pump area of Richmond. Upon full build-out, the community will feature 1,160 independent living units, 120 assisted living units, 60 memory care units and 60 skilled nursing beds. The property will comprise 14 individual buildings totaling 2 million square feet of space. Total development costs are estimated at $300 million. Phase I is currently under way, which is scheduled to deliver 200 independent living apartments and a 43,000-square-foot amenity …
Waltonwood Communities Names Chris Leinauer as Executive Director of Property in Virginia
by Jeff Shaw
ASHBURN, Va. — Waltonwood Communities has named Chris Leinauer as the new executive director of Waltonwood Ashburn, located approximately 30 miles northwest of Washington, D.C. Leinauer brings over 15 years of experience in senior living to his new role. Previously, he served as a director of operations, executive director, and most recently as a regional vice president responsible for 29 senior living properties across five regions. Leinauer received his bachelor’s degree and M.B.A. from Frostburg State University. Waltonwood at Ashburn features 114 independent living apartments, 72 assisted living apartments and …
TYSONS, Va. — Mather has completed land acquisition for its previously announced The Mather continuing care retirement community (CCRC) in Tysons, approximately 13 miles west of Washington, D.C. The developer plans to start sitework in 2020 with the first phase of construction scheduled to open in 2023. Entitlements were approved in June. Although the planned number of units has not been disclosed, Mather says entrance fees will start at $660,000 for apartments ranging from 850 to more than 3,000 square feet. Nearly half of Phase I has been pre-sold, according …
VIRGINIA and TEXAS — Meridian Capital Group’s seniors housing and healthcare team arranged $58 million in senior and mezzanine financing to refinance a portfolio of memory care facilities in Virginia and Texas. The team also arranged the sale of an assisted living and memory care facility in Richmond, Va., and arranged $6 million in acquisition and construction financing in conjunction with the sale.