Thursday, November 28, 2024
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Assisted Living

Assisted LivingDevelopmentNew YorkNews

FilBen Group Nears Completion of $54M Braemar at Montebello in New York

by Jeff Shaw

MONTEBELLO, N.Y. — Owner/developer FilBen Group, equity partner RSF Partners, general contractor McAlpine Contracting and designer H2M Architects + Engineers have completed the structural system and building enclosure, or “envelope,” for Braemar at Montebello.  Upon completion in 2024, the property will be a four-level, 133,675-square foot luxury assisted living residence on 6.2 acres in the Lower Hudson Valley village of Montebello. The parcel is adjacent to a larger site that includes the Montebello Commercial Center, which will offer Braemar’s residents access to retail, entertainment, dining, and medical services. The property …

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Assisted LivingFinanceNewsTexas

Cambridge Funds $2.1M Refinancing for Wells Point Lodge in Pflugerville, Texas

by Jeff Shaw

PFLUGERVILLE, Texas — Cambridge Realty Capital has provided a $2.1 million first mortgage loan to refinance Wells Point Lodge in Pflugerville, a suburb of Austin.  Wells Point Lodge is a 60-bed assisted living community. Anthony Marino of Cambridge reports that the fully amortizing, 35-year loan was provided for the owner, a Texas limited liability company, using the HUD Section 232/223(f) mortgage insurance program. Cambridge’s early rate lock program was utilized, which allowed the owner to avoid the recent run-up in interest rates.

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AcquisitionsAssisted LivingNewsTennessee

Blueprint Brokers Sale of Community in Brentwood, Tennessee for Behavioral Health Conversion

by Jeff Shaw

BRENTWOOD, Tenn. — Blueprint Healthcare Real Estate Trust has arranged the sale of an assisted living and memory care community in Brentwood, a suburb of Nashville. The buyer plans to convert the property to residential mental health center, and has already executed a long-term lease with a tenant. Further details on the buyer, seller and price were not disclosed. Andrew Sfreddo, Kyle Hallion, Shane Harmon and Gunnar Raney led the Blueprint team.

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AcquisitionsAssisted LivingIndianaNews

Blueprint Arranges Sale of Three Communities in Indiana

by Jeff Shaw

ELKHARD, KOKOMO and MADISON, Ind. — Blueprint has arranged the sale of three assisted living communities in Indiana. The communities were built in the late 1990s in Elkhart, Kokomo and Madison, and historically struggled operationally. The buyer plans to reposition the assets as the premier affordable option in their respective markets by utilizing the Indiana Assisted Living Waiver Program. The buyer, seller and price were not disclosed. Connor Doherty, Ryan Kelly, Amy Sitzman and Giancarlo Riso led the Blueprint team.

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AcquisitionsAssisted LivingFloridaNews

Blueprint Arranges Sale of Assisted Living Community in Lakeland, Florida

by Jeff Shaw

LAKELAND, Fla. — Blueprint Healthcare Real Estate Advisors has arranged the sale of an assisted living facility in Lakeland, approximately midway between Orlando and Tampa. A publicly traded REIT sold the asset to a local owner-operator in an all-cash transaction. The price and name of the community were not disclosed. At the time of marketing, the community’s performance was trending back upward following a decline in 2020 and 2021. Brooks Blackmon and Lauren Nagle led the Blueprint team.

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AcquisitionsAssisted LivingFloridaNews

SLIB Negotiates Sale of Noble Senior Living at Brooksville in Florida

by Jeff Shaw

BROOKSVILLE, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Noble Senior Living at Brooksville, approximately 45 miles north of Tampa. Located on an 8.3-acre site, the community houses 85 assisted living and memory care units. Built originally as a hotel in 1925, the community was converted to assisted living in 1984. Since that time there have been significant capital upgrades both to the interior and exterior of the asset. The seller is a publicly traded REIT that was exiting the asset. The buyer is a Florida-based …

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AcquisitionsAssisted LivingNewsTexas

The Ensign Group Acquires Champions Healthcare at Willowbrook in Houston

by Jeff Shaw

HOUSTON — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the real estate and operations of Champions Healthcare at Willowbrook, a healthcare campus consisting of a 98-bed skilled nursing facility and a 144-bed assisted living facility located in Houston.  The real estate was acquired by a subsidiary of Standard Bearer Healthcare REIT Inc., Ensign’s captive real estate company. The seller and price were not disclosed. This acquisition brings Ensign’s portfolio to 297 healthcare operations, 27 of which also include senior living operations, across 13 states. Ensign subsidiaries, including Standard Bearer, …

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Assisted LivingFeaturesNews

Research Report: Assisted Living Market to Grow Over 5% Per Year Through 2029

by Jeff Shaw

DUBLIN — The U.S. assisted living market is experiencing robust growth, driven by several factors including the increasing number of baby boomers, a rising aging population, higher healthcare expenditure, and a growing preference for independent living. The market is currently characterized by substantial activity, with a promising outlook for the future. A recent report from ResearchAndMarkets.com valued the U.S. assisted living market at $97.6 billion in 2022 and predicted it will reach $133.4 billion by 2029 with a compound annual growth rate (CAGR) of 5.35 percent. The report — titled …

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AcquisitionsAssisted LivingNewsOperationsTennessee

Distinctive Living Takes Over Operations of The Village at Bellevue in Nashville

by Jeff Shaw

NASHVILLE, Tenn. — Distinctive Living has assumed management of The Village at Bellevue, an assisted living and memory care community in Nashville. The community features 69 units, including an 18-bed secured memory care neighborhood. New Jersey-based Distinctive Living currently operates 26 communities and has 20 under development via its development services platform (Distinctive Living Development LLC).

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Assisted LivingFinanceNew YorkNews

JLL Arranges $29M Financing for Whisper Woods of Smithtown in Long Island

by Jeff Shaw

SMITHTOWN, N.Y. — JLL Capital Markets has arranged $29 million in financing for Whisper Woods of Smithtown, a 101-unit, 136-bed assisted living and memory care community in Smithtown. JLL represented the borrowers, Sculptor Real Estate and Benchmark Senior Living. A regional bank, a new lending partner for both groups, provided the three-year loan. Built in 2018, Whisper Woods of Smithtown is a Class A community located in Long Island’s Suffolk County, approximately 50 miles from Manhattan, which is accessible by a 90-minute train ride from Smithtown. The JLL Capital Markets …

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