Naples CCRC Embarks on Expansion
Suffolk Construction has plans in place to tear down a trio of vacant independent living apartment buildings at Vi at Bentley Village, in Naples, Florida, as part of a redevelopment project on the Naples campus. Demolition is expected to start August 22, and the renovations are to be completed by the end of February 2024. The redevelopment project will bring the community four new buildings comprising 64 independent living units, in five potential floor plans. Each unit ranges in size from 2,400 to 4,500 square feet. The independent living community offers resort-like amenities, as well as lake and golf course views. Each new residence will offer a spacious, screened-in outdoor living... Read More »Montgomery Intermediary Group Closes Tennessee Transaction
Andrew Montgomery, Co-Founder and Vice President of Montgomery Intermediary Group, closed the sale of an assisted living community in Tennessee. The community’s owner and operator was looking to retire from the seniors housing business and sold it to another owner/operator in the Nashville area that was looking to expand on its existing portfolio. When stabilized, the community could be operating above 20% margins, which would amount to more than a 10% cap rate on the deal. That is the opportunity for the buyer, as well as the risk. The purchase price was not disclosed, but we understand it to be around $40,000 per unit. Read More »Ziegler Closes Bank Acquisition Financing
The transactions keep coming from Ziegler, which closed $17.7 million in taxable bank financing for the acquisition of The View Alexandria by Goodwin Living, formerly Goodwin House. Goodwin Living acquired the property from Pinnacle Living this spring, adding to its two other senior living communities in northern Virginia. The $17.775 million taxable loan was placed with Truist Bank. It has a five-year commitment period at pricing of 1 Month SOFR plus 2.00% with three years of interest only and a 25-year amortization. To mitigate interest rate risk, Goodwin Living worked with Ziegler Structured Products to implement a fixed payor swap for the five-year commitment period on the entire... Read More »Del Webb Adds Another Active Adult Development
Active adult developer Del Webb has announced plans for the development of a state-of-the-art active adult community in southeast Michigan, The community, Kensington Ridge by Del Webb, will include over 600 homes and resort-style amenities. Plans are also in place for a 15,000-square-foot clubhouse on a 43-acre lake with a dock for fishing, kayaking and paddleboarding, an indoor pool, a fitness center, pickleball courts, walking paths, a community garden and gazebos. Kensington Ridge by Del Webb will serve as the third active adult community in Michigan under Del Webb developments. Bluffs at Spring Hill and Turtle Creek in Lyon Township are two recent active adult communities built within... Read More »Lument Refinances Great Lakes Portfolio
Lument closed an $87 million HUD refinance of nine skilled nursing facilities with a total of 691 beds located in Ohio, Michigan and Wisconsin. Managing Director Brad Competty led the transaction for Lument. The operator, Atrium Centers Inc., is a provider of short-term post-acute rehabilitation and long-term nursing care across its 29 facilities in Ohio, Michigan, Kentucky, and Wisconsin with over 2,000 total beds. The nine refinanced properties had remained stabilized throughout the pandemic and were thus ready for the HUD refinance. Lument was able to obtain low, fixed interest rates on all nine loans before rates significantly rose. Read More »Schedule a demo
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