BIRMINGHAM, Mich. — Lument has arranged a $168 million bridge loan for a skilled nursing portfolio on behalf of Mitchell Family Office (MFO), a Birmingham-based investment firm focused on the healthcare industry. Proceeds of the loan funded the acquisition of the skilled nursing division of American Health Partners and was part of a larger acquisition plan in which MFO acquired all the interests of American Health Partners for an undisclosed price. Leading the transaction for Lument were Conner Girdley, director for seniors housing and healthcare, and Brandon Gill, vice president …
TUCSON, Ariz. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired The Ranch Estates of Tucson, a 107-unit senior living community in Tucson. The property was previously known as Sage Desert Assisted Living and Memory Care. Grace Management will take over operations. The Ranch Estates of Tucson is located in North Tucson’s Casas Adobes community, near Oro Valley. Blueprint Healthcare Real Estate Advisors arranged a non-recourse acquisition loan through Truist on behalf of CPF. The seller and price were not disclosed. The …
WAYZATA, Minn. — Senior Living Investment Brokerage has arranged the sale of a 67-unit independent living and assisted living property in Wayzata, approximately 13 miles west of Minneapolis. The 78,000-square-foot property is located on a four-acre plot and was vacant at the time of sale. A nonprofit entity sold the property to a local owner-operator for $7.2 million. The buyer plans to implement a renovation plan before reopening the community Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction.
ANAHEIM HILLS, Calif. — Avanath Capital Management has purchased Overlook at Anaheim Hills, a seniors housing property in Anaheim Hills. An undisclosed seller sold the property for $87.5 million. Built in 2001, Overlook consists of seven two- and three-story garden-style buildings offering a total of 261 units with an average unit size of 751 square feet. Community amenities include a community center, clubhouse, business center, pool, spa, fitness center and billiard room. At the time of sale, the property was nearly 100 percent occupied. Avanath plans to implement a variety …
ATLANTIC CITY, N.J. — Standard Communities, the affordable housing division of Standard Cos., has acquired Baltic Plaza Apartments, a 169-unit affordable seniors housing community in Atlantic City. The total capitalization of the transaction, including the sales price, a $10 million renovation plan and other costs, is approximately $38 million. Built in 1982, Baltic Plaza’s units are supported by a Project-Based Section 8 Housing Assisted Payment (HAP) contract. The property is Standard Communities’ first acquisition in New Jersey. Standard Communities completed this transaction in partnership with the U.S. Department of Housing …
SOUTHFIELD, Mich. — JLL Capital Markets has closed the $17 million sale of and arranged $25.4 million in acquisition and renovation financing for The Park at Trowbridge, a 298-unit seniors housing community in the northern Detroit suburb of Southfield, Michigan. JLL worked on behalf of a private investor seller to complete the sale to a regional owner-operator of multi-housing and age-restricted housing. JLL also represented the buyer in arranging the non-recourse acquisition and renovation loan from a regional bank. The property currently operates as an independent living facility, but the …
MINNEAPOLIS — ORIX Corp. USA has completed a $44.8 million tax-exempt and taxable bond financing to fund the acquisition of five seniors housing communities that are part of the Coventry Properties of Minnesota. The communities are located within the greater Minneapolis area and total 153 assisted living and memory care units. Coventry develops and operates a portfolio of high-acuity seniors housing communities located throughout Minnesota. Coventry communities focus on providing care for residents who do not need skilled nursing care, but require more assistance than larger assisted living facilities may …
HICKSVILLE, Ohio — Blueprint Healthcare Real Estate Advisors has arranged the sale of Hickory Creek at Hicksville, a 61-bed skilled nursing facility in Hicksville, located just across the state border from Fort Wayne, Indiana. The property was built in 1966 and features mostly semi-private rooms Representing the non-profit regional operator’s only location in the state, the REIT landlord and its tenant sought an exit. The buyer and price were not disclosed.
CAMBRIDGE, Mass. — MassDevelopment has issued $18.7 million in tax-exempt bond financing for Cambridge Housing Authority’s acquisition and renovation of Harry S. Truman Apartments, a 59-unit affordable seniors housing community in Cambridge. In addition to the tax-exempt bond financing, MassDevelopment assisted the Massachusetts Department of Housing and Community Development with the approval of federal low-income housing tax credits, which will provide approximately $13.8 million in equity for the project. Boston Private Bank purchased the bonds. Located across the Charles River from Boston, Harry S. Truman Apartments is part of the …
LEANDER, Texas — True Connection Communities (TCC) has expanded its operating platform with the addition of Skye Luxury Senior Living, a 156-apartment independent living community in Leander, a northwestern suburb of Austin. A value-add opportunity, TCC plans to upgrade the nearly four-year-old community by improving design elements in select apartments, modifying the dining room to accommodate more dining tables, and enhancing the pool deck to create a more inviting space for residents. The community will be rebranded as Verena at Leander. True Connection Communities operates a portfolio of 13 active …