KeyBank Arranges Development Financing For Pennsylvania Property
A new affordable senior apartment community in Canonsburg, Pennsylvania is going ahead thanks to a couple of financing options arranged and provided by KeyBank Community Development Lending. MVAH Partners, LLC, the project’s developer, will both convert a vacant former elementary school and add to the building at an estimated cost of $14.8 million. By the spring of 2022, there will be 42 units of low-income seniors housing and eight market-rate units. Blueprints, a not-for-profit organization focused on services for low-income seniors, is partnering with MVAH on the project. To fund it, KeyBank provided an $11 million construction loan and arranged $12 million of 9% LIHTC... Read More »
Scribner Capital/Fundamental Advisors Close Mezz Deal
Scribner Capital just announced another financing closed with partner Fundamental Advisors, just a couple of weeks after the partnership funded a deal in Jacksonville Beach, Florida. This transaction involved a construction loan provided to support the development of a senior living community in Prescott Valley, Arizona. Set to open next summer, the community will include 25 independent living, 75 assisted living and 30 memory care units, plus six IL cottages. Residents will also be able to take advantage of amenities like the on-site theater and a club room with mountain views. Link Senior Development, which focuses on secondary and tertiary markets in the western United States, is... Read More »
ProMedica And MetroHealth Collaborating On New Kind of SNF
We have always expressed confidence in skilled nursing’s role in the post-acute continuum of care model going forward, but it’s true that the sector will also have to adapt to guarantee its place there. Two Ohio-based health systems signed a collaborative agreement to operate a new kind of skilled nursing facility, one that we may see more of in the future. Toledo-based ProMedica and Cleveland-based The MetroHealth System will operate the facility (which will open later this year) on the site of the former Deaconess Hospital and will be jointly staffed by the health systems. ProMedica will provide most of the caregivers and will hire and manage the... Read More »
JLL Finances Santa Rosa Development
The JLL Capital Markets team led by Director Bercut Smith secured construction financing for a 92-unit seniors housing development in Santa Rosa, California. A joint venture between Blue Mountain Enterprises and Calson Management is responsible for the project, which will feature 66 assisted living units (comprising studio, one- and two-bedroom options) and 26 private memory care units. The memory care units will contain separate dining and gathering areas, with a large, landscaped courtyard being the connector in the center of the building. Other community amenities include activity areas, rooftop garden, café, movie theater, library and... Read More »
Capitol Seniors Housing Completes Hotel Conversion
Two years after acquiring a former hotel in Nassau County, New York, Capitol Seniors Housing has converted and reopened the property as a new full-service independent living community. Formerly a Residence Inn by Marriott, and now named The Residences at Plainview, the building underwent a full transformation (to the tune of $19.6 million) into an upscale senior living community with a host of amenities. They include many familiar favorites, like indoor and outdoor pools, a putting green, sauna, exercise facilities, a bistro, bar, movie theater, concierge and valet parking, to name a few. There are also 114 residential units, with studio, one- and two-bedroom options. ... Read More »