REBusinessOnline

Lancaster Pollard Provides $17.2M HUD Refinancing for Seniors Housing Asset Near Rochester

FAIRPORT, N.Y. — Lancaster Pollard, a division of ORIX Real Estate Capital, has provided $17.2 million in financing for Aaron Manor Rehabilitation and Nursing Center, a 142-bed skilled nursing facility in the Rochester suburb of Fairport. The FHA 232/223(f) loan will refinance several types of acquisition loans into a single payment structure. The new financing is nonrecourse and features a fixed interest rate. The current owner bought the property in 2018 and improved the operations and …

Loans, Multifamily, New York, Northeast, Seniors Housing

Lancaster Pollard Arranges $20.8M Refinancing for Seniors Housing Community in Dallas

DALLAS — Lancaster Pollard Mortgage Co. has arranged a $20.8 million loan for the refinancing of a skilled nursing and memory care community in the Lake Highlands neighborhood of Dallas. The loan refinanced the existing debt and reimbursed the ownership group in excess of $1 million for recent capital improvements at the community. Kyle Hemminger of Lancaster Pollard placed the debt. The borrower and direct lender were not

Loans, Multifamily, Seniors Housing, Texas

Pennrose to Repurpose Historic Mary Stone School in Massachusetts as Affordable Seniors Housing

AUBURN, MASS. — Pennrose has received financing for the redevelopment of the Mary D. Stone school building in Auburn, a suburb of Worcester. The project will involve the repurposing of the three-story, 1920s-era property into a 55-unit affordable seniors housing community. Plans call for the renovation of the historic school, demolition of some later-built wings and construction of new units in studio, one- and two-bedroom formats. The property sits on 1.3 acres, and construction is set to …

Development, Multifamily, Northeast, Seniors Housing

McShane Underway on 166-Unit Senior Living Development in Algonquin, Illinois

ALGONQUIN, ILL. — McShane Construction Co. is underway on the construction of a new senior living development in suburban Chicago known as The Oaks at Algonquin. The 166-unit project will incorporate independent living, assisted living and memory care units. Spectrum Retirement Communities is the developer and Vessel Architecture is the architect. The three-story community will feature amenities such as three restaurants, a salon, media lounge, theater, health club, community center and …

Development, Illinois, Midwest, Multifamily, Seniors Housing

Blueprint Negotiates Sale of Eight-Property Assisted Living Portfolio in Pacific Northwest

WASHINGTON AND OREGON — Blueprint Healthcare Real Estate Advisors has arranged the sale of eight private-pay assisted living assets in Oregon and Washington totaling 321 units. A joint venture between an Arizona-based private equity firm and an Oregon-based owner-operator acquired the properties. The seller and price were not disclosed. The buyer intends to reposition the communities, possibly adding more memory care

Acquisitions, Multifamily, Oregon, Seniors Housing, Washington, Western

Cambridge Provides $3.9M HUD Refinancing Loan for Skilled Nursing Facility in Longview, Texas

LONGVIEW, TEXAS — Cambridge Realty Capital has provided a $3.9 million HUD loan for the refinancing of Summer Meadows, a 115-bed skilled nursing facility in Longview, about 100 miles east of Dallas. Hymie Barber of Cambridge originated the loan through HUD’s 223(a)(7) program for the borrower, a New York-based limited liability company. The 223(a)(7) product is used exclusively for the refinancing of existing HUD debt on multifamily and healthcare

Loans, Multifamily, Seniors Housing, Texas

Evergreen Completes $7M Renovation of Affordable Seniors Housing Property in Suburban Chicago

MAYWOOD, ILL. — Evergreen Real Estate Group has completed $7 million in renovations to Garden House of Maywood, a 144-unit affordable seniors housing community in the western Chicago suburb of Maywood. Housing and Human Development Corporation (HHDC) acquired the 10-story building in 2018 using tax credits to help fund capital improvements. Evergreen has managed it since 2017, and Evergreen Construction Co. managed the nine-month project. Garden House is a HUD apartment property. HUD …

Development, Illinois, Midwest, Multifamily, Seniors Housing

Ziegler Arranges $110.9M Financing for Seniors Housing Expansion Project in Austin

AUSTIN, TEXAS — Ziegler has arranged $110.9 million in financing for Westminster, a nonprofit continuing care retirement community (CCRC) in West Central Austin. Senior living owner-operator LCS has managed the 9.3-acre property since 1981. The community currently comprises 327 independent living units, 22 assisted living units, 30 memory care units and 55 skilled nursing beds. The expansion project will add a five-story building with 43 independent living apartments, 38 memory care units, 36 …

Loans, Multifamily, Seniors Housing, Texas

SLIB Arranges Sale of 59-Unit Memory Care Community in Springfield, Oregon

SPRINGFIELD, ORE. — Senior Living Investment Brokerage has negotiated the sale of ElderHealth & Living Memory Care Village in Springfield. Built in 1988 and expanded in 1996, the memory care community features 95 beds across 59 units. The facility is approximately 30,215 square feet and is situated on approximately 5.1 acres of land. A regional operator with multiple West Coast communities acquired the property for an undisclosed price. The seller, a local owner-operator divesting …

Acquisitions, Multifamily, Oregon, Seniors Housing, Western

Fairstead Acquires Low-Income Seniors Housing Community in Boca Raton

BOCA RATON, FLA. — Fairstead has acquired Gould House, a 101-unit Section 8 seniors housing community in Boca Raton. The property is located on the Jewish Federation of South Palm Beach County Campus. While the seller and price were not disclosed, Fairstead did unveil plans for a $6 million rehabilitation of the entire complex. The project will include new kitchens, baths, lighting, HVAC, flooring and windows for all apartments, as well as common area improvements to the security systems, …

Acquisitions, Florida, Multifamily, Seniors Housing, Southeast
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