COLVILLE, Wash. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Pinewood Terrace, a 92-unit skilled nursing facility located in Colville, a tiny city of fewer than 5,000 residents in the northeastern corner of Washington State. Cascadia Healthcare acquired the property for an undisclosed price. The seller was looking to exit Washington for states with more favorable reimbursement rates and lower regulatory hurdles. Cascadia, meanwhile, is growing its regional team in the Washington and northern Idaho markets to help with quality of care and synergy between local buildings.
DENVER — iN2L + LifeLoop, a Denver-based senior living engagement, wellness and community operations platform, has named Navin Gupta as chief executive officer. Gupta will focus on furthering the combined organization’s mission to impact the aging experience in North America by accelerating its strategic growth. Lisa Taylor, iN2L’s CEO for the past four years, will remain involved as a strategic advisor. With more than two decades in healthcare, security and telecommunications, Gupta recently worked for the home health and hospice division at MatrixCare. He also spent decades leading product development …
NewPoint Real Estate Capital Expands Seniors Housing Finance Solutions with Agency Loan Capabilities
WASHINGTON, D.C. — NewPoint Real Estate Capital, a Washington-based lender, has expanded its financing offerings to include seniors housing agency loans. The expansion comes as NewPoint has been designatnated as an approved Fannie Mae seniors housing lender and Freddie Mac Optigo seniors housing lender. NewPoint’s seniors housing agency platform offers fixed- and floating-rate loans with interest-only options and a variety of prepayment structures. Eligible properties include independent living, assisted living and memory care facilities, as well as facilities with a limited amount (maximum 20 percent of NOI) of skilled nursing. …
By Steven Leone and Richard C. Quinn, Spiezle Architectural Group Over the past several years, design trends have painted an interesting picture for future life plan communities that stray from what we have seen for decades. Life plan communities (previously known as continuing care retirement communities, or CCRCs) are nothing new. But with an older population growing and thriving, these life plan communities (LPCs) are shifting away from the traditional continuum of care-based models to a more independent version of health- and wellness-centric focus with little to no care. This …
ATLANTA — The labor shortage that continues to hamper the seniors housing industry is taking a toll on the capital markets side of the business as owner-operators find themselves underwriting increased costs that are ultimately causing profit margins to shrink and spooking some potential investors. The dearth of qualified and committed staffers at all levels of seniors housing was exacerbated by the pandemic. But other macro-level factors — low overall unemployment, stiff competition with hospitality and healthcare users, elevated demand for flexible work routines — are amplifying the problem, even …
GAINESVILLE, Fla. — Greystone has arranged $52.6 million in debt and equity construction financing for Discovery Place at Celebration Pointe in Gaineville. The community will feature 180 units of seniors housing. The type of care was not disclosed Cary Tremper and Matt Miller of Greystone originated the transaction on behalf of Discovery Senior Living.
GRAND FORKS, N.D. — Karen Dubrosky and Frank Hogan of the Minneapolis office of Colliers Mortgage and Colliers Securities, respectively, have closed a $10.9 million HUD loan for the acquisition and rehabilitation affordable housing portfolio in Grand Forks. Located near the Red River, which forms the border between Minnesota and North Dakota, the portfolio totals 182 units of affordable housing across three properties. University Square includes 60 multifamily units, Columbia Square East includes 50 seniors housing units and Columbia Square South includes 72 multifamily units. All units are covered by …
BOCA RATON, Fla. — Boca Raton-based Foundry Commercial has hired Zachary Strunk as vice president of operations for seniors housing. Strunk brings more than a decade of experience overseeing, leading and directing operations in skilled nursing, assisted living and memory care communities. Strunk joins Foundry from Balfour Senior Living in Colorado, where he worked for five years, most recently serving as senior director of operations. He was responsible for supporting the overall operations of the Balfour Senior Living portfolio while also ensuring that the services offered met or exceeded the …
Institutional Property Advisors Arranges Sale of 277-Unit Active Adult Community Near Salt Lake City
DRAPER, Utah — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Ivy at Draper, a 277-unit active adult community in Draper, a southern suburb of Salt Lake City. Ivy at Draper features freeway access, with connectivity to interstates 15, 215 and 80 and immediate access to Bangerter Highway, a main thoroughfare throughout the Wasatch Front. The buyer, seller and price were not disclosed. “Draper City’s prestigious location at the Point of the Mountain, in the south end of Salt Lake Valley and …
MADISON, Ala. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Heritage Assisted Living and Memory Care, a 46-unit seniors housing community. Located in Madison, a western suburb of Huntsville, the community is in a growing residential, medical and commercial corridor. The units are split as 30 for assisted living and 16 for memory care on a 4.9-acre site. The seller was a local ownership group of physicians who had originally developed the asset. The building was not fully stabilized regarding rental rates or expenses, but was near …