BMO Harris provides $75M credit facility to Watermark, 2 Developers
BMO Harris Bank’s Healthcare Real Estate Finance group closed on a syndicated $75 million senior facility to Largo Land Development and Watermark Retirement Communities to finance the construction of a 219-bed independent living, assisted living and memory care community and 64-unit 55-plus active adult community in Upper Marlboro, Maryland. BMO, acting as Administrative Agent, partnered with People’s United Bank and Webster Bank to form the syndicate for the facility.
Largo Land Development is owned by Richard Arnold and Jack Pechter, to renowned Maryland real estate developers.
SLIB completes sale of New York active adult community
Senior Living Investment Brokerage Senior Associate Dave Balow was the sole broker in the sale of Horizon Villages, a 42-unit active adult apartment community in Ithaca, New York. The purchase price was $6.9 million, the Ithaca Voice reports.
The seller is Candace Cima, a private investor looking to retire. The buyer is Elizabeth Classen Ambrose, a local owner/operator with a development background and a growing portfolio of senior housing properties.
HJ Sims closes $24M financing for New York life plan community
HJ Sims closed a a $24.3 million financing package for Peconic Landing at Southold (Peconic), a life plan community in Greenport, New York. The community includes 296 independent living apartments and cottages, 42 assisted living units and 60 skilled nursing beds.
Proceeds will be used to redeem outstanding original financing issued in 2010. An additional $1.97 million in new bond proceeds will be used for capital improvements to enhance resident experience, including additional auditorium seating and a dining venue.
Knapp Group completes Kentucky assisted living facility sale
Marcus & Millichap’s Knapp Group Seniors Housing completed the sale of a 42-unit assisted living facility in rural southwest Kentucky. The community had a 90% occupancy rate at the time of sale. Managing Partner Justin Knapp and Investment Associate Jeff Hollister led the transaction team.
Integral Senior Living adds 4 communities to operating portfolio
Integral Senior Living assumed management of four senior living communities in Tennessee, California and Florida: Las Villas del Norte in Escondido, California; South High Senior Living in Knoxville, Tennessee; Valley Vista Senior Living in Van Nuys, California; and The Capstone at Royal Palm in Royal Palm Beach, Florida.
Las Villas del Norte is owned by DiNapoli Capital, South High Senior Living is a new build owned by Dover Signature Properties, Valley Vista Senior Living is a new build owned by Landmark View, and The Capstone at Royal Palm is a new build owned by Hunt Midwest.
Embodied Labs closes $3.2M seed funding round
Embodied Labs, a startup focused on using virtual reality to train the long-term care workforce, completed a $3.2 million seed funding round. The funding was led by Ziegler Link·Age Fund and The Venture Reality Fund. Other investors in the round include SustainVC, a social impact fund in healthcare and education; WXR Fund, investing in women and the next wave of computing; and ETF@JFFLabs, a social impact fund that invests in technologies that close skill gaps and improve economic mobility.
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Bridge Senior Living announces 4 management changes
Bridge Senior Living announced the following additions to its operating portfolio:
- Summer Breeze, a 79-unit independent living, assisted living and memory care community in Savannah, Georgia, is undergoing a rebranding as of December 3, 2019
- The Bridges at Bent Creek, a 105-unit supportive care and memory care community in Mechanicsburg, Pennsylvania, is undergoing a rebranding and management changes as of December 10, 2019
- The Bridges at Warwick, a 107-unit supportive care and memory care community in Jamison, Pennsylvania, is undergoing management updates as of December 12, 2019
- The Landing of Poughkeepsie, a 94-unit assisted living and memory care community in Poughkeepsie, New York, is undergoing branding and management updates as of December 3, 2019
Cambridge completes $7.6M refinancing for Illinois supportive living facility
Cambridge Realty Capital, working on behalf of a regional owner, completed a $7.6 million refinancing package for a 60-unit supportive living community in Pontiac, Illinois. The unit breakdown includes 52 studio and eight one-bedroom units. The financing came via a HUD loan with a fully amortized, 35-year term.
Sagora Senior Living adds 5 Heartis communities
Sagora Senior Living assumed management of five former Heartis communities in Amarillo, Cleburne, Conroe, Cypress and Eagle Mountain, Texas on November 1, 2019. These communities have officially been renamed as Bristol Park at Amarillo, Bristol Park at Cleburne, Bristol Park at Conroe, Bristol Park at Cypress and Bristol Park at Eagle Mountain.
Companies featured in this article:
BMO Harris Healthcare Real Estate Finance group, Bridge Senior Living, Cambridge Realty Capital, Embodied Labs, Heartis, Integral Senior Living, Knapp Group Seniors Housing Advisors, Sagora Senior Living, Senior Living Investment Brokerage, Watermark Retirement Communities, Ziegler Link-Age Fund