Lifestyle

Transactions and Financings: Merrill Gardens Adds Three to Management Portfolio; G Capital Markets Arranges $15M Loan

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Management transactions 

Merrill Gardens named management company for multiple communities

Senior living owner-operator Merrill Gardens announced the management of three new communities in Missouri and Washington, according to a news release from the Seattle, Wash.-based company.

Merrill Gardens is now the management company for Murano Senior Living in Seattle, Washington and Merrill Gardens at Tukwila, Washington.

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Murano Senior Living is a 243-unit high-rise senior living community with independent living, assisted living and memory care. Amenities include a fitness center, art studio, theater, bar, two restaurants, sky lounge, dog run, golf simulator, piano lounge and outdoor terrace. Units range from studios to two-bedroom penthouses.

Merrill Gardens at Tukwila is a new-build and offers 135 apartments with IL, AL and memory care in proximity of the Westfield Southcenter Mall.

Mission Ridge in Springfield, Missouri is also a new-build community and includes 103 studio, one- and two-bedroom apartments with IL, AL and memory care. Amenities at the community include a rooftop pub and fitness center.

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HDG announces management of Iowa community

Health Dimensions Group (HDG) announced the management of Country Manor Memory Care as of last month, according to a news release from the Minneapolis, Minn.-based company.

With the management agreement, HDG will implement its proprietary memory care program known as Enrichment Beyond Expectations with personal care plans with a daily routine structure.

HDG manages over 50 senior living communities along with additional health care, real estate and financial consulting.

Financings

G Capital Markets closes California community recapitalization

G Capital Markets closes recap for California community recently completed a recapitalization of an assisted living community in Livermore, California, according to a news release from the capitali advisory firm.

The community was built in 2021 and includes 59 units of assisted living, with the property showing “strong performance for several years” with margins well-over 40% and occupancy of 90%, the release states.

G Capital Markets arranged the $15.5 million credit facility with a regional banking partner that had an interest rate spread “in the low 300s,” the release said.

The property is now part of a “broader permanent portfolio refinancing that is set to close next year.

Ziegler finances cancer center

Chicago-based investment bank Ziegler announced the closing of bond financing for the Wadena Cancer Center, a step that will broaden health care service access in the central Minnesota area, the company announced in a news release.

Astera Health entered into a joint venture (JV) in collaboration with CentraCare Health System to establish the Central Minnesota Cancer Center LLC.

Proceeds from the bond financing will pave the way for construction of the 15,350-square-foot cancer center that includes six clinic exam rooms, eight infusion bays. The cancer center will offer a full range of cancer care services, Ziegler said in the release.

Cambridge Realty Companies acquires California community

Cambridge Realty Companies announces the successful arrangement of a $5.95 million loan to acquire Twilight Haven Senior Living in Fresno, California.

The fully-amortized loan will span 25 years and was arranged for a California buyer with underwriting for the acquisition handled by a Utah-based industrial bank, the company said in a news release.

The release stated that the acquisition was an “opportunistic major turnaround for the non-profit seller to the for-profit buyer.”

The community includes 60 independent living units, 116 assisted living units and 50 skilled nursing beds with a range of services offered.

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