Alabama

BIRMINGHAM, Ala. — Ziegler has served as sell-side financial advisor for the sale of St. Martin’s in the Pines, a 316-unit continuing care retirement community in Birmingham. Diversicare Healthcare Services acquired the property from the independent ownership board. The price was not disclosed. Located in the eastern outskirts of the city near the Mountain Brook and Homewood suburbs, the property is near the University of Alabama at Birmingham and the UAB hospital system. The community comprises a four-story independent living facility with 97 apartments, a two-story assisted living and memory …

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AUSTIN, Texas; DOUGLASVILLE, Ga.; and MOBILE, Ala. — BWE has arranged $15.3 million in permanent loans to finance three affordable housing communities in Austin, Douglasville and Mobile. Jon Killough and Tony Love originated the loans using HUD’s RAD for PRAC initiative, a new tool designed to preserve existing Section 202 housing as well as create new Section 8 housing across the country. Traditionally, Section 202 PRAC rental assistance could only be used for operating expenses, not debt servicing. The RAD for PRAC process allows borrowers to convert PRAC subsidies to …

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HUNTSVILLE, Ala. — Pennrose, the Huntsville Housing Authority (HHA), BLOC Global Development Group (BLOC) and other project partners have opened Stoneridge Villas Phase II, which adds 65 affordable seniors housing units to the Stoneridge Villas development at 1700 Balch Road. With the completion of the second and final phase, Stoneridge Villas now features 145 units and supportive services on a 21.7-acre site. Stoneridge Villas Phase II includes a mix of one and two-bedroom units for seniors in cottage-style buildings. All 65 units will be fully adaptable, with five apartments wheelchair-accessible …

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MOBILE, Ala. — Proveer has acquired Vitality Living Regency, a seniors housing community in Mobile. The community features 70 assisted living units and 20 memory care units. The acquisition marks the eighth overall for Proveer, its fifth in the state of Alabama and second in Mobile. Blueprint Healthcare Real Estate Advisors brokered the sale. Proveer’s business model is a value-add strategy that includes purchasing communities at a relatively low basis, renovating the buildings and rebranding them under the Proveer flag. The community is now known as Proveer at Port City. …

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ALABAMA — Capital Funding Group (CFG) has provided $84.7 million in bridge-to-HUD financing for the acquisition of seven skilled nursing facilities and one assisted living community in Alabama. The borrower is Venza Care. The portfolio totals 797 beds. Capital Funding Group’s Craig Casagrande and Andrew Jones originated the transaction.

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ALABAMA — Blueprint Healthcare Real Estate Advisors has arranged the sale of three seniors housing communities in Alabama. Sold by a publicly traded REIT, the portfolio consists assisted living and memory care communities totaling 202 units across the state’s three largest metros. The assets were originally constructed in 1999 and 2000. Texas-based Proveer Senior Living acquired the properties and plans to undertake significant capital projects across the assets. This acquisition strategically enhances the buyer’s growing footprint throughout the state of Alabama. The price was not disclosed.

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MOBILE, Ala. — Blueprint Healthcare Real Estate Advisors has brokered the sale of Knollwood Healthcare & Gordon Oaks Senior Living, a continuing care retirement community (CCRC) in Mobile. Originally constructed in 1985 and expanded in 1987, 1993 and 1996, the property features 279 units of skilled nursing, independent living, assisted living and memory care. Blueprint represented the court-appointed receiver, Healthcare Management Partners, in the fall of 2021 to run a competitive marketing process to select a stalking horse bidder. That bidder, MED Healthcare, eventually became the buyer. The price was …

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MADISON, Ala. — Senior Living Investment Brokerage (SLIB) has arranged the sale of an assisted living and memory care community in Madison, a suburb of Huntsville. A local ownership group of physicians that originally developed the asset was the seller. The building was not fully stabilized with respect to rental rates or expenses, but was near full occupancy at the close of escrow according to SLIB. The buyer, an Alabama-based owner-operator, plans to stabilize the asset and hold it over the long term. Brad Clousing and Daniel Geraghty led the …

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MADISON, Ala. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Heritage Assisted Living and Memory Care, a 46-unit seniors housing community. Located in Madison, a western suburb of Huntsville, the community is in a growing residential, medical and commercial corridor. The units are split as 30 for assisted living and 16 for memory care on a 4.9-acre site. The seller was a local ownership group of physicians who had originally developed the asset. The building was not fully stabilized regarding rental rates or expenses, but was near …

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MADISON, Ala. — KIRCO has delivered and opened Madison Crossings, an independent living and memory care community in Madison, about 10 miles from downtown Huntsville. Phoenix Senior Living operates the community, which features an outdoor swimming pool, wellness center, dining experience, pub, beauty salon and spa, yoga studio, outdoor pickleball and bocce ball courts. Madison Crossings comprises 105 independent living apartments and 27 memory care residences. The property represents the 10th seniors housing facility in Alabama operating under the Phoenix Senior Living brand. KIRCO MANIX, a third-party construction services firm …

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