West Living Acquires a Minority Interest in a Senior Living Community in Bellevue, Washington
West Living recently announced a $12.8 million minority investment in The Bellettini, a 145-unit independent and assisted living community in the downtown area of Bellevue, Washington.
"The Bellettini is a quality property in a historically attractive market. The investment furthers our objective of deploying capital into the senior housing and services business and we’re very bullish about this segment of real estate," says John Rimbach, President of West Living.
Love Funding Closes $4,986,000 Refinance Loan For Cambrian Of Techumseh Assisted Living Facility
Love Funding announced the closing of a $4,986,000 refinance loan for Cambrian Assisted Living Facility, located in Tecumseh, Mich. Mickey Rist, Senior Loan Originator in Love Funding’s Detroit office, and Bruce Gerhart, Midwest Regional Manager in Love Funding’s Cleveland office, originated the transaction. Love Funding funded the loan through the FHA 223(f) program. By providing FHA financing, Rist and Gerhart were able to lock in a 4.5 percent interest rate with a 35-year term and amortization. The project has 58 studio and one- and two-bedroom apartment units and is licensed for 70 beds.
Magnolia Trace Completes $1.7M Health Center Renovation
Magnolia Trace, a continuing care retirement community (CCRC) in Huntsville, Alabama, recently celebrated the grand opening of a $1.7 million community enhancement. ACTS Retirement-Life Communities, the not-for-profit parent company of Magnolia Trace, is adding a fully-licensed and certified assisted living residence to the campus, called OakBridge Terrace, which will accommodate residents in 30 private suites. The project also includes the addition of a new memory enhancement and dementia unit consisting of 19 suites.
“We’ve created a more comfortable resident-centered setting that features larger living and activity areas, new state-of-the-art equipment, furniture, and technologies,” said Donna Olson, executive director of Magnolia Trace. “Our residents who need a higher level of care will live in environments that allow for more privacy, cared for by a staff who know them well, and where they will enjoy many of the comforts and routines of home.”
Cambridge Provides $13.6 Million HUD Lean Loan To Finance Construction of Shorewood, Illinois Skilled Nursing Home
Cambridge Realty Capital Companies recently reported the closing a $13.6 million FHA-insured HUD Lean loan to finance the construction of Alden Estates of Shorewood, a 100 -bed skilled care nursing home in Shorewood, Ill. Cambridge Chairman Jeffrey A. Davis said the HUD Section 232 funding package included both new construction and a fully-amortized 40-year permanent mortgage loan.
