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Assisted Living

AcquisitionsAssisted LivingNewsOhio

SLIB Brokers Sale of 81-Unit Landing of Long Cove in Mason, Ohio

by Jeff Shaw

MASON, Ohio — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Landing of Long Cove, an 81-unit assisted living and memory care community in Mason, approximately 25 miles northeast of Cincinnati. Built in 2011, the community features 61 assisted living units and 20 memory care units. The seller sought to divest this asset to focus attention on communities that more closely align with its current footprint. The buyer was looking to add to its existing footprint throughout the Midwest strategically. The price was not disclosed. Daniel Geraghty …

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Assisted LivingDevelopmentNewsVirginia

Sunrise Senior Living Opens Sunrise of McLean Village in Metro D.C.

by Jeff Shaw

MCLEAN, Va. — Sunrise Senior Living has opened Sunrise of McLean Village, a seniors housing community located at 1515 Chain Bridge Road in McLean, roughly 15 miles outside Washington, D.C. Comprising 90,000 square feet, the three-story property has the capacity for more than 120 residents and offers assisted living and memory care accommodations. Amenities at the community include a dining room and bistro with a bar, fitness center, library, two sunrooms, an activity room, hair and nail salon and a massage room. The property also features five covered porches, a …

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AcquisitionsAssisted LivingNewsTexas

Blueprint Negotiates Sale of 30-Unit Community in San Angelo, Texas

by Jeff Shaw

SAN ANGELO, Texas — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 30-unit assisted living and memory care community in the West Texas city of San Angelo. A publicly traded REIT sold the asset, which was built in 2012. The two adjacent buildings sit on 2.8 acres, including room for future expansion. As the newest seniors housing community in San Angelo, the property historically generated strong operational performance with occupancies exceeding 85 percent in 2019, while generating cash flows of $1.5 million at a 34 percent margin …

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Assisted LivingDevelopmentInvestmentNewsVirginia

JLL Arranges Joint Venture Equity for 142-Unit Development in Fredericksburg, Virginia

by Jeff Shaw

FREDERICKSBURG, Va. — JLL Capital Markets has arranged joint venture equity for development of a seniors housing community in Fredericksburg, approximately midway between Richmond and Washington, D.C. Centric Development LLC is developing the property, which will feature 106 assisted living and 36 memory care units. The three-story, 153,000-square-foot property is situated on a 16.2-acre parcel. The site is within an established, regional medical hub in a growing area. Completion is scheduled for 2025. Joel Mendes, Anthony T. Fertitta Jr. and Billy Lichtenstein led the JLL Capital Markets Advisory team.

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AcquisitionsAssisted LivingMassachusettsNews

KIRCO Acquires Brookmeadow at Blue Hills Value-Add Community in Stoughton, Massachusetts

by Jeff Shaw

STOUGHTON, Mass. — KIRCO has acquired Brookmeadow at Blue Hills, a 91-unit assisted living and memory care community in the Boston suburb of Stoughton. The community was built in 2009 and was acquired at 45 percent of replacement cost in a high-income, underserved market, according to KIRCO. Cushman & Wakefield negotiated both the sale and acquisition financing. KIRCO cited the high ranking of the Boston metropolitan statistical area (MSA) in terms of income, employment, education and seniors housing occupancy as reasons for the acquisition. “This acquisition aligns with KIRCO’s Senior …

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Assisted LivingColoradoDevelopmentNews

Confluent, MorningStar Open 81-Unit Observatory Park Community in Denver

by Jeff Shaw

DENVER — Project partners Confluent Senior Living and MorningStar Senior Living have completed construction of MorningStar at Observatory Park. Located in Denver’s historic Observatory Park neighborhood, the 89,900-square-foot senior living community represents the partners’ 13th joint venture across five states. The five-story, urban infill community offers 58 assisted living and 23 memory care suites as well as 47 underground parking spaces. “The Observatory Park property is in the heart of one of Denver’s most central, tight-knit and vibrant neighborhoods where residents will benefit from convenient access to local parks, golf …

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Assisted LivingFinanceIllinoisNews

Greystone Provides $35.7M HUD Refinancing for Two Supportive Living Facilities in Illinois

by Jeff Shaw

ILLINOIS — Greystone has provided a total of $35.7 million in HUD-insured loans to refinance two supportive living facilities in Illinois. The two properties consist of a total of 272 units between the two buildings, built in 2004 and 2005. Eric Rosenstock originated the financing on behalf of Grand Lifestyles. Greystone’s HUD-insured, non-recourse loans both carry 35-year terms, full-term amortization, and low, fixed rates.

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AcquisitionsAssisted LivingIowaNews

SLIB Negotiates Sale of 96-Unit Portfolio in Iowa

by Jeff Shaw

OTTUMWA and FORT MADISON, Iowa — Senior Living Investment Brokerage (SLIB) has arranged the sale of two assisted living and memory care communities totaling 96 units in Iowa. The properties are located in Ottumwa, just north of the Missouri border, and Fort Madison, just across the Mississippi River from Illinois. The facilities were built in 2007 and 2008. The properties are 40,939 and 38,947 square feet, and are situated on approximately 6.95 and 8.26 acres of land. The buyer was an Iowa-based owner-operator that plans to invest in enhancing the …

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Assisted LivingFinanceNew YorkNews

BWE Arranges $26.7M in Refinancing for Village Green in Levittown, New York

by Jeff Shaw

LEVITTOWN, N.Y. — Bellwether Enterprise Real Estate Capital LLC (BWE) has arranged a $26.7 million loan to refinance Village Green, an assisted living and memory care community in Levittown, part of the New York City metropolitan area. Taylor Mokris and Ryan Stoll originated the loan through a regional bank on behalf of the borrower, a regional developer and owner of seniors and affordable housing. The loan includes a three-year term with a 30-year amortization, as well as 24 months of interest-only payments and a sub-300 loan spread.

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