OCEAN PINES, Md. — Colliers International has arranged the sale of Catered Living of Ocean Pines, a 32-bed assisted living and memory care community in Ocean Pines, a small community located on Maryland’s Eastern Shore. A local operator sold the community to a private operator and investor for $5.5 million. The asset is situated on one acre and consists of two 9,600-square-foot buildings, each with 16 private suites. It has been in operation since 2001. Bob Gaines of Colliers arranged the sale.
NEW YORK CITY — Monticello Asset Management LLC, a New York-based specialized private real estate and asset-based lender, has hired Jung Park as managing director. Park will oversee the company’s expansion to the West Coast, managing the new Los Angeles office. Park was managing director of Pacific Western Bank’s Healthcare Finance Group (formerly known as CapitalSource), where he managed the national lending healthcare practice and helped originate and underwrite over $1 billion in healthcare loans. Prior to that role, he was a key member of CapitalSource’s healthcare team that acquired …
GREER, S.C. — Phoenix Senior Living has formed a joint venture with Whitehall Development Group to take over operations of Thrive at Greer in Greer, approximately midway between Greenville and Spartanburg. Wells Fargo is the lending partner. Phoenix will rebrand the property as “The Phoenix at Greer.” The property features 89 units of assisted living and memory care.
MESA, Ariz. — Alliant Capital and Dominium have unveiled plans for Solstice of Mesa, an affordable seniors housing community in Mesa. All 237 units will be reserved for those over age 55 and earning up to 60 percent of area median income. Development is slated for completion in October 2021.
BRENTWOOD, Tenn. — Brookdale Senior Living Inc. (NYSE: BKD) has hired longtime healthcare executive Cindy Kent for the newly created position of executive vice president and president of senior living. Kent will join Brookdale in early January and will report to CEO Lucinda Baier. Kent has held global commercialization roles at 3M, Medtronic and Eli Lilly. Most recently, she served as president and general manager of the 3M Infection Prevention Division and a member of the company’s Executive Conference. In her prior roles, Kent successfully partnered with key industry stakeholders …
AUSTIN, Texas, and ALBUQUERQUE, N.M. — As advisor to Titan Development and EverWest Real Estate Investors, Cushman & Wakefield Senior Housing Capital Markets has arranged the sale of a pair of seniors housing assets in the Austin and Albuquerque metro areas. A joint venture between Watermark Retirement Communities and a global real estate investment manager acquired the properties for an undisclosed price. The portfolio consists of two new buildings with nearly identical layouts and unit mixes, each consisting of 77 assisted living units and 36 memory care beds, for a …
CINNAMINSON TOWNSHIP, N.J. — Capitol Seniors Housing has completed construction of a new clubhouse and two of the remaining five residential buildings at Siena, an active adult community in Cinnaminson Township, a suburb of Philadelphia. Located on 15 acres, the community will feature 204 units upon full build-out. Capitol Seniors Housing acquired Siena in 2018. The owner is currently working to complete the community’s master plan that will total 12 buildings. The new residences range from 1,114 to 1,873 square feet. Cove Property Management operates the community.
JACKSONVILLE and STUART, Fla. — CBRE National Senior Housing has brokered the sale of Inspired Living of Jacksonville and Inspired Living of Stuart, both located in Florida. The portfolio offers approximately 300 units and was in initial lease-up at the time of closing. Lisa Widmier of CBRE represented the seller, a privately held owner-developer. The buyer was a large public REIT in partnership with a national, leading management company. The price was not disclosed.
CHERRY HILL, N.J. — Dwight Capital has provided a $50.8 million loan for Silver Healthcare Center, a 246-bed skilled nursing facility in Cherry Hill, a suburb of Philadelphia. The 129,530-square-foot property was built on 7.9 acres in 2002. The use of the HUD loan was not disclosed.
IRVING and PLANO, Texas — Cushman & Wakefield Senior Housing Capital Markets has arranged the sale of two seniors housing communities in the Dallas Metroplex. A real estate investment company acquired the properties for an undisclosed price. The communities total 265 units and include MacArthur Hills in Irving and Prestonwood Court in Plano. Senior Lifestyle Corp. manages both assets. The two Class A, infill properties offer a combination of independent living, assisted living and memory care. MacArthur Hills was recently constructed, while Prestonwood Court has a long history of strong …