REBusinessOnline

Capital One Provides $47.2M HUD Refinancing for Three Skilled Nursing Facilities in Massachusetts

CHELSEA, FALL RIVER, BROCKTON, MASS. — Capital One has provided $47.2 million to refinance a portfolio of skilled nursing facilities in Massachusetts. The three facilities have a combined 512 beds and were purchased as part of a four-facility portfolio in 2016. The properties are Eastpointe Rehabilitation and Skilled Care Center in Chelsea with 195 beds, Southpointe Rehabilitation and Skilled Care Center in Fall River with 152 beds, and Baypointe Rehabilitation and Skilled Care Center in …

STCC Provides $11.2M Financing for Two Seniors Housing, Retail Redevelopment Projects in Richmond

RICHMOND, VA. — SunTrust Community Capital (STCC) has provided $11.2 million in financing for two redevelopment projects in Richmond’s historic Jackson Ward neighborhood. The Community Preservation and Development Corp. (CPDC) is leading the redevelopments, which will replace current public housing with new workforce housing, seniors housing and retail. The first project, dubbed Jackson Ward, will include 72 newly constructed, one-bedroom seniors housing units in a four-story building. The …

Cohen Financial Arranges $4.1M HUD-Insured Loan for Refinancing of Assisted Living Community in Michigan

ALMA, MICH. — Cohen Financial, a division of SunTrust Bank, has arranged a $4.1 million HUD-insured loan for the refinancing of Arbor Grove Assisted Living in Alma, which is located in Central Michigan. The assisted living community includes 41 units. Cathy Bronkema of Cohen arranged the fixed-rate loan, which is fully amortized over 35 years. The borrower was a Grand Rapids, Mich.-based senior living owner and

Big Rock, Kiawah Partners to Develop $125M Seniors Housing Community Near Charleston, South Carolina

KIAWAH ISLAND, S.C. — Big Rock Partners, in a joint venture with Kiawah Partners, has unveiled plans to develop a $125 million seniors housing community on Kiawah Island, a barrier island located 21 miles southwest of Charleston. The 200-unit community will be for residents ages 55 and older and will include independent living, assisted living and memory care units. The unnamed project will be built overlooking a lake next to the Freshfields Village shopping center. “There’s been …

LCS Acquires 299-Unit Continuing Care Community in New Jersey

BRIDGEWATER, N.J. — LCS has acquired Arbor Glen, a continuing care retirement community (CCRC) in Bridgewater, for an undisclosed price. Located southwest of New York City, the community sits on 23 acres and features 183 independent living units, 19 independent living villas, 23 assisted living units, 10 memory care units and 64 skilled nursing beds. LCS changed the community’s name to Laurel Circle and plans to implement an $8 million capital improvement plan at the property. The seller …

Tradition Breaks Ground on 23-Story Seniors Housing Property in Houston

HOUSTON — Tradition Senior Living has broken ground on The Tradition-Woodway, a 23-story seniors housing property that will be located in the Tanglewood area of Houston. The community will feature 222 independent living residences and 92 assisted living/memory care units. Amenities will include lounges and card rooms, a movie theater, indoor golf simulator, indoor pool, fitness center, dog park and a putting green. Jackson & Ryan Architects is handling design of the project and D.E. …

Pennrose Starts Construction of 160-Unit Affordable Senior Housing Community Near Philadelphia

CHERRY HILL, N.J. — Pennrose, a multifamily developer and operator, and the Jewish Federation of Southern New Jersey have broken ground on The Commons at Springdale, an affordable seniors housing community. The project is located in Cherry Hill, just across the Delaware River from Philadelphia. The first phase of development will include 80 units, followed by a second phase of another 80 units. Twenty percent of the total units will be designed to support individuals with special needs by …

Berkadia Provides $24M HUD Construction Loan for Seniors Housing Project in San Antonio

SAN ANTONIO — Berkadia has provided a $24 million construction loan for Brookwood Senior Apartments, a 197-unit community being developed in northwest San Antonio. Chad Bedwell, Franklin Brown and Lloyd Griffin of Berkadia secured the loan, which has a 4 percent fixed interest rate and a 40-year amortization schedule, through HUD’s 221(d)(4) program. The property will feature one- and two-bedroom units and amenities such as a pool, fitness center and a business

Gebroe-Hammer Negotiates $5.6M Sale of Multifamily Community in Perth Amboy, New Jersey

PERTH AMBOY, N.J. — Gebroe-Hammer Associates has negotiated the sale of Spring Cove Apartments, a 38-unit, age-restricted community for people age 55 and older in Perth Amboy. The asset traded for $5.6 million. Gebroe-Hammer represented the seller, 675 New Brunswick Avenue LLC, in the transaction. The buyer was a private investor. Located at 75 New Brunswick Ave., the four-story gated property features a lounge and activity area, in-unit washers and dryers, oversized windows, eat-in-kitchens …

Blueprint Negotiates Sale of Four Land Plots for Assisted Living Developments in California

LINCOLN, CALIF. — Blueprint Healthcare Real Estate Advisors has brokered the sale of four plots of land in California totaling 21 acres for $14.7 million, with the buyers planning to develop assisted living on the land. The seller was PDC Capital, a private equity firm specializing in EB-5 investments. The plots had been placed in SEC receivership by order of a federal judge. The first plot is located in Lincoln, adjacent to an existing active adult community named Sun City of Lincoln …

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