Oak Grove Capital Originates $20.7 Million in Financing for 2 Seniors Housing Communities
Oak Grove Capital recently announced the origination $20.7 million in fixed-rate, permanent financing through its Fannie Mae DUS program for two senior housing communities operated by The Arbor Company and owned by a closed-end fund managed by Prudential Real Estate Investors. PREI is the real estate investment management and advisory business of Prudential Financial, Inc. (NYSE: PRU). PREI’s fund used the loans to refinance maturing mortgage debt on Arbor Terrace of Decatur, a 66-unit assisted living facility in Decatur, Georgia, and Arbor Terrace of Asheville, a 63-unit assisted living facility in Asheville, North Carolina. The loans have a 7-year term, 30-year amortization and 5-year yield maintenance.
“These loans were structured to fit our financing needs. We appreciate the efforts of Oak Grove to meet our timeframe and we look forward to continuing our relationship with them throughout the term of these loans,” said Noah Levy, Portfolio Manager at PREI.
Avatar Launches New Models
Avatar Homes’ Solivita has unveiled 10 new model homes for its active adult communities in Florida as part of its Younger Next Year Community™ (YNY™). The new homes feature a variety of designs that allows each buyer many choices that fits the needs of their individual choices for active living.
“The new model homes were designed to represent the hobbies and interests of Solivita’s residents and showcase the wide variety of activities and lifestyle provided for their enjoyment,” said Francesca Vereb, marketing director for Avatar Properties Inc., developer and owner of Solivita and other retirement villages in Orlando. “We did not have to look any further than the residents who already participate in so many of the activities offered within Solivita.”
G5 Releases Adaptor to Support Yardi Integration
G5 has announced that its platform has integrated with the Yardi Voyager enterprise management system. The new system provides data synchronization for leads generated which are then stored on the Yardi Voyager system automatically and eliminates manual data entry between systems. This is the first of five adapters that G5 intends to release during 2011.
“Our goal is to develop technology solutions that improve our clients’ business performance,” said G5 CEO Dan Hobin. “This new integration allows our clients to reduce overhead and drive better business results.”
Woodbury Mews Announces New Operating Partner
Senior Management of New Jersey LLC, a division of Kaplan Development Group, announced it has been named the operational management company for Woodbury Mews, a senior living community with 238 residential units in Woodbury, New Jersey. The community consists of three distinct living options, including Independent Living, Assisted Living and Memory Care, the latter focusing on residents with limited cognitive abilities. Woodbury Mews was recently acquired by an entity owned by certain affiliates of Media, Pa.-based Capital Health Group LLC and certain funds affiliated with Westport Capital Partners LLC.
“Senior Management’s history of successfully operating senior living communities made us an ideal partner for the new owners of Woodbury Mews,” noted Glenn Kaplan, president and CEO of Kaplan Development Group. “We look forward to sharing our expertise in providing outstanding senior living services.”
Emeritus Senior Living Kicks off 90 day Pilot with VitalLink
VitalLink recently announced the rollout of a 90 day pilot with Emeritus Senior Living’s community known as Emeritus at Carmel Valley located in San Diego, California. Vitalink’s system provides an all-in-one communication and entertainment service for residents. The Vitallink platform displays a user friendly device – where face-to-face social interaction, cognitive (mental) stimulation, games, family photos and videos, and local, national and world news are all accessible.
“Staying connected with others and being engaged in daily activities, such as reading the news, playing games, or watching movies, has a tremendous impact on psychosocial well-being as well as cognitive abilities later in life,” said Keith Savell, Ph.D., Chief Gerontologist at VitalLink. “We’re pleased to be working with Emeritus Senior Living to provide residents with a senior friendly resource that will enable them to remain face-to-face connected with friends and family worldwide as well as to remain mentally engaged in enjoyable activities such as playing games, reading the news and viewing family photos and videos.”
“We are thrilled to bring VitalLink into our community, and look forward to the contribution that it will make to the quality of life of our residents. VitalLink provides an easy to use all-in-one resource for long distance social interaction and mental stimulation that will not only encourage residents to remain more engaged in the life around them, but will also enhance their overall well-being,” said Dale Boyles, Vice President of Operations – California Division. “We’re excited to be moving into the future by providing a new level of options to seniors that embrace the advancements in technology commonly used in today’s digital lifestyle. This will enable Emeritus a competitive advantage in the already large, yet ever expanding senior housing industry.”
