The Woodbridge recognized by NAHB The Woodbridge, an assisted living community in Kimberton, Pa., was honored by the National Association of Home Builders (NAHB) with an award in its Seniors Housing Category. It was recognized in the "Assisted Living/Special Needs Housing Projects" category for its "excellent Alzheimer's unit and good circulation." TheWoodbridge community is owned and managed by Senior LifeChoice Corp. Each of its 90 units has a kitchen and private bath. Bernardon & Associates Architects were the architects on the project. Over the past 16 years, Bernardon & Associates has designed more than 50 seniors facilities in eight states.
Brookdale Living completes IPO, raising $48.1 million Brookdale Living Communities, Chicago, has made its initial public offering of 4.5 million shares of stock, in the process raising around $48.1 million net. The offering was managed by Friedman, Billings, Ramsey & Co. Brookdale provides senior and assisted living facilities to the elderly and will operate facilities with 2,168 units in urban and suburban areas of major metropolitan markets across the country. Brookdale's facilities are geared to the middle- to upper-income residents. The net proceeds fro the IPO will be used to fund the pending acquisitions and for working capital and general corporate purposes. Brookdale is the successor in interest to the senior and assisted living division of The Prime Group, which since 1985 has been active in the development, construction, marketing and operation of senior and assisted living facilities.
Northwestern Mutual closes on $37 million loan to community The Northwestern Mutual Life Insurance Co. of Milwaukee has closed on a $37 million loan to Pinecrest Place Associates Ltd. for the refinancing of a senior living community in Largo, Fla. The Pinecrest Place community features 384 independent living apartments in two nine-story towers and 47 assisted living units in a contiguous building. The independent living units range from 650 sq. ft. to 1,100 sq. ft. The borrower is an entity controlled by Tampa area residents Brad Clifton, James Gibson, Ronald Aylor and C. Richard Kendrick. John Jacobs handled the loan directly for Northwestern Mutual's Tampa regional office.
Senior Campus Living gets nod for big New Jersey job Senior Campus Living (SCL), Catonsville, Md., has won approval to develop a $250 million continuing care retirement community designed for middle-income residents in Tinton Falls, N.J. SCL will begin construction on the 2,635-resident campus, to be named Seabrook Village, this summer. When completed, it will include 1,650 independent living apartments, an assisted living facility and a nursing care center. Development of the 134-acre tract will create more than 1,100 jobs for the area.
Cambridge funds $33 million on 11facilities Recently Cambridge Realty Capital, Chicago, funded a $33 million loan for 11 healthcare facilities in Southern California. The loan was funded under Cambridge's Multi-Facility Plus program in conjunction with the firm's Wall Street partners, and went to a major healthcare/long-term care operator. The 11 facilities include about 1,700 beds in both nursing home and assisted living board-and-care formats. The loan was originated and placed through Hyme Barber and Dennis Lepon of Catalyst Resource Group in Los Angeles.
GMAC arranges perm financing for Utah retirement community GMAC Commercial Mortgage Corp.'s George M. Saad III, and Gary A. Luboff and John P. Fogarty of the Pasadena office have arranged $6.9 million in permanent financing for The Meadows Retirement Community located in St. George, Washington County, Utah. The Meadows is a two-story residential care and congregate living facility for seniors which includes 117 units (61 for assisted living and 56 for independent living). The property is now 95%+ leased.
Belgravia arranges $15 million in twofor Regent Assisted Belgravia Capital Corp. (BCC) of Irvine, Calif., recently arranged a total of nearly $15 million in two separate loan transactions for Portland, Ore.-based Regent Assisted Living. The first loan was in the amount of $7.2million for the construction of a senior living facility in Bakersfield, Calif. The second was a loan for $7.7 million to build a facility in Austin, Texas. Both loans were arranged by Chris MacDonald and Richard Caldwell of BCC's San Francisco office. Regent Assisted Living is a publicly traded owner, operator and developer of assisted living communities. The company currently is building 11 communities with 1,400 beds, nine of which are expected to open this year. Belgravia was founded in 1985 and now has offices in 14 cities nationwide.