CAMDEN, S.C. — Phoenix Senior Living has formed a joint venture with Whitehall Development Group to construct The Colonial at Old Camden. The community will feature 43 units of assisted living and memory care in a 31,000-square-foot building. Camden is located approximately 35 miles northeast of Columbia. Construction is nearly complete, with residents expected to start moving in in March.
TENNESSEE — Monticello and its affiliates have provided $15.8 million in first lien debt financing for the acquisition and renovation of three assisted living and memory care communities in Tennessee. The portfolio totals 126 units. The borrower is an owner-operator with a current portfolio of 1,116 units. The names and locations of the properties were not disclosed.
MIAMI — Cushman & Wakefield has arranged the sale of 10 senior care facilities in Miami-Dade County for a combined price of $88.6 million as part of a value-add strategy. The portfolio includes a mix of assisted living and skilled nursing facilities, which together comprise 1,289 beds and 370,862 square feet. Robert Kaplan and Mark Rutherford of Cushman & Wakefield represented the seller, A.D.M.E. Investment Partners, in each transaction. The individual buyers were not disclosed. Bruce Gibson of Senior Capital Advisors was the co-broker on all transactions, except those for …
GRAND RAPIDS, Mich. — BB&T Capital Markets has closed on $70.2 million in bond financing to fund the expansion of Clark Retirement Community’s Keller Lake campus in Grand Rapids. The financing consists of $64.5 million in tax-exempt bonds and $5.7 million in taxable bonds, all at a fixed rate. The Keller Lake expansion is currently under construction. The project will add 53 independent living units to the community to the continuing care retirement community. Upon completion, Clark Retirement Community’s two campuses will total 185 independent living units, 230 assisted living …
LOS ANGELES — South Bay Partners, through a joint venture with LAMB Properties and Columbia Pacific Advisors, has started construction of The Variel in the Woodland Hills neighborhood of Los Angeles. The eight-story, mid-rise building will feature 215 independent living units, 94 assisted living units and 27 memory care units. The leasing office is scheduled to open this fall, with occupancy planned for winter of 2021. VTBS Architects and Rodrigo Vargas Design are the design team for the project. W.E. O’Neil Construction will serve as general contractor. West Bay Senior …
SOUTH JORDAN, Utah — Resort Lifestyle Communities (RLC) plans to break ground Wednesday, Feb. 19, on South Jordan View, an independent living community in South Jordan, a suburb of Salt Lake City. Units will be available in studio, one-, two- and three-bedroom options. The community will total 180,000 square feet and development costs are estimated at $30 million. The total number of units and timeline for completion were not released.
EDISON, N.J. — Spring Hills Senior Communities has hired Joseph Laudisio as senior vice president of strategic development. Laudisio has 25 years of experience in the industry, and will assist Spring Hills in developing a post-acute strategy for the company. “The post-acute area has always been undervalued for the impact that it can have on overall patient management, along with supporting initiatives related to managing overall cost of care,” says Laudisio. “Additionally, services offered in the post-acute area have never been coordinated throughout the continuum of care and have left …
LONGVIEW, Texas — MedCore Partners and The National Realty Group (TNRG) have acquired Parkview on Hollybrook, a 189-unit senior living community in Longview, approximately 60 miles west of Shreveport, Louisiana. The campus offers 126 independent living, 41 assisted living and 22 memory care residences. The buyers intend to develop land adjacent to the existing campus to add independent living cottages by early 2021. Integral Senior Living (ISL) will manage the community. JLL marketed the property on behalf of the seller, an Austin-based private equity group. The price was not disclosed. …
LOS ANGELES — Seniors housing development costs are expected to rise modestly in 2020, with labor and land the primary drivers of higher expenditure, according to research from CBRE, a global real estate services and investment firm based in Los Angeles. Total cost for a seniors housing development rose by 6.4 percent in 2019 to an average of $317 per square foot. Average returns (stabilized net operating income as a percentage of overall development costs) rose to 9.5 percent, up approximately 60 basis points in 2019. This is attributable to …
MADERA, Calif. — Evans Senior Investments (ESI) has arranged the sale of Cedar Creek Senior Living, a 112-unit independent living, assisted living and memory care community. The property is located in Madera, approximately 25 miles northwest of Fresno. Originally built in 2005, the community averaged 87.6 percent occupancy in the year leading up to the sale. ESI represented the seller, an independent owner. A California-based REIT acquired the property for an undisclosed price.