The COVID-19 pandemic has been an existential crisis for the seniors housing industry, where the people most susceptible to the disease are the same who live in the communities. But many still believe in long-term viability and success of the sector. That was the message of panelists in a discussion titled “Four Weeks Out from the General Election: A Policy Discussion” held at the 2020 NIC Fall Conference. Being held virtually this year due to the pandemic, the event is still going on this week. Panelists included moderator Soledad O’Brien, …
STUART, Fla. — The United Group of Companies Inc. has received a $32 million construction loan from Knighthead Funding for The Sovana at Stuart, an active adult development in Stuart. The Class A community will feature one- and two-bedroom floor plans ranging from 710 to 1,410 square feet. The number of units was not disclosed. The Sovana at Stuart will also feature an 8,000-square-foot community clubhouse with a living room, fireplace, pantry kitchen, game room, arts and crafts room, media center, fitness center and private salon. The United Group’s affiliate, …
PATERSON, N.J. — KeyBank Community Development Lending and Investment (CDLI) has provided $5 million of financing for Radiant Property Management LLC, a Newark-based real estate services company. The funds will be used to acquire Rosa Parks Apartments, a Section 8 affordable housing property for seniors in Paterson. The five-story building features 50 units. Radiant Property Management will manage the property following the acquisition. Eric Steinberg of KeyBank’s CDLI team structured the financing.
MASSACHUSETTS — Blueprint Healthcare Real Estate Advisors has arranged the sale of four skilled nursing facilities totaling 572 beds in Eastern Massachusetts. A court-appointed receiver sold the facilities in two separate transactions. The price was not disclosed. A regional operator had taken over operations as interim manager. The company partnered with a capital partner to acquire all four facilities.
SAN BERNARDINO COUNTY, Calif. — JCH Senior Housing Investment Brokerage has arranged thes sale of an 83-Unit assisted living and memory care facility in San Bernardino County. The price was $13.9 million, or $168,000 per unit. The buyer, seller and name of the community were not disclosed. Jim Hazzard, and Cindy Hazzard handled the transaction process.
NEWTON, Mass. — The RMR Group Inc. (NASDAQ: RMR) has promoted Jennifer Francis to executive vice president. Francis will now lead the entire asset management division of RMR, adding the senior living and hotel segments to her previous responsibilities of overseeing asset management for the office, industrial and retail segments. Francis currently serves as president and chief operating officer of Diversified Healthcare Trust (NASDAQ: DHC), RMR’s seniors housing REIT. The new title will be in addition to her role with DHC. She is also responsible for asset management and leasing …
GREENSBORO, N.C. — LCS Development has started construction of a $75 million expansion at WhiteStone, a Masonic and Eastern Star seniors housing community in Greensboro. The project includes the addition of 67 independent living units, a building with 36 private suites for assisted living/memory care, and an extensive renovation of the existing skilled nursing facility. “We’re looking forward to enhancing our services with this expansion,” says Mark Lewis, executive director of WhiteStone. “The addition of the assisted living suites will complete the continuum of care for residents and allow our …
BOSTON — A joint venture led by Taurus Investment Holdings and Northbridge Cos. has acquired six Class A seniors housing properties located in suburban Boston submarkets for approximately $200 million. The 507-unit portfolio consists of assisted living and memory care. Northbridge, a developer, owner, operator and asset manager of senior living communities, already manages the properties. The seller was Welltower, the largest REIT in the seniors housing space. The acquisition marks Taurus’ first investment in the senior housing sector. The specific names and locations of the properties were not disclosed. …
ROCKY RIVER, Ohio — Evans Senior Investments (ESI) has brokered the sale of Rockport Senior Living, a 117-unit assisted living and memory care community in the Cleveland suburb of Rocky River. A local independent owner sold the property to an undisclosed buyer for $4.8 million, or $41,000 per unit. Built in 1967, Rockport Senior Living was originally a hotel that was converted into a senior living facility in 1986. Located less than 10 miles from downtown Cleveland, the facility has a unit mix of 108 assisted living units and nine …
COLUMBIA, S.C. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Amara Place, a seniors housing community in Columbia. The property features 38 independent living units, 32 assisted living units and 22 memory care units. The asset recently underwent a $2 million renovation project. Amara Place comprises seven buildings in 6.9 acres of land. An owner-operator looking to expand in the region acquired Amara Place from a private capital provider exiting the seniors housing industry. The price was not disclosed. Bradley Clousing and Jason Punzel of SLIB handled …