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Financial TransactionsWMF Huntoon Paige, part of the WMF Group Ltd., closed a $6.8 million loan for Cherry Hill Convalescent Center in Cherry Hill, N.J., a 150-bed, skilled-nursing facility, including 30 beds for assisted living. The transaction was the first Fast-Track processing for a nursing home completed by the HUD office in Newark. WMF also closed a $5.3 million loan to convert and rehabilitate Rosewalk at Lutherwoods in Indianapolis, Ind., from a nursing home to an assisted-living facility, and a $5.7 million loan to construct Ivy Hall, a 70-bed, assisted-living facility in Middle River, Md. Both loans were organized under FHA's Section 232 New Construction/Substantial Rehabilitation Program. For more information, call (800) 852-2834; Web www.wmfg.com. Parallel Capital Corp., a national, commercial, real-estate lender based in New York, announced the closing of the following commercial mortgage loans: a $5.2 million loan for Perinton Park Manor, a 78-bed, assisted-living facility in Fairport, N.Y.; a $700,000 loan for Happy Home ALF Inc., a 40-bed, assisted-living facility in Hialeah, Fla.; an $8.3 million loan for Leewood Healthcare Center, a 176-bed, assisted-living facility in Annandale, Va.; and a $3 million loan for Sudbury Pines Extended Care Facility, an 82-bed, skilled-nursing facility in Sudbury, Mass. For more information, call (212) 972-7600. San Francisco-based TRI Capital Corp. announced that it has finalized terms of financing totaling more than $15 million to fund new construction on three assisted-living facilities and a multifamily apartment complex in Utah. The three facilities were funded using the Federal Housing Administration's 232 program. The Utah properties are located in Sandy, Providence City and Salt Lake City. TRI also helped secure a $3.3 million loan to refinance Hillcrest Manor, a 95-bed, assisted-living facility in Jamestown, Calif. For more information, call (800) 481-4874; Web www.tricapcorp.com. GerAssist Inc., a provider of comprehensive, integrated healthcare services for seniors, announced it has completed a $5 million equity financing and secured a $100 million credit facility. The Series B equity financing was received from New York City-based Psilos Group Partners. Health Care REIT Inc. of Toledo, Ohio, a real estate investment trust that invests in healthcare companies, provided the $100 million line of credit, which is designed to allow the company to purchase and build assisted-living facilities throughout the country. For more information, call (615) 221-5200. EdenCare Senior Living Services, an Atlanta-based developer and operator of assisted-living, dementia-care and independent-living communities, has raised an additional $25 million of equity capital to keep pace with its aggressive national-growth initiatives. EdenCare's original capital partners, Crow Family Trust, an affiliate of Crow Family Holdings Inc. of Dallas, and JMI/Greystar Realty Partners L.P., of Charleston, have added another $5 million to their initial equity investment in EdenCare. The remaining $20 million of second-round capital has been committed by ESLS Investment Ltd., a limited-liability company established to make an investment in EdenCare. For more information, call (888) 569-0494. Greenbriar Corp. announced continuing significant increases in revenue for the quarter ended June 30 and the six-month period ended June 30 compared to the same periods in 1997. Revenues for the quarter ended June 30 were $14.2 million and $9.3 million for the comparable period last year, a 53 percent increase. Revenues for the first six months of 1998 were $28.2 million as compared to 18.2 million for the same period in 1997, a 55 percent increase. The company said the increases were from acquisitions made late in 1997 and increased revenues from existing Greenbriar communities. For more information, call (972) 407-8400. CareMatrix Corp., a fully integrated, assisted-living company, announced that the company remains confident it will meet or exceed consensus earning estimates for both the third quarter and full year 1998. According to Chairman Abraham D. Gosman, "Facility openings are on or ahead of schedule with more than 20 openings representing more than 2,300 units coming on line in the next six months. Our fill rates remain strong, especially in the metropolitan New York marketplace, our largest market, and operating margins continue to increase." For more information, call (617) 433-1119. Cambridge Realty Capital Ltd., a Chicago-based merchant banking company and a senior-housing and healthcare lender, funded a $2.9 million, permanent first-mortgage loan for Camelot Nursing Home, a 120-bed facility in Granite Falls, N.C. The HUD loan was originated by Patricia Jones of Dickenson, Logan, Todd & Barber in Raleigh, N.C. Other loans funded by Cambridge include:
