LA VERNE, CALIF. — Truist Financial Corp. has provided $42.4 million in financing for Hillcrest, a continuing care retirement community (CCRC) in La Verne, approximately 30 miles east of Los Angeles. The borrower was not disclosed. The funding will be used to refinance existing debt and support the construction of a new independent living component named Hawthorne Homes. The 24,000 square-foot addition will consist of 14 one-floor cottage and duplex units located on a 1.4-acre parcel on Hillcrest’s 50-acre campus. The new construction includes several environmentally friendly and sustainable features, including solar energy, rainwater reclamation, clerestory windows and energy-efficient appliances. Construction is scheduled to begin this week, and completion is set for summer 2021. Upon completion of the new units, the Hillcrest campus will consist of 240 independent living units, 48 assisted living units, 24 memory care beds and 59 licensed skilled nursing beds.
WASHINGTON, D.C. — The American Health Care Association and National Center for Assisted Living (AHCA/NCAL) has warned Congress that if the federal government doesn’t pass another COVID-19 funding package, public health agencies and healthcare providers could find themselves less than completely prepared heading into the cold and flu season, as well as underfunded to handle another major spike in COVID-19 cases. The Washington, D.C.-based organization represents more than 14,000 nursing homes and assisted living communities across the country that provide care to approximately 5 million people each year. About 70 percent of the $175 billion Provider Relief Fund provided by the CARES Act is already distributed, and remaining funds are likely to be allocated by early October. Healthcare providers, including long-term care facilities, will need additional funds to continue their response to the pandemic heading into the cold and flu season, which provides new challenges, the organization stated in a press release on Monday. Mark Parkinson, president and CEO for AHCA/NCAL, says that Congress needs to end the partisan logjam and prioritize frontline healthcare workers and residents, particularly vulnerable elderly populations. “With the cold and flu season adding a real complication to the ongoing COVID-19 pandemic response, the need for …
MADISON, MINN. — Kraus-Anderson has begun the construction of a $15 million expansion at Madison Healthcare Services in western Minnesota. The healthcare facility was originally constructed in 1952. The 52,639-square-foot renovation and expansion will include 37 new skilled nursing units, 12 assisted living units and 12 underground car parking spaces. Designed by HGA Architects, the project is slated for completion in summer 2022. Madison Healthcare Services provides skilled nursing, outreach specialty services, home care services, independent living, therapy services and a critical access hospital.
DAYTON, OHIO — KeyBank has arranged a $38 million financing package for renovations to The Biltmore Towers, an affordable seniors housing community in Dayton. KeyBank Community Development Lending and Investment (CDLI) secured a $6 million equity bridge loan and KeyBank Real Estate Capital’s (KBREC) Commercial Mortgage Group secured $16 million of fixed-rate Fannie Mae financing. Additionally, the Key Community Development Corp. provided $16 million of low-income housing tax credit and historic tax credit equity combined. St. Mary Development Corp. and Related Cos. are leading the redevelopment project. Built in 1929 as the Dayton Biltmore Hotel, The Biltmore Towers is a 230-unit, 18-story independent living community. Converted to seniors housing in 19981, it is restricted to residents age 55 or older. The historic landmark also features more than 23,000 square feet of community space and more than 14,000 square feet of commercial space. The renovation program — which focuses on environmental sustainability, historic preservation and amenity improvements — will include upgrades to the interiors of the apartments as well as the common areas and community spaces. It’s anticipated that no tenants will be permanently displaced during the renovation, which will take about 18 months. The project will include a new fitness …
FORT WORTH, TEXAS — Ziegler has arranged $131.4 million in bond financing for the development of Stevenson Oaks, a planned senior living community in Fort Worth. The property will feature 172 independent living units as well as an assisted living center with 40 assisted living units and 24 memory care units. The community will be situated within Tavolo Park, a new master-planned commercial and residential project in the southwest portion of the city. The surrounding Tavolo Park development will provide two restaurants and a variety of activities for Stevenson Oaks residents. A timeline for construction was not disclosed. Methodist Retirement Communities (MRC), a nonprofit seniors housing owner based in Texas, was the borrower. MRC retained Greystone to act as development consultant for the community and to serve as operator for the first several years following completion. Eventually, MRC plans to take over operations itself. When the community begins to approach stabilized occupancy, MRC and Greystone intend to evaluate the market for a potential Phase II of construction. MRC owns seven market-rate seniors housing communities and five affordable housing properties throughout Texas for a total of 1,637 units. The company was established in 1962. Ziegler, which served as underwriter, is a …
STERLING, VA. — Greysteel has negotiated the sale of Cascades Village Senior Apartments, an affordable seniors housing property located in Sterling, approximately 25 miles northwest of Washington, D.C. A private local investor sold the property to Avanath Capital Management for $27.2 million. Cascades Village is a 150-unit, age-restricted affordable housing community developed in 2001 using Low-Income Housing Tax Credits (LIHTC). Henry Mathies and Fletcher Hultman of Greysteel’s East Coast Affordable Housing practice represented the seller in the transaction. The Greysteel team additionally worked with the buyer to arrange an acquisition loan through M&T Realty Capital Corp.
HINGHAM, MASS. — Callahan Construction Managers has delivered The Residence at Penniman Hill, a 90-unit seniors housing project that is located in the southern Boston suburb of Hingham. Designed by The Architectural Team Inc., the property spans 90,000 square feet and offers assisted living and memory care services. Units come in studio, one- and two-bedroom formats, and amenities include an activity room, beauty salon, café and bistro, exterior planting areas and a memory garden. LCB Senior Living LLC developed the property and will also serve as the operator.
BLOOMINGTON, MINN. — Colliers Mortgage has originated a $5.6 million HUD 223(a)(7) loan for the refinancing of Realife Cooperative of Bloomington, a 78-unit seniors housing community in Bloomington. The three-story building includes an underground parking garage. Constructed in 1999, the property is restricted to households whose head of household is 62 years or older. The 30.7-year refinancing loan enabled the borrower to reduce the interest rate.
PASCO, WASH. — Blueprint Healthcare Real Estate advisors has arranged the sale of Tri-Cities Retirement Inn, an 82-unit assisted living and memory care community in Pasco, located in the southeast portion of Washington state. A Washington-based owner-operator acquired the property for an undisclosed price. First Interstate Bank provided acquisition financing at an 85 percent loan-to-value ratio. The seller was not disclosed.
BIRMINGHAM, ALA. — KIRCO has completed construction of The Bluffs at Greystone, a 137-unit seniors housing community in Birmingham. Phoenix Senior Living operates the property, which features 63 independent living units, 50 assisted living units and 24 memory care units. The community features a dog park, indoor pool, bocce ball court, movie theater, game room and an arts and crafts studio. The asset is located at 6328 Farley Lane, 13 miles southeast of downtown Birmingham.