ESCONDIDO, Calif. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Las Villas Del Norte, a 185-unit assisted living and memory care community in Escondido. A publicly traded REIT sold the property for an undisclosed price. The buyer was a locally based and privately held real estate investment firm with experience repurposing senior care properties. Constructed in 1986 with an expansion completed in 2006, Las Villas Del Norte is situated in an affluent submarket north of San Diego. The community had initially offered a wider spectrum of senior …
STRATFORD, Conn. — Coastal States Bank has provided a $13.1 million senior loan to affiliates of Woodbine Senior Living. The financing will be used for the acquisition of a 100-unit licensed assisted living community in Stratford. Excess funds will be used to help bring the 88,825-square-foot property to stabilization. The name of the property was not released. Woodbine Senior Living partnered with Locust Point Capital, which provided a $5 million preferred equity investment.
Considering interoperability can boost a facility’s bottom line. By Danielle Myers, general manager, Status Solutions Operating a senior living facility is a huge undertaking. The endeavor to improve residents’ quality of life, while also maintaining a work environment that keeps both staff and residents happy and safe each day, can be both stressful and costly. This burden can weigh down the whole community, which is why it’s important that senior living facility operators maximize all of their current investments. The majority of senior living facilities utilize a variety of technology …
NEW YORK CITY — JLL has arranged a $47.5 million loan for the refinancing of The 80th Street Residence, an assisted living facility in Manhattan. The property specializes in enhanced memory care and comprises 61 units and 70 beds. IDB Bank, a New York-based private and commercial bank, provided the loan. Peter Rotchford, Zach Rigby, Jason Skalko and Dillon Donald of JLL arranged the loan on behalf of property owners Wayne Kaplan and Larry Morehead.
SPRING, Texas — Frontier Management has broken ground on The Landing at Augusta Woods, a 120-unit seniors housing community in Spring, a northern suburb of Houston. The property, which will include 75 units for independent living and 45 assisted living units, is set to open in early 2021. The project team includes general contractor Regent Construction, architect Jeffrey DeMure & Associates and construction lender UCB. Frontier Management will operate Landing at Augusta Woods, joining the more than 100 seniors housing communities in its management portfolio.
LISBON AND MINERAL RIDGE, Ohio — Cambridge Realty Capital Cos. has provided two loans through the U.S. Department of Housing and Urban Development’s LEAN mortgage insurance program. The $24 million will refinance debt on The Vista Care Center and The Ridge Care Center. An Ohio-based limited liability company was the borrower. The Vista Care Center, located in Lisbon, is a 76-bed skilled nursing and assisted living facility. The Ridge Care Center, located in Mineral Ridge, is a 181-bed skilled nursing and assisted living facility. Cambridge provided a fully amortized, 30-year …
WICHITA, Kan., and OKLAHOMA CITY — Blueprint Healthcare Real Estate Advisors has arranged the sale of two assisted living communities located near Oklahoma City and Wichita. A publicly traded REIT and a national operator sold the properties to a family-owned operator based in Kansas. The prices, names and specific locations were not disclosed. With a combined 52 total units and 16,000 square feet, the primarily private pay communities were built in 1993/1994 and renovated in 2016. Both were over 90 percent occupied. Ben Firestone, Michael Segal and Alex Florea of …
LAWRENCEBURG, Indiana — Evans Senior Investments (ESI) has arranged the sale of Shady Nook Care Center, a 94-bed skilled nursing facility in Lawrenceburg, located along the Ohio River near the Kentucky and Ohio borders. An independent owner-operator with only this community in the state was the seller. A national owner-operator group bought the property for $9 million, or $96,000 per bed. Built in 1983, Shady Nook Care Center is located in a tertiary submarket of Cincinnati, Ohio. The facility was 79 percent occupied.
LITTLETON, Colo. — Resort Lifestyle Communities has opened Sky Pointe, an independent living community in the Denver suburb of Littleton. Sky Pointe offers 128 apartments for rent in studio, one-, two- and three-bedroom options. “From our research, we found that Denver’s metro was in great need of additional independent senior living options,” says Phil Benjamson, COO of Resort Lifestyle Communities. Based in Lincoln, Neb., Resort Lifestyle Communities has 45 independent living communities either open or under construction throughout the country.
SAINT PAUL, Minn. — Evans Senior Investments (ESI) has arranged the sale of Coventry of Mahtomedi, a 48-unit assisted living and memory care community in Saint Paul. National Health Investors (NYSE: NHI) acquired the property for $9.2 million or $192,000 per unit. The new owner is bringing in a regional group, 41 Management LLC, to operate the community. The master lease between NHI and 41 Management is for 15 years, includes two five-year renewal options, and has fixed annual escalators at 2.5 percent. ESI represented the undisclosed seller in the …