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Hayden Spiess

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Assisted LivingDevelopmentMemory CareNewsWisconsin

McShane to Build 72-Unit Assisted Living, Memory Care Community in Mukwonago, Wisconsin

by Hayden Spiess

MUKWONAGO, Wis. — McShane Construction Co. has been selected as the general contractor for Azura Mukwonago, a three-building, 72-unit assisted living and memory care community to be built in Mukwonago, roughly 30 miles southwest of Milwaukee. McShane is constructing the property on behalf of seniors housing developer and operator Azura Living. Positioned on a 6.4-acre site, the property will feature two assisted living facilities and one memory care building. The single-story, wood-frame buildings’ exteriors will integrate full stone veneer masonry and Hardie board. There will also be a barn on-site. Units will …

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Watercrest Fredericksburg Assisted Living and Memory Care
Assisted LivingDevelopmentMemory CareNewsVirginia

Watercrest Underway on 142-Unit Assisted Living and Memory Care Community in Fredericksburg, Virginia

by Hayden Spiess

FREDERICKSBURG, Va. — Watercrest Senior Living Group and partners Harbert Seniors Housing Fund II and Centric Development are underway on the development of Watercrest Fredericksburg Assisted Living and Memory Care in Fredericksburg, approximately 50 miles southwest of Washington, D.C.  Upon completion, the property will feature 142 units, with 106 assisted living and 36 memory care residences. Amenities at the community will include a promenade, fireplace lounge, dining options, a theater, library, spa, billiards and courtyards.  Centric Development is constructing the project, which is scheduled for completion in spring 2025. Carter Bank …

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AcquisitionsNewsWisconsin

SLIB Brokers Sale of 80-Unit Seniors Housing Portfolio in Wisconsin

by Hayden Spiess

FOND DU LAC AND DE PERE, Wis. — Senior Living Investment Brokerage (SLIB) has brokered the sale of a seniors housing portfolio in Wisconsin. A private equity group with holdings throughout the Midwest sold the portfolio, which totals 80 units across two communities, for an undisclosed price.  The properties include Sage Meadow of Fond du Lac in Fond du Lac and Sage Meadow of De Pere in De Pere. Fond du Lac and De Pere are roughly 70 miles northwest of Milwaukee and five miles south of Green Bay, respectively. The buyer …

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Assisted LivingDevelopmentIndependent LivingMemory CareNewsWashington

PMB, Springs Living Complete Development of 250-Unit Senior Living Community in Vancouver, Washington

by Hayden Spiess

VANCOUVER, Wash. — PMB and The Springs Living have completed the development of The Springs at Waterfront, a 250-unit senior living community located in Vancouver, roughly 10 miles north of Portland, Ore. Situated within the Waterfront master-planned, mixed-use community, the property comprises 360,000 square feet across 12 stories.  PMB served as the developer on behalf of The Springs Living. The project team also included general contractor Howard S. Wright and GBD Architects. Capital partners include Harrison St., Huntington Bank, City National Bank, Comerica Bank and First National Bank.  Opened earlier this …

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Brian-Chandler_Partner-Valuation-Advisors
AcquisitionsAssisted LivingFeaturesFinanceIndependent LivingIndustry VoicesInvestmentMemory Care

Seasoned Appraiser: Buyer-Seller Standoff Eases, Transaction Activity Picks Up

by Hayden Spiess

For over two years, a persistent bid-ask spread between buyers and sellers of seniors housing properties prevented many deals from getting done.  Seniors Housing Business (SHB) caught up with Brian Chandler, senior managing director and national practice leader for seniors housing for Raleigh, N.C.-based Partner Valuation Advisors. As an appraiser in the seniors housing and care sector, he is privy to in-progress deals months before closing, including transaction data.  He says a growing number of buyers and sellers are agreeing to close transactions and shares more here.  SHB: Some experts say a growing number …

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Plano, Texas Hotel Property
Assisted LivingDevelopmentFinanceMemory CareNewsTexas

Eastern Union Secures $20.4M Financing for Assisted Living Conversion Project in Plano, Texas

by Hayden Spiess

PLANO, Texas — Eastern Union has secured two loans totaling $20.4 million to finance the conversion of a former hotel property in Plano, Texas, into an assisted living community. Totaling 137 room across six stories, the building was most recently operated as a Deluxe Inn and was previously a Comfort Inn. Built in 1984 and renovated in 2005, the property has been owned and operated by Maheshbhai Patel since 2022.  Meir Abrahamson of Eastern Union arranged the transaction, which included a construction loan, as well as the refinancing of an existing …

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Residences-Mill-8_Ludlow-Mass
Affordable HousingDevelopmentMassachusettsNews

WinnCos., Westmass Open 95-Unit Mixed-Income Seniors Housing Community in Ludlow, Massachusetts

by Hayden Spiess

LUDLOW, Mass. — WinnCos. and Westmass Area Development Corp. have opened The Residences at Mill 8, a 95-unit mixed-income seniors housing community. Situated within a former mill building, the $43.2 million project features apartments for residents age 55 and older, with 43 units reserved for residents earning at or below 60 percent of the area median income (AMI), 40 market-rate units and 12 units reserved for residents earning at or below 30 percent of the AMI. All of the units have been leased, and full occupancy is expected by Dec. 1.  …

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Assisted LivingCaliforniaIndependent LivingNews

Cogir Senior Living Opens 158-Unit Seniors Housing Community in Metro Los Angeles

by Hayden Spiess

TORRANCE, Calif. — Cogir Senior Living has opened Cogir of South Bay, a 159-unit seniors housing community in Torrance, approximately 20 miles outside downtown Los Angeles.  Situated near the Del Amo Fashion Center and two miles from the ocean, the property features independent and assisted living residences. Amenities at the community include multiple dining venues, a bistro, fitness center, theater, salon, art room and an outdoor amenity deck with a pool.  Ryan Cos. US Inc. constructed the development on behalf of Cogir Senior Living. 

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AcquisitionsFinanceFloridaMarylandNewsSkilled Nursing

CFG Provides $207.1M Bridge-to-HUD Loan for Skilled Nursing Portfolio in Florida

by Hayden Spiess

BALTIMORE — Capital Funding Group (CFG) has provided a $207.1 million bridge-to-HUD loan to 980Investments to support the partnership buyout of a portfolio of skilled nursing facilities in Florida. Together, the facilities total 1,423 beds across 13 properties. Additionally, Capital Finance LLC, a subsidiary of CFG Bank, provided $15 million in accounts receivable financing to support the working capital needs of the facilities.  Andrew Jones and Ava Julio of Baltimore-headquartered CFG originated the bridge-to-HUD loan, and Jeffrey Stein of Capital Finance originated the accounts receivable working capital line of credit. 

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AcquisitionsNewsPennsylvaniaSkilled Nursing

Blueprint Arranges Sale of Nine Skilled Nursing Facilities in Metro Pittsburgh

by Hayden Spiess

PITTSBURGH — Blueprint has arranged the sale of nine skilled nursing facilities located in metro Pittsburgh. Kadima Healthcare Group acquired the properties from Comprehensive Healthcare Management Solutions, which is currently undergoing restructuring following a Chapter 11 bankruptcy filing this May.  The chief restructuring officer for Comprehensive Healthcare Management Solutions engaged Blueprint to handle the divestiture.  Operated under two brands — Maybrook and Consulate — the facilities together comprise 930 licensed skilled nursing beds, 19 personal care beds and 15 independent living units. 

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