Tuesday, September 26, 2023
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Assisted Living

Michael Gehl FHA lending quote
Affordable HousingAssisted LivingContent PartnersFinanceIndustry ContentMemory CareSkilled Nursing

Improvement in Residential Healthcare Conditions Fuel HUD Loan Activity

by Sarah Daniels

It has been more than three years since COVID-19 lockdowns wreaked havoc on skilled nursing, assisted living and memory care facilities. Among other consequences, falling admissions and occupancies required many operators to seek or extend short-term loans to survive until brighter days. The good news is that, to a certain extent, those days have arrived: Rebounding occupancies are inching closer to pre-pandemic levels, higher Medicaid reimbursements are flowing to net operating income, and labor costs are stabilizing, says Michael Gehl, chief investment officer for FHA lending for NewPoint Real Estate …

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Assisted LivingCaliforniaFinanceNews

JLL Arranges $43.2M Loan for Varenita of Westlake in Thousand Oaks, California

by Jeff Shaw

THOUSAND OAKS, Calif. — JLL Capital Markets has arranged $43.2 million in financing for Varenita of Westlake, an 86-unit assisted living and memory care community in Thousand Oaks, approximately 40 miles west of Los Angeles. JLL represented the borrower, Westlake Senior Living, Center LLC, to secure the five-year loan from a regional bank. The Class A community consists of 58 assisted living units and 28 memory care units across three stories with surface and underground parking. The community features a mix of predominantly one-bedroom units, with some studios and two-bedroom …

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Assisted LivingNewsPeopleVirginia

Silverstone Senior Living Names Ray Dennison as Executive Director of The Providence Fairfax

by Jeff Shaw

FAIRFAX, Va. — Silverstone Senior Living has named Ray Dennison as the new executive director at The Providence, a luxury assisted living and memory care community in Fairfax, approximately 15 miles west of Washington, D.C. Dennison will oversee the day-to-day operations, care and programming for the rental senior living community.  Prior to joining The Providence, Dennison served as the executive director of various communities in the Washington, D.C. area, including Elance Luxury Living at West End in Alexandria and numerous Sunrise Senior Living properties. The Providence is one of three …

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AcquisitionsAssisted LivingNewsSouth Carolina

Blueprint Negotiates Sale of 61-Unit Florence Place in South Carolina

by Jeff Shaw

FLORENCE, S.C. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Florence Place, an assisted living and memory care community in Florence, approximately 80 miles east of Columbia. Originally constructed in 1999, the purpose-built seniors housing community featured 61 units in a prominent location within the submarket. Blueprint marketed the opportunity alongside 16 communities located throughout the Southeast, Midwest and Mid-Atlantic. The undisclosed seller decided to market the portfolio at the start of 2023, following the successful implementation of rate increases, which resulted in double-digit revenue growth over …

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AcquisitionsAssisted LivingConnecticutNews

Blueprint Arranges Sale of 100-Unit The Landing of North Haven in Connecticut

by Jeff Shaw

NORTH HAVEN, Conn. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of The Landing of North Haven, a 100-unit assisted living and memory care community in North Haven. Located near Long Island Sound south of Hartford, the community opened in late 2019 on an 11-acre campus. The seller is a national investor and developer. Inspired Healthcare Capital acquired the asset for an undisclosed price. Inspired plans to keep the existing operator. While lease-up progress was solid through COVID, rates and margin were always strong, leading to meaningful cash …

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AcquisitionsAssisted LivingFloridaNews

SLIB Negotiates Sale of 50-Unit Gold Choice Palm Coast in Florida

by Jeff Shaw

PALM COAST, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Gold Choice Palm Coast, a 50-unit assisted living and memory care community in Palm Coast, approximately midway between Jacksonville and Orlando. The community was built in 2021 and spans 33,552 square feet on a 6.6-acre parcel. The seller was a Florida-based owner-operator that originally developed the community. The asset was fully stabilized with opportunity to continue revenue growth, according to SLIB.  The buyer was a 1031 fund looking for newer assets with strong in-place yield. The …

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AcquisitionsAssisted LivingFloridaNews

SLIB Negotiates Sale of 64-Unit The Canopy at Harper Lake in Lake City, Florida

by Jeff Shaw

LAKE CITY, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Canopy at Harper Lake in Lake City, a small city of approximately 12,000 residents between Jacksonville and Tallahassee. The community features 44 assisted living units and 20 memory care units. Built in 2019 the community sits on approximately 5.7 acres. The asset was stabilized with all private-pay residents at the time of sale. The seller was a Florida-based developer and investment group. The buyer is a 1031 fund targeting newer assets with strong in-place cash …

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Assisted LivingDevelopmentMassachusettsNews

Anthology Opens Two Communities in Suburban Boston

by Jeff Shaw

NATICK and MILLIS, Mass. — Anthology Senior Living has opened Anthology of Natick and Anthology of Millis, both located in western suburbs of Boston. Anthology of Natick is situated within a mile of the Natick Center, offering art, culture, dining and shopping for residents. The property is also next door to the Natick Community Senior Center. Anthology of Millis is located near neighboring downtown Medfield and the Charles River, providing easy access to both nature and cultural amenities. Located just outside the city center on 5.5 acres, Anthology of Natick …

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AcquisitionsAssisted LivingNewsNorth Carolina

SLIB Negotiates Sale of Community in Thomasville, North Carolina

by Jeff Shaw

THOMASVILLE, N.C. — Senior Living Investment Brokerage (SLIB) has arranged the sale of an assisted living and memory care community in Thomasville, located south of Winston-Salem and Greensboro. The seller is an institutional capital provider looking to exit, as this was an operational outlier due to the size of the community. The buyer was a local owner-operator in North Carolina. The price and further details regarding the property were not disclosed. Daniel Geraghty, Bradley Clousing and Jeff Binder led the transaction for SLIB. 

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AcquisitionsAssisted LivingNew MexicoNews

SLIB Arranges Sale of Two Communities in Albuquerque, New Mexico

by Jeff Shaw

ALBUQUERQUE, N.M. — Senior Living Investment Brokerage (SLIB) has arranged the sale of two assisted living communities in Albuquerque. The communities were built in 1972 and 1982, with renovations in 2011 and 2015. The properties are 3,176 and 7,880 square feet, and are situated on approximately 0.38 and 0.6 acres of land. The seller was a mom-and-pop owner divesting to retire from the industry. The buyer is an owner-operator expanding its presence in the Weste. This is the buyer’s first acquisition in New Mexico. The price was not disclosed. Vince …

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