For more information, call (312) 357-1601; Web www.cambridgecap.com. New DevelopmentsDorsky Hodgson + Partners Inc., a national architecture and planning firm and designer of numerous continuing-care retirement communities (CCRCs) throughout the United States, is designing an innovative $12.5 million CCRC in Lexington, Va., for Kendal Corp. The company is also designing Belmont Tower, a new multimillion-dollar CCRC in Ashland, Ohio, and Brighton Gardens, a 106-unit, assisted-living facility being built for Marriott Senior Living Services in Ross Township, Pa. For more information, call (216) 464-8600. Anderzohn + Carlson + Architects, based in Omaha, Neb., has planned and designed two senior-housing communities: River Hills Village in Keokuk, Iowa, which will provide independent-living, assisted-living, skilled-nursing and dementia facilities, and Vennehjem Retirement Apartments, a 47-unit, retirement service center, in Decorah, Iowa. For more information, contact Jeffrey Anderzhon at (402) 341-8007. Senior Care Assisted Living, a family-owned and operated developer and manager of assisted-living facilities based in Wisconsin, opened new Harmony assisted-living residences in Madison, Kenosha and Racine, Wis. The facilities will accommodate 32, 37 and 38 residents, respectively. For more information, call (608) 825-4507. Mayfair Management Inc. broke ground on new assisted-living communities dedicated to Alzheimer's care in Lynchburg, Mechanicsville and Roanoke, Va. The facilities, called "Eden Pines," will be 18,000 square feet with 32 rooms accommodating 50 to 55 residents and offering three levels of Alzheimer's care. An additional 28,000-square-foot, 48-room facility, "Mayfair House," will be constructed adjacent to the Lynchburg Alzheimer's community. For more information, call (888) 357-9347. CareMatrix Corp., a public company that operates 31 retirement residences nationwide and has 70 more either under construction or in development, announced the completion of Chancellor Park of Park Ridge, the company's first senior residential community in northern New Jersey. The community includes 100 studio, one-bedroom and one-bedroom deluxe apartments. Residents also have access to the Park Ridge Rehabilitation and Skilled Nursing Center located on site. For more information, call the Information Center at (888) 304-4722. Walker Management & Development, a senior healthcare and housing consulting company, was awarded the following contracts: sales training for 10 Wilmington Place in Dayton, Ohio; a market-feasibility study targeting Alzheimer's care for Regional West Medical Center in Scotts Bluff, Neb.; a market-feasibility study for Good Samaritan Village in Geneseo, Ill.; collateral production and marketing oversight for Woodbury Estates in Woodbury, Minn.; and marketing-plan training for United Methodist Retirement Community in Chelsea, Mich. For more information, call (800) 735-3048. CHCG Architects of Pasadena, Calif., announced the completion of a new $14 million addition to the Villa Gardens Retirement Complex just outside of Los Angeles. The 67,000-square-foot, mid-rise, independent- and assisted-living facility is one of the first of its kind in any urban setting in Calif. In addition to the 22 pre-sold units in the independent-living facility, the new five-story facility has 40 assisted-living units, a fitness center, an expanded dining room and educational training center. For more information, call (626) 568-1428; Web www.chcg.com. Grand Court Lifestyles Inc., a provider of independent and assisted-living services, announced that it signed a contract with Neighbors Construction Company for a 100-unit, assisted-living community in Overland Park, Kan., The Grand Court II. Grand Court Lifestyles currently operates 47 rental retirement communities in 13 states with more than 6,000 units. The company focuses on private-paying residents in the middle- and upper-income segment of the elderly population in secondary markets across the United States. For more information, call (800) 758-5804; Web www.grandcourtlifestyles.com. Constellation Senior Services, a wholly-owned subsidiary of Baltimore Gas Electric Company, will soon own five assisted-living residences with 158 units in Anne Arundel County, Md., named HeartHomes. The facilities are located in Pasadena, Piney Orchard, Severna Park, Bay Ridge and Lutherville. The company has been a developer and manager of independent-living, assisted-living and long-term-care communities since 1978. For more information, call (800) 781-9939. Benchmark Assisted Living of Wellesley Hills, Mass., announced the opening of Harbor Point at Centerville, Cape Cod's first assisted-living community exclusively dedicated to serving the needs of those with memory loss. Benchmark also broke ground on Bay Square at Yarmouth, a 60-apartment, senior-living community located in Yarmouth, Mass. For more information, call (888) 374-6700.
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