Transactions
Health Dimensions Group Begins Management of Communities
Health Dimensions Group (HDG) announced it provided management services in addition to day-to-day operational oversight to two senior living communities in the northern Midwest.
The communities – Stoney River of Marshfield, Wisconsin and Stoney River of Ramsey, Minnesota – are assisted living and memory care communities. Both communities offer residents studio and one-bedroom apartment options.
HDG took over on June 1.
Innovation Senior Living adds to senior living portfolio
Winter Park, Florida-based Innovation Senior Living will soon close on the sale of Savannah Court of Bartow, that will mark the fifth property under its ownership and management. The pending acquisition is part of the company’s three-year plan to add 12 to15 properties to its growing portfolio, according to a news release from the company.
The community will be renamed to The Club at Bartow.
The company is also expected to close soon Savannah Court of St. Cloud, which would make the sixth property under ownership and management.
Berkadia secures $7.8M for two AL and memory care communities
Berkadia announced the financing of two AL and memory care communities in Idaho through a bridge to HUD loan to facilitate the acquisition.
The communities were built between 1996 and 1999, and contain an average Medicaid mix of 75%. Combined occupancy had declined slightly in 2021 but rebounded to the mid 90% range by the end of 2022. The projects also benefited from a change to Idaho Medicaid reimbursements on July 1, 2022, resulting in a revenue boost of about $40,000 per building per month, a news release on the transaction states.
The California-based buyer owns 18 senior housing facilities spanning seven states. This purchase marks their first in Idaho.
Keybank provides $21M for affordable senior community in New York
KeyBank Community Development Lending and Investment provided a $9 million construction loan and a $12 million in low income housing tax credit equity for the construction of an affordable senior living community in Morrisville, New York.
John Paul Vachon and Kate De La Garza of KeyBank CDLI structured the financing.
Greystone provides $16.5M for affordable housing portfolio
Greystone provided $16.5 million in Fannie Mae Delegated Underwriting and Servicing (DUS) Multifamily Affordable Housing (MAH) loans for the acquisition of a 484-unit portfolio in Tennessee.
The Fannie Mae financing includes six separate loans on six multifamily properties located throughout eastern Tennessee. The financing was originated by Dan Sacks, Ilan Bassali, and Avi Kozlowski in Greystone’s New York office on behalf of Vitus Group, LLC.
Acquisitions
Focus Healthcare Partners Acquires Illinois Community
Focus Healthcare Partners announced it has acquired a senior living community in Illinois.
The community – called Lexington Square Senior Living – is an independent living and assisted living community located in Elmhurst, Illinois. As part of the acquisition, the community will be rebranded as the Roosevelt at Salt Creek and it will be changed from an entry-fee model to a rental community.
Life Care Services has been chosen as the operator of the community and BMO Provided financing for the deal.
In the aftermath of the deal, the community will undergo a multi-year renovation to enhance amenities and broaden programming opportunities.
Companies featured in this article:
Berkadia, Focus Healthcare Partners, Greystone, Health Dimensions Group, Innovation Senior Living, KeyBank, Life Care Services
