BLUFFTON and HILTON HEAD, S.C.; TUCSON, Ariz.; and JACKSON, Tenn. — Walker & Dunlop Inc. has structured $37.4 million in financing for four assisted living and memory care facilities. The finance transactions included $5.5 million for Bloom at Bluffton in Bluffton; $5.8 million for Bloom at Hilton Head in Hilton Head; $16.1 million for Cascades of Tucson in Tucson; and $10 million for Regency of Jackson in Jackson. Kevin Giusti and Brian Neal led the origination team. The Bloom portfolio, comprising two assisted living and memory care communities with 117 …
MANCHESTER, Tenn. — National Health Investors Inc. (NYSE: NHI) has expanded its relationship with Navion Senior Solutions through the acquisition of an assisted living and memory care community, funding of an expansion at an existing community, and funding of a corporate loan for future development costs. These investments total approximately $13.2 million. NHI acquired a 48-unit assisted living and memory care community in Manchester for $6.6 million at an initial yield of 7.5 percent. The lease has 2.5 percent annual escalators and was added to the existing master lease with …
NASHVILLE, Tenn. — Bridgewood Property Co., a Houston-based developer of senior living properties, has acquired land in Nashville for the development of a mid-rise, luxury retirement community. With guidance and input from zoning counsel; Tune, Entrekin & White PC; the Metropolitan Planning Department; and local neighborhood groups, the property received zoning approval in February 2021 to build 205 senior living units within a 12-story facility. The new Bridgewood community in the city’s Green Hills neighborhood will offer independent living, assisted living and memory care residences and will be located close …
NEW YORK CITY — Meridian Capital Group’s seniors housing and healthcare team has recapitalized and arranged financing for an eight-property senior living portfolio in South Carolina, Tennessee and Kentucky. Harrison Street entered into a joint venture with the developer, Dominion Senior Living, which will continue to operate the properties. The portfolio consists of eight facilities comprising 296 independent living units, 172 assisted living units and 79 memory care units for a total of 547 units. The names of the properties and total amount of the financing were not disclosed. Meridian’s …
HENDERSONVILLE, Tenn. — Avenida Partners has selected McShane Construction Co. to build Avenida Hendersonville, a 138-unit active adult community in the Nashville suburb of Hendersonville. The three-story building will be positioned on a five-acre site. The community will offer 6,000 square feet of amenities. Completion of Avenida Hendersonville is slated for May 2022. This will be Avenida’s third active adult community in Tennessee. The architect of record is Poole & Poole Architecture.
BLOOMFIELD HILLS, Mich. — Rose Senior Living, a Bloomfield Hills-based owner, has selected Life Care Services to operate Rose’s entire portfolio of seniors housing communities. The portfolio includes: Heritage at Irene Woods, Memphis, Tennessee; Rose Senior Living and Rose Villas, Avon, Ohio; Rose Senior Living, Beachwood, Ohio; Rose Senior Living, Carmel, Indiana; Rose Senior Living, Clinton Township, Michigan; and Rose Senior Living at Providence Park, Novi, Michigan. Included in the agreement is management of a seventh community, Rose Senior Living, Farmington Hills, Michigan, which is scheduled for groundbreaking in 2021.
BRISTOL, Tenn. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Cambridge House, a 130-bed skilled nursing facility in Bristol, located in the northeast corner of the state. A regional operator owned the 38,075-square-foot facility, but fell into bankruptcy. A mid-sized, Mid-Atlantic skilled nursing owner with operating partners in Tennessee acquired the property for an undisclosed price. Ryan Saul of SLIB facilitated the sale.
MURFREESBORO, Tenn. — CBRE has provided a $12.3 million Freddie Mac Optigo loan for The Rutherford Assisted Living & The Rutherford Memory Care in the Nashville suburb of Murfreesboro. The property features 68 units of assisted living and 26 units of memory care across two buildings. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the refinancing on behalf of a joint venture between Venue Capital LLC and Inspirit Senior Living, which acquired the asset in January 2018. Post-acquisition, the owners deployed more than $600,000 to …
MEMPHIS, Tenn., and NEW YORK CITY — Dwight Capital has provided a total of $49.5 million in HUD financing for two skilled nursing facilities. In the first transaction, Dwight provided $25.7 million in HUD funding for Graceland Rehabilitation and Nursing Center in Memphis. The property features 221 beds. In the second transaction, Dwight funded a $23.8 million HUD 232/223(a)(7) loan for Eastchester Rehabilitation and Health Care Center, a 200-bed skilled nursing facility in the Bronx. Further details were not disclosed.
TENNESSEE — Monticello has provided a $3 million working capital loan to the operating companies of two skilled nursing properties totaling 336 beds in Tennessee. The borrower is an owner and operator with a current portfolio of 8,752 licensed beds and has an established relationship with Monticello.