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Assisted Living

Assisted LivingDevelopmentNew JerseyNews

Marquis Starts Renovations at Allendale Senior Living in New Jersey

by Jeff Shaw

ALLENDALE, N.J. — Marquis Health Consulting Services has started a renovation project at Allendale Senior Living, an assisted living and healthcare campus in the North Jersey borough of Allendale. The project follows a rebranding at Allendale Senior Living – formerly The Allendale Community for Mature Living. Located on 12 acres in a quiet, suburban Bergen County neighborhood, the campus spans 146,000 square feet. The number of units was not disclosed. While a development cost was not released, Marquis describes it as a multi-million-dollar project. Marquis has partnered with the community’s …

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Assisted LivingFinanceFrom The Magazine

Investors Expect Assisted Living to Get Biggest Bump in Rental Rates Over Next Year, Says CBRE Survey

by Jeff Shaw

By Matt Valley More than 75 percent of investors surveyed by CBRE expect rental rate increases of at least 3 percent over the next 12 months across all seniors housing asset classes except skilled nursing. The most bullish outlook is in the assisted living sector where 28.1 percent of survey respondents expect to underwrite rent growth above 7 percent, up from 15 percent in the 2022 survey. No decreases in rental rates are expected for any asset class. Meanwhile, difficulty in maintaining adequate staffing levels ranks as the greatest headwind …

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Assisted LivingDevelopmentMarylandMemory CareNews

ML Group Plans Renovations for 101-Unit The Terraces at Tuckerman Lane in North Bethesda, Maryland

by Jeff Shaw

NORTH BETHESDA, Md. — ML Group has spearheaded the design of planned renovations at The Terraces at Tuckerman Lane in North Bethesda, a suburb of Washington, D.C. Although a specific development price was not disclosed, the project was described as a “multi-million-dollar renovation.” The community was also recently rebranded and new leadership was hired, including senior executive director Laura Holden. “North Bethesda is one of Maryland’s most desirable neighborhoods, and our residents appreciate the blend of urban and suburban living with access to dynamic shopping, dining, entertainment and cultural experiences,” …

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AcquisitionsAssisted LivingNewsOklahoma

Blueprint Negotiates Sale of 110-Unit Community in Tulsa, Oklahoma

by Jeff Shaw

TULSA, Okla. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 110-unit assisted living and memory care community in Tulsa. The community opened in late 2017 offering high-end design and finishes, Class A amenities, and a diverse unit mix. Despite some early traction, performance stalled going into, and through, the COVID-19 pandemic before showing signs of resurgence in the last 12 months. A national investor and its operator, both based in Seattle, sold the asset for an undisclosed price. The buyer was a growing operator with roots …

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AcquisitionsAssisted LivingNewsOhio

Blueprint Negotiates Sale of 88-Unit Community in Metro Cleveland

by Jeff Shaw

CLEVELAND — Blueprint Healthcare Real Estate Advisors has arranged the sale of an 88-unit assisted living and memory care community in metro Cleveland. The community was built in 1988. Blueprint used the availability of the Ohio Assisted Living Medicaid Waiver Program as a selling point. The seller was a public REIT and its operating partner. The buyer was a private owner-operator looking to expand in the area. The price was not disclosed. The Blueprint team included Ben Firestone, Michael Segal, Connor Doherty, Ryan Kelly and Lauren Nagle.

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Assisted LivingDevelopmentFinanceNew YorkNews

Greystone Provides $25.2M Construction Financing for Mansion-to-Seniors Housing Conversion in Bay Shore, New York

by Jeff Shaw

BAY SHORE, N.Y. — Greystone has provided $25.2 million in HUD financing for the conversion of a historic mansion in the Long Island hamlet of Bay Shore into an assisted living and memory care community. The project owners, Charles Ferraro and Nicholas Racanelli, recognized the south shore market as being underserved with quality assisted living and memory care services, and developed a plan to reimagine the original Gulden family homestead, Netherbay, into a state-of-the-art care facility that preserves the character of the 1800s mansion and estate grounds. The Gulden family …

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Assisted LivingFinanceNewsOregon

Dwight Capital Provides $35.7M HUD Loan for Boone Ridge Senior Living in Salem, Oregon

by Jeff Shaw

SALEM, Ore. — Dwight Capital has provided a $35.7 million HUD 232/223(f) refinancing for Boone Ridge Senior Living. The 151-bed assisted living facility and memory care complex is located in Salem, approximately 50 miles southwest of Portland. Boone Ridge offers 103 assisted living beds and 48 memory care beds across 5.7 acres. The community opened in 2019. This historic loan is the FHA’s first firm commitment issued under its Section 232 Residential Care Facility Green Mortgage Insurance Premium Reduction Program. Eligible properties for this program must meet industry-recognized green building …

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AcquisitionsAssisted LivingMichiganNews

SLIB Brokers Sale of 122-Unit Bella Vita Portfolio in Michigan

by Jeff Shaw

HARTLAND and GRAND BLANC, Mich. — Senior Living Investment Brokerage (SLIB) has arranged the sale of two Bella Vita-branded seniors housing communities in Michigan. The communities are located approximately 26 miles from each other between Detroit and Flint. Bella Vita – Hartland is located on 6.8 acres and totals 41,534 square feet of livable area, with 61 units offering both assisted living and memory care. Bella Vita- Grand Blanc is located on 4.65 acres and totals 41,508 square feet of livable space, with 61 units also providing both assisted living …

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AcquisitionsAssisted LivingNewsTennessee

Blueprint Negotiates Sale of 48-Unit Community in Chattanooga, Tennessee

by Jeff Shaw

CHATTANOOGA, Tenn. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 48-unit assisted living community in Chattanooga. An institutional REIT sold the asset to an investor looking to grow its regional platform in the Southeast. The price was not disclosed. The building was constructed in 2000 and historically has performed well, according to Blueprint. Kyle Hallion and Brooks Blackmon led the transaction for Blueprint.

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AcquisitionsAssisted LivingNewsOklahoma

JLL Arranges Sale of 105-Unit Prairie House in Broken Arrow, Oklahoma

by Jeff Shaw

BROKEN ARROW, Okla. — JLL Capital Markets has arranged the sale of Prairie House, a 105-unit assisted living and memory care community in the growing Tulsa suburb of Broken Arrow. JLL represented the seller, Prevarian Senior Living, and procured the buyer, TUL ALF 3 LLC.  Legend Senior Living, an affiliate of the buyer, will operate the community. The price was not disclosed. Prairie House features 73 assisted living units, ranging from studio to two-bedroom units, and 32 studio memory care units. The property was built in 2016. The community is part …

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