REBusinessOnline

RPM Development Group Opens Green Active Adult Community in Philadelphia Suburbs

WESTVILLE, N.J. — RPM Development Group has opened Westville Commons, a 55-plus apartment community in Westville, located just across the Delaware River from South Philadelphia. Affordable units are available for those who qualify, and the community was built to LEED Platinum certification using Passive House green building principles. Founded in 1986, RPM Development Group is one of the leading developers of affordable housing in New

Development, Multifamily, New Jersey, Northeast, Seniors Housing

CBRE Arranges $11.2M Acquisition Financing for 101-Unit Seniors Housing Property Near San Francisco

CONCORD, CALIF. — CBRE has arranged $11.2 million in financing for the acquisition of Entrust of Concord, a 101-unit independent living, assisted living and memory care community in the Bay Area city of Concord. The borrower was a joint venture between Agemark Senior Living and Trellis Real Estate Group. The property will be immediately rebranded as TreVista Concord. Originally constructed in 1970, the community is situated on 2.7 acres near both downtown Concord and downtown Walnut …

California, Loans, Multifamily, Seniors Housing, Western

HJ Sims Closes $186.5M in Construction Financing for Seniors Housing Project in Dallas

DALLAS — Connecticut-based investment bank HJ Sims has closed on $186.5 million in financing for Legacy Midtown Park, a 325-unit continuing care retirement community in Dallas that broke ground over the summer. Individual components of the financing package include $69.9 million in underwritten bonds, $70.5 million in financing and $14 million in subordinate financing. The property will offer independent living, assisted living and memory care units. The borrower was Legacy Senior …

Loans, Multifamily, Seniors Housing, Texas

Cushman & Wakefield Recapitalizes 289-Unit Portfolio in New England for LCB Senior Living

BOSTON — Cushman & Wakefield Senior Housing Capital Markets Group has arranged recapitalization financing for a 289-unit independent living, assisted living and memory care portfolio in New England. The borrower is LCB Senior Living and its joint venture capital partner, Harrison Real Estate Capital, which recently acquired the properties. The amount of the financing was not disclosed. The assets include four properties in Ipswich, Mass. (built in 2014); South Windsor, Conn. (built in …

Loans, Massachusetts, Multifamily, Northeast, Seniors Housing

Marcus & Millichap Negotiates $32.4M Sale of Seniors Housing Community in Metro Denver

WESTMINSTER, COLO. — Marcus & Millichap has arranged the sale of San Marino Retirement Community, located at 5000 W. 75th Ave. in Westminster, a suburb of Denver. A Chicago-based private equity firm acquired the property from a private investor and owner-operator for $32.4 million. Tony Cassie and Sam Thompson of Marcus & Millichap’s Portland, Ore., office facilitated the transaction. Bob Kaplan of Marcus & Millichap’s Denver office is the firm’s broker of record in …

Acquisitions, Colorado, Multifamily, Seniors Housing, Western

Vestcor Opens 96-Unit Affordable Seniors Housing Community Near Jacksonville

MIDDLEBURG, FLA. — The Vestcor Cos. has opened Cassie Gardens, a 96-unit affordable seniors housing community in Middleburg, a southwestern suburb of Jacksonville. Cassie Gardens is the only affordable senior living community in Clay County, according to the developer. Vestcor owns 17 affordable housing communities across Florida. The units at Cassie Gardens are age-restricted for those over 55 years old earning less than 60 percent of the area median

Development, Florida, Multifamily, Seniors Housing, Southeast

CCRC in Pennsylvania Breaks Ground on 52-Unit Independent Living Expansion

WORCESTER, PA. —Meadowood Senior Living, a nonprofit, independent continuing care retirement community, has broken ground on The Grove, a $30 million independent living expansion. Located in Worcester, approximately 25 miles northwest of Philadelphia, the project will add 52 new units to the 133-acre campus. The Grove will add four buildings to the Meadowood campus, and it will be completed in two phases of two new buildings each. While the first phase will finish in November 2019, Meadowood …

Multifamily, Northeast, Pennsylvania, Seniors Housing

Greystone Provides $15M Bridge Financing for Two Skilled Nursing Facilities in Youngstown, Ohio

YOUNGSTOWN, OHIO — Greystone has provided $15 million in bridge financing for two skilled nursing facilities in Youngstown. The properties include Beeghly Oaks Center for Rehab and Healing and Oasis Center for Rehab and Healing. The properties have undergone significant renovations and offer sub-acute care, skilled nursing, pulmonary care, wound care, orthopedic rehabilitation, a veterans program, concierge services and outpatient therapy. The Beeghly Oaks Center has a dialysis unit, and the …

Loans, Midwest, Multifamily, Ohio, Seniors Housing

CBRE Provides $24.9M Refinancing for 207-Unit Seniors Housing Community in Southern California

RIVERSIDE, CALIF. — CBRE has provided a $24.9 million Fannie Mae refinancing for Welbrook Arlington, a 207-unit independent living, assisted living and memory care community in Riverside. MBK Senior Living operates the property, located about 55 miles east of Los Angeles, under a third-party management agreement. The borrower is a joint venture between Capitol Seniors Housing and Welbrook Senior Living. CBRE’s Aron Will arranged the refinancing. CBRE Multifamily Capital originated the …

California, Loans, Multifamily, Seniors Housing, Western

ESI Arranges $31.5M Sale of Two Skilled Nursing Facilities in New Jersey

RIDGEWOOD AND MONTCLAIR, N.J. — Evans Senior Investments (ESI) has arranged the sale of a two-property skilled nursing portfolio in New Jersey for $31.5 million. Totaling 161 beds, the two Van Dyk Health Care facilities are located in Ridgewood and Montclair, approximately 15 miles apart from each other and just west of Manhattan. ESI represented the seller, an independent owner-operator, in the transaction. The buyer was a New York-based private equity group, and a New Jersey-based operator …

Acquisitions, Multifamily, New Jersey, Northeast, Seniors Housing
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