LOGANVILLE and CONYERS, Ga. — Phoenix Senior Living, a privately-held senior living operator with communities throughout the Southeast, has entered into a joint venture with White Oak Healthcare REIT. The new venture will launch with two seniors housing acquisitions in metro Atlanta.
Acquisitions
CBRE Arranges Acquisition Loan for 120-Unit Assisted Living, Memory Care Asset in Near West Palm Beach
by Jeff Shaw
PALM BEACH GARDENS, Fla. — CBRE National Senior Housing has secured financing for the acquisition of HarborChase of Palm Beach Gardens, an assisted living and memory care facility in Palm Beach Gardens, 15 miles north of West Palm Beach, Fla. The borrower is a joint venture between Silverstone Senior Living and Crescent Real Estate. An affiliate of Silverstone, in partnership with an institutional equity partner, developed the 120-unit property, which opened in 2017. On-site amenities include a virtual bowling alley, doctor’s office and an art studio. Harbor Retirement Associates will continue …
1031 Crowdfunding Acquires 100-Bed Assisted Living, Memory Care Facility in Southern California for $20.1M
by Jeff Shaw
RANCHO CUCAMONGA, Calif. — 1031 CF Properties, an affiliate of 1031 Crowdfunding, has purchased an assisted living and memory care facility located in Rancho Cucamonga for $20.1 million. Meridian Senior Living operates the 100-bed property. Additional terms of the transaction were not released. 1031 Crowdfunding is an online marketplace where real estate investors can find, view and purchase a variety of available, turn-key, investment-grade properties.
BROOKINGS, ORE. — A regional operator has acquired Ocean Park Memory Care, a memory care facility located on Route 101 in Brookings. An undisclosed REIT sold the property for $3.4 million. Situated on 16.9 acres, the 21,026-square-foot facility features 40 units offering a total of 55 memory-care beds. Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction.
LANCASTER, MARION and CIRCLEVILLE, Ohio — O&M Investments has purchased a three-property skilled nursing portfolio in Central Ohio. A publicly traded REIT and a national operator sold the portfolio for an undisclosed price. The properties are Homestead Center in Lancaster, Presidential Center in Marion and Circleville Center in Circleville. The three facilities were built or expanded in the 1980s and most recently renovated in the early 2000s. The portfolio originally consisted of 302 licensed beds, however Blueprint advised on the decertification of five beds, resulting in 297 combined licensed beds …
PEORIA, Ill. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Courtyard Estates of Peoria, a supportive living facility in Peoria. A large long-term care owner/operator based in Illinois sold the asset to a supportive living facility owner/operator for $8.2 million. Originally built in 1970 as a Peoria Landmark hotel, the property was renovated and converted into a supportive living community in 2011. Situated on 5.5 acres, the 110,315-square-foot facility features 100 supportive living beds in a mix of studio and one-bedroom layouts. At the time of sale, the …
Chicago Pacific Founders Acquires Assisted Living, Memory Care Community in Richardson, Texas
by Jeff Shaw
RICHARDSON, TEXAS — Chicago Pacific Founders and its subsidiaries, CPF Living Communities and Grace Management, have purchased Twin Rivers Assisted Living and Memory Care, a seniors housing community located in Richardson. Situated on five acres, the community features 83 assisted living and memory care units, as well as amenities and programming for residents. The buyer plans to invest in the facilities to enhance the quality of life for all stakeholders — residents, families, associates and prospective residents. Terms of the deal were not disclosed. Grace Management will manage the property.
Greystone Provides $16.5M Freddie Mac Loan for Age-Restricted Community Acquisition in New Jersey
by Jeff Shaw
MONROE TOWNSHIP, N.J. — Greystone has provided a $16.5 million Freddie Mac Program Plus loan for the acquisition of Waterside Villas, an age-restricted community located in the Concordia neighborhood of Monroe Township. Sela Realty was the borrower and buyer. John Williams and Ephraim Kantor of Greystar’s New York office originated the loan, while Adam Zweibel of Gebroe-Hammer brokered the transaction. The loan carries a 10-year term and 30-year amortization schedule with a low, fixed interest rate and interest-only payments for the first five years. Built in 2009, Waterside Villas is a …
SLIB Negotiates $21.5M Sale of 186-Bed Skilled Nursing Facility in Chambersburg, Pennsylvania
by Jeff Shaw
CHAMBERSBURG, Pa. — Senior Living Investment Brokerage (SLIB) has negotiated the $21.5 million sale of Falling Spring, a skilled nursing facility located at 201 Franklin Farm Lane in Chambersburg, approximately 55 miles southwest of Harrisburg, Pa. Built in 1968 on nearly nine acres, the approximately 100,000-square-foot community features 186 skilled nursing beds. At commencement of marketing, the property generated nearly $3 million in annual net operating income at approximately 88 percent occupancy. Matthew Alley, Toby Siefert and Nick Cacciabando of SLIB represented the unnamed seller and secured the undisclosed buyer in …