Seniors Housing

Shepherd Living Sells Two Senior Living Properties in Georgia, Alabama

by Alex Tostado September 3, 2019

POOLER, GA. AND MADISON, ALA. — Shepherd Living has sold Shepherd Living at Savannah Quarters in metro Savannah and Shepherd Living at The Range in Madison, both 104-unit senior living communities. Savannah Quarters is located at 101 Shepherd Way in Pooler, about 15 miles west of downtown Savannah. The Range is located at 10801 County Line Road, 15 miles southwest of downtown Huntsville. All Shepherd Living communities offer more than 15,000 square feet of spa and wellness space, more than 10 acres of green space, greenhouses and a monthly farmers market. Atlas Senior Living acquired the properties and rebranded them under its Madison brand. Ari Adlerstein and Ari Dobkin of Meridian Capital arranged the sale and acquisition financing for the transaction. The sales prices were not disclosed.

September 3, 2019

Features Multifamily Seniors Housing

InterFace Seniors Housing Panel: Connecting with Families is as Important as Operations

by Alex Tostado September 3, 2019

ATLANTA — For seniors housing operators, connecting to families is just as important as running a facility, according to Josh Crisp, founder and president of Knoxville, Tenn.-based Solinity Senior Living. Crisp urges his sales team to connect with prospective families to build trust so the company can educate the families. Crisp says he wants his team members to know a resident’s life story “so they can connect on a deeper level and help them transition to your community.” Crisp’s comments came during a panel titled “Operating Successfully in a Challenging Environment: How to Maximize Occupancy and Beat the Competition in Your Market,” at InterFace Seniors Housing Southeast. Traci Bild, CEO and president of Bild & Co. was the moderator of the panel. Panelists included Crisp; John Rauls, vice president of Southeastern Retirement Management; Jessica Heck, chief strategy officer of Blake Management Group; and Kevin Isakson, director of sales and marketing for Isakson Living. Hosted by France Media’s InterFace Conference Group and Seniors Housing Business at the InterContinental Buckhead Atlanta, the one-day conference was held Wednesday, Aug. 28 and attracted 436 professionals from all corners of the industry. Participants gathered to network and attend a variety of panel discussions that focused on timely …

September 3, 2019

Acquisitions Loans Maryland Multifamily Seniors Housing Southeast Virginia

Capital Funding Provides $36.9M Acquisition Financing for Two Mid-Atlantic Skilled Nursing Facilities

by Alex Tostado August 30, 2019

DUNN LORING, VA., AND SILVER SPRING, MD. — Capital Funding has provided $36.9 million in financing for private equity firm The Portopiccolo Group to acquire two skilled nursing facilities in Dunn Loring and Silver Spring. The properties include the Iliff Nursing and Rehabilitation Center, a 130-bed pediatric and geriatric facility in Dunn Loring, and the Fox Chase Rehabilitation and Nursing Center, a 74-bed geriatric facility in Silver Spring. Accordius Health, an operating platform of The Portopiccolo Group, manages both properties. Tim Eberhardt of Capital Funding originated the acquisition financing, which included a $30.6 million senior loan, $3.8 million mezzanine loan and a $2.5 million accounts receivable line of credit for working capital needs. The financing provided Portopiccolo with 90 percent of total transaction costs as well as a $2.7 million reserve for post-closing renovations.

August 30, 2019

Illinois Loans Midwest Multifamily Seniors Housing Walker & Dunlop

Walker & Dunlop Provides $12.8M Financing for Skilled Nursing Facility in Illinois

by Kristin Harlow August 29, 2019

AURORA, ILL. — Walker & Dunlop Inc. has provided $12.8 million in bridge financing for The Grove Fox Valley, a 156-bed skilled nursing facility in Aurora, approximately 40 miles west of downtown Chicago. The debt was structured and provided by Walker & Dunlop’s bridge lending program, which utilizes its balance sheet to offer short-term, nonrecourse loans for properties that are being repositioned as part of a new business strategy. Led by Joshua Rosen, the Walker & Dunlop team structured the financing to cover 100 percent of the acquisition cost in addition to working capital and capital expenditures for the owner, Cascade Capital Group. The loan includes a nine-month term, flexible prepayment options and full-term, interest-only payments. The plan is to replace the loan with HUD financing in early 2020.

