Commonwealth Adds 3, Expands to New State
Commonwealth Senior Living announced it added three senior living communities, all located in Michigan, marking Commonwealth’s first footprint in the Great Lakes State.
The communities — located in New Baltimore, Grand Rapids and East Paris — are all undergoing renovations totaling more than $22 million. The communities, which will be rebranded under The Commonwealth umbrella, will bring IL (36), AL (149) and memory care (89) units to Commonwealth’s portfolio effective September 1.
The Commonwealth at New Baltimore’s $6.5 million renovation is expected to wrap up in the coming weeks, leaving the community with 45 assisted living units and 23 memory care beds. The Commonwealth at Grand Rapids expects to finish its $5.5 million renovation project in 4Q2022, leaving the community with 50 assisted living units and 36 memory care beds. And for the Commonwealth at East Paris, a $10 million renovation is also expected to wrap up in 4Q2022, offering 36 independent living units, 54 assisted living units and 30 memory care units.
Ziegler Plays Part in $17M Financing for Virginia Community
Specialty investment bank Ziegler announced the closing of a $17.7 million taxable bank placement for the acquisition of a senior living community in Alexandria, Virginia.
Ziegler conducted a bank request for proposals on behalf of Goodwin Living, formerly known as Goodwin House, with the aim of acquiring The View at Alexandria which was formed recently to facilitate the acquisition of Hermitage Northern Virginia from Pinnacle Living.
The View at Alexandria is located across the street from one of Goodwin’s two life plan communities, making the acquisition strategically advantageous for Goodwin’s footprint in its local market.
Berkadia Finds $48M in Financing for Oregon Health Care Facilities
Berkadia Seniors Housing & Healthcare announced $48 million in combined financing for three different health care communities in Washington and Oregon.
The first transaction was a $27 million loan for a Washington-based assisted living community; the second was a $16.2 million bridge loan for an assisted living and memory care community in Washington; the third transaction was a $4.7 million loan for a stand-alone memory care community in Oregon with 55 beds.
Berkadia’s Managing Director Steve Muth secured the financings.
Dwight Mortgage Trust Closes $27M Bridge Loan for New York Portfolio
Dwight Mortage Trust announced it secured a $27 million bridge acquisition loan for a four-community, 293-unit portfolio of assisted living and memory care communities in New York.
The communities located in Jamestown, New York and Frewsburg, New York — Tanglewood Manor, Memory Gardens, The Magnolia and Comfort Today — provide residents with such amenities as fitness centers, courtyards, lounges and gardens.
Capital Funding Group Closes on $40M for AL, Memory Care Community
Capital Funding Group announced it has closed on a $40 million loan for the refinancing of a senior living community in California.
The Community, branded Varentita of Simi Valley, is an 81-bed assisted living and memory care community in Simi Valley California.
Capital Funding Group executing the transaction on behalf of real estate development firm, Griffin Living marking the second time the two have connected for a financing arrangement in recent months. Capital in June executed a $32.9 million construction loan for Griffin’s planned 108-bed assisted living and memory care community in Temecula, California.