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Tennessee

FinanceKentuckyNewsSouth CarolinaTennessee

Meridian Capital Group Arranges Financing for Eight-Property Senior Living Portfolio in the Southeast

by Jeff Shaw

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 …

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Active AdultDevelopmentNewsTennessee

McShane to Build 138-Unit Avenida Hendersonville Near Nashville

by Jeff Shaw

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.

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IndianaMichiganNewsOhioOperationsTennessee

Rose Senior Living Selects Life Care Services to Manage Six Communities in the Midwest

by Jeff Shaw

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.

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AcquisitionsNewsSkilled NursingTennessee

SLIB Brokers Sale of 130-Bed Cambridge House Skilled Nursing Facility in Bristol, Tennessee

by Jeff Shaw

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.

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Assisted LivingFinanceNewsTennessee

CBRE Provides $12.3M Refinancing for Rutherford Campus in Murfreesboro, Tennessee

by Jeff Shaw

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 …

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FinanceNew YorkNewsSkilled NursingTennessee

Dwight Capital Funds $49.5M HUD Funding for Skilled Nursing Facilities in Memphis, New York City

by Jeff Shaw

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.

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FinanceNewsSkilled NursingTennessee

Monticello Provides $3M in Working Capital for 336-Bed Skilled Nursing Portfolio in Tennessee

by Jeff Shaw

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.

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FinanceNewsSkilled NursingTennessee

Monticello Provides $41M in Financing for 336-Bed Skilled Nursing Portfolio in Tennessee

by Jeff Shaw

TENNESSEE — Monticello has provided $41 million to refinance two skilled nursing properties totaling 336 beds in Tennessee. The names and specific locations of the properties were not disclosed The borrower is an experienced owner and operator with a current portfolio of 8,752 licensed beds. Prior to this deal, Monticello financed the sponsor’s acquisition of a number of facilities over the last several years in multiple transactions.

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CCRCFinanceNewsTennessee

Ziegler Arranges $45.2M Refinancing for The Village at Germantown in Tennessee

by Jeff Shaw

GERMANTOWN, Tenn. — Ziegler has arranged $45.2 million in financing for The Village at Germantown, a continuing care retirement community in the Memphis suburb of Germantown. The community is located on a 27.5-acre site and features 230 independent living units, 32 assisted living units, 16 memory care units and 50 skilled nursing beds. The financing is a “Cinderella refunding,” meaning that taxable bank debt will convert to non-bank-qualified, tax-exempt debt in September 2022. The transaction refinances a previous bond issue from 2012. First Horizon provided the taxable loan with a …

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AcquisitionsAffordable HousingDevelopmentNewsTennessee

Elevation Acquires Kennington Pointe in Memphis for $2.2M, Plans Affordable Redevelopment

by Jeff Shaw

MEMPHIS, Tenn. — Elevation Financial Group, through its Elevation Real Property Fund VII, has acquired Kennington Pointe, a 155-unit seniors housing property in Memphis. Built in 1989, the property was previously an independent living and assisted living facility. As part of a renovation plan, Elevation will add kitchens to the assisted living units and convert the entire property to an affordable community for those over age 55. The property will also be rebranded as The Elevation at Autumn Ridge. The $2.2 million purchase represents the seventh acquisition by the fund …

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