• Healthcare REIT Divests SNF to In-Place Operating Partner

    Senior Living Investment Brokerage returned to West Des Moines, Iowa, to sell a skilled nursing facility that it had previously sold in 2019. A healthcare REIT was the buyer back then and is now selling the facility to its in-place regional operating partner. Built in 2004, Arbor Springs features 56 beds on an attractive four-acre campus about 10... Read More »
  • Near-Stabilized AL/MC Community Lands Refinance

    Carnegie Capital closed a bridge refinance for a 50-unit assisted living/memory care community in the Houston, Texas MSA. Four years ago, the property was bought by a California-based operator with a growing footprint in Texas. Performance was approximately two to three months from stabilization, but with the acquisition loan maturity looming, a... Read More »
  • Record-Setting HUD Express Lane Application to Commitment

    Cambridge Realty Capital provided a $6.15 million loan to refinance Avalon Memory Care Keller, a 50-bed stand-alone memory care community in Keller, Texas (Dallas-Fort Worth MSA). The fully amortized, 35-year HUD loan was provided for the owner, a Texas limited liability company, that wished to recast bank debt into a long-term non-recourse... Read More »
  • Large Healthcare Owner Receives Financing

    An owner of more than 80 healthcare properties spanning nine states secured bridge and working capital financing for its skilled nursing portfolio in Washington. The financing includes a $40 million bridge loan and a $6 million working capital line of credit, with a 36-month initial term. MONTICELLOAM provided the funding. Read More »
  • Out-of-State Owner Divests to Investor

    A couple of assisted living and memory care communities in Eastern Tennessee recently traded hands. The two properties comprise more than 100 units. A Chicago-based investor aligned with the seller’s long-term vision for the communities acquired the assets, and partnered with a regional operator that was looking to grow their presence in the... Read More »

Creating “silk purses” from “sow’s ears” in Indianapolis

Joe Whitsett, an Indianapolis native and prominent tax-credit real estate lawyer before founding TWG Development, LLC, has an affinity for historic buildings. Since 2007, TWG (originally The Whitsett Group) has been turning rundown buildings in and around the city from eyesores into attractive affordable housing for seniors and for families. The most recent example is a $9.6 million conversion of a four-story structure at 1352 N. Illinois Street—built in 1929 and formerly occupied by a commercial laundry—into 63 affordable seniors housing units. The project was awarded $836,756 in federal low-income housing tax credits (LIHTCs), as well as $450,000 in additional state funding. LIHTCs,... Read More »

Trilogy continues its amazing growth

Trilogy Health Services just celebrated the opening of Hearthstone Health Campus in Bloomington, Indiana, and announced the grand opening of Arlington Place Health Campus in Indianapolis. The two new developments represent Trilogy’s 79th and 80th senior living communities, the provider’s 49th and 50th sites in Indiana, and the seventh and eighth major new campus development or expansion projects undertaken by the company in the past year. A $10 million building, Hearthstone Health Campus has 104 units—26 assisted living and 78 skilled nursing—in a “town square” residential setting, which is the model Trilogy has used in its other recent senior living developments. Private and companion... Read More »

Presbyterian Communities & Services: 2 projects underway

Presbyterian Communities & Services (PC&S), a not-for-profit senior living organization based in Irving, Texas, has two large development projects underway in Dallas: 1) a five-stage makeover of Presbyterian Village North, and 2) a state-of-the-art inpatient hospice center. Pi Architects of Austin prepared a five-stage master plan for renovating and expanding Presbyterian Village North, a 550-resident community on 67 acres. Phase 1 of the makeover, priced at $87 million, includes general renovations but also adds new independent living, assisted living, memory care, and rehabilitation facilities, along with new fitness and aquatics centers. The project began last May, with... Read More »

LBGT low-income senior housing—a Philly first

Wrapped in an enormous rainbow-colored ribbon, John C. Anderson Apartments, a low-income housing project specifically targeted to LGBT seniors, officially opened in Philadelphia on February 24. The first LGBT-friendly senior apartment community in Pennsylvania—and the largest of only three (so far) in the entire United States—was the brainchild of Mark Segal, a long-time gay-rights advocate and president of The Dr. Magnus Hirschfeld Fund (dmhFund), which supports programs that address LGBT concerns. To develop the project, dmhFund partnered with Pennrose Properties, which specializes in affordable housing development primarily in the Mid-Atlantic region. John C. Anderson, for whom the... Read More »

Mainstreet Property Group’s “medical resort” concept

Why shouldn’t a nursing home look and feel like a pleasant—and desirable—boutique hotel? That’s the premise of Mainstreet Property Group’s innovative Next Generation™ design for skilled nursing facilities and a style that seems to be making headway in Indiana, currently one of the most active states in terms of senior living development. Mainstreet is a Hoosier company, based in Carmel, and one of the country’s largest developers of seniors housing and care properties. Its innovative and aesthetically appealing Health Care Resorts™ approach to long-term care focuses on private rooms, concierge-style services, restaurant-style dining with on-site chefs, landscaped outdoor areas, and... Read More »

The Wellmore of Tega Cay—focused on wellness

Wellmore of Tega Cay, a $35 million project now under construction in Tega Cay, South Carolina (a suburb of Charlotte, North Carolina), and the flagship community for CNL Healthcare Properties’ new Wellmore brand, will open in summer 2015. The nearly 150,000-square-foot campus will offer 152 residential units (assisted living, memory care, and skilled nursing) in six buildings and a 25,000 square foot clubhouse and wellness center—a feature of the Wellmore brand. Maxwell Group, Inc., a Charlotte-based management company, will operate Wellmore of Tega Cay upon completion. As the brand name implies, Wellmore communities focus on nationally recognized wellness initiatives aimed at extending... Read More »