August 29, 2019

Development Midwest Multifamily Seniors Housing Wisconsin

Ryan Cos. to Develop 141-Unit Senior Living Community in Wisconsin

by Kristin Harlow August 28, 2019

SUN PRAIRIE, WIS. — Ryan Cos. US Inc. will develop a 141-unit senior living community to be named Talamore at Sun Prairie in suburban Madison. Ryan will develop, design and build the project and is set to begin construction in spring 2020. Great Lakes Management will operate the property. Talamore at Sun Prairie will offer independent living, assisted living and memory care services. Amenities will include multiple dining venues, a library, wellness center, salon, clubroom and activity room.

August 28, 2019

Loans Multifamily Seniors Housing Texas

CBRE Arranges $34.1M Refinancing for Seniors Housing Community Near Houston

by Taylor Williams August 27, 2019

RICHMOND, TEXAS — CBRE has arranged a $34.1 million loan to refinance The Delaney at Parkway Lakes, a 207-unit independent living, assisted living and memory care community in Richmond, approximately 25 miles southwest of downtown Houston. The borrower was a joint venture between Blue Moon Capital Partners and LCS Real Estate. The community is situated on more than 10 acres and construction was recently completed. Aron Will and Austin Sacco of CBRE National Senior Housing arranged the five-year, floating-rate loan with 36 months of interest-only payments. A national bank provided the funds.

August 27, 2019

Acquisitions Multifamily Seniors Housing Western Wyoming

Blueprint Brokers Sale of 120-Bed Skilled Nursing Facility in Wyoming

by Amy Works August 27, 2019

CASPER, WYO. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 120-bed skilled nursing facility in the Central Wyoming city of Casper. A New York-based owner of more than 150 facilities sold the property to a national owner-operator. The price and name of the facility were not disclosed. The asset was positioned as a value-add opportunity. At the time of sale, in-place cash flow was negative, with occupancy in multiple year-over-year decline. However, the facility was well maintained with strong historical operational performance. Christopher Hyldahl, Gideon Orion and Kendra Gonzalez of Blueprint handled the transaction.

August 27, 2019

Development Multifamily North Carolina Seniors Housing Southeast

Cambridge Village Breaks Ground on 205-Unit Active Adult Community in Raleigh

by Alex Tostado August 26, 2019

RALEIGH, N.C. — Cambridge Village Optimal Living has broken ground on The Cambridge at Brier Creek, a 205-unit active adult community in Raleigh. A sales office is scheduled to open in March 2020 in advance of a planned opening in late summer 2021. Phase I of the project is located on 6.4 acres of the 12.5-acre site, and will include the community’s publicly available wellness center, Cambridge Fitness. The property is five miles from the Raleigh-Durham International Airport and will be located across the street from WakeMed’s Brier Creek Emergency Care Unit. The developer plans to partner with WakeMed to provide physical, occupational and speech therapy at the community.

August 26, 2019

Development Indiana Midwest Multifamily Seniors Housing

Leo Brown Group Breaks Ground on 129-Unit Seniors Housing Community in Indiana

by Kristin Harlow August 26, 2019

COLUMBUS, IND. — Leo Brown Group has started construction of Traditions of Columbus, a 129-unit independent living, assisted living and memory care community. Located in Columbus, about 45 miles south of Indianapolis, the community will sit on 17 acres. Traditions Management, a wholly owned management company of Leo Brown Group, will run the operations. Leo Brown Group is headquartered in Indianapolis and has developed more than 15 seniors housing communities in the Midwest totaling more than 2,000 units.

August 26, 2019

Development Loans Multifamily Nevada ORIX Seniors Housing Western

Propero Provides Equity Investment for $22M Independent Living Community in Reno

by Amy Works August 26, 2019

RENO, NEV. — Propero Seniors Housing Equity Fund III has partnered with Mission Senior Living to fund the construction of Mission Mountain Vista, a 130-unit independent living community in Reno. A combination of equity provided by Propero and a bank loan funded the $22 million construction project. The Propero structure offered Mission Senior Living an equity solution that minimized the amount of upfront capital and provided a clear path to ownership. Chris Mauger led the transaction for Propero and Grant Goodman was the lead for Lancaster Pollard Mortgage Co., a division of ORIX Real Estate Capital.

August 26, 2019

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