CAROL STREAM, Ill. — Covenant Living Communities and Services has started construction of a $21 million expansion project at Covenant Living at Windsor Park in Carol Stream, approximately 25 miles west of Chicago. The project will add 36 new assisted living residences and a new rehabilitation area for physical and occupational therapy. It will also include an HVAC system designed for air purification and improved indoor air quality. In addition to new assisted living apartments, there will also be renovations to the existing Windsor Park Manor at Covenant Living with …
RYE, N.H. — Benchmark Senior Living has acquired the real estate and operations of Evolve at Rye, a 40-unit memory care community in Rye, located approximately midway between Boston and Portland, Maine. Benchmark operates 62 seniors housing communities in New England, of which 60 feature memory care services. This is the company’s sixth property in New Hampshire. “Dementia affects over 100,000 people in New Hampshire, and there are not enough resources to support Seacoast families,” says Allison Melahouris, senior vice president of operations for Benchmark’s Mind & Memory Care division. …
CATHEDRAL CITY, Calif. — National Community Renaissance (National CORE) has received $7.7 million in funding for planned renovations to Cathedral Palms Senior Apartment Homes in Cathedral City, approximately 120 miles east of downtown Los Angeles. The property is one of the organization’s oldest affordable housing communities. Ever since acquiring this community in 1996, National CORE has been developing plans to revitalize the 1950s-era development. “This renovation has been in the works for years,” says Steve PonTell, National CORE’s president and CEO. Funding sources for the redevelopment include the State of …
DALLAS — Blueprint Healthcare Real Estate Advisors has brokered the sale of Lakeland Hills Senior Living, a 170-unit seniors housing community in Dallas. Originally built in 1987, the community was renovated in 2013 with several additional capital investments and upgrades completed since 2016. Following a previous operator transition, the REIT owner converted over 20 percent of the assisted living units to establish Lakeland Hills as exclusively independent living. Occupancy declined immediately following the conversion, but steadily improved month-over-month as the community was repositioned as an affordable independent living provider. Blueprint …
CLEVELAND — KeyBank Real Estate Capital (KBREC) and KeyBanc Capital Markets (KBCM) have secured $31 million of financing for National Church Residences, which will use the funds to renovate an affordable seniors housing community in Cleveland. Built in 1976, the 171-unit Carnegie Tower at Fairfax is a 12-story, project-based Section 8 apartment building on two acres adjacent to the Cleveland Clinic. The units are available in one- and two-bedroom configurations. The project will preserve the building as affordable housing and ensure the long-term viability of the development. KBREC provided $14 …
CHICAGO — Evans Senior Investments (ESI), a Chicago-based brokerage firm, has arranged the sale of 21 skilled nursing facilities in the Midwest. The transactions represented the exit from the long-term care industry of a a regional owner-operator. The portfolio consisted of three separate transactions for each state — Indiana, Iowa and Illinois. The combined purchase price for all three transactions was $86 million, or $54,0000 per functional bed/unit. The Indiana portfolio consisted of 11 communities totaling 751 licensed skilled nursing beds and 109 senior living units. At the time of …
PENSACOLA, Fla. — The Paces Foundation has opened Brownsville Manor, an affordable housing community for seniors in Pensacola. The property features 88 one- and two-bedroom units and is over 80 percent leased. The units will benefit from state-of-the-art heating and cooling units, high-efficiency water heaters, as well as water-saving showers and plumbing fixtures. Brownsville Manor is the second affordable housing community that The Paces Foundation has built for seniors in Pensacola. The first, Fairfield Manor, was awarded a LEED Platinum certification and opened five years ago.
BRUNSWICK and NILES, Ohio — United Church Homes has acquired two apartment communities for older adults from Harbor Woods Living. The properties, built in 2016, are located south of Cleveland in Brunswick and Niles, and operate as Harbor Woods Living at Brunswick and Harbor Woods Living at Niles. Each four-story building features 127 one- and two-bedroom apartments. This acquisition is part of United Church Homes’ plan to expand its portfolio of middle-market housing for older adults.
BOZEMAN, Mont., and SEATTLE — Ziegler has arranged $42.6 million in financing for the acquisition of two seniors housing properties near Seattle and another in Bozeman. The borrower is Radiant Senior Living, which has brought the three properties into its portfolio. The financing consisted of a combination of senior and mezzanine debt, with Congressional Bank providing the senior debt and a national senior housing fund providing the mezzanine debt. Radiant acquired the portfolio from a publicly traded healthcare REIT as part of its expansion efforts across the country. The properties …
DALLAS — While seniors housing will continue to be impacted over the near term as a result of the COVID-19 pandemic, investors believe the sector has turned the corner from 2020’s significant challenges, according to the CBRE U.S. Seniors Housing & Care Investor Survey. Investors responding to the survey indicate that tempered investment growth is likely in the short term, with a full recovery to take longer. In the long term, respondents are encouraged by an aging population and a greater understanding of the threats posed by the pandemic. Seniors …