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 …
SOUTH FLORIDA — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 54-unit assisted living community located between Boca Raton and Fort Lauderdale in South Florida. The buyer was a local-owner operator. The seller and price were not disclosed.
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.
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 …
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.
WEST MONROE, La. — Marcus & Millichap has brokered the sale of Rosemont of West Monroe, a 30,000-square-foot assisted living and memory care facility in West Monroe, approximately midway between Shreveport and Jackson, Mississippi. Rod Llanos in Marcus & Millichap’s Houston office specializing in investment sales of seniors housing properties had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer was also a limited liability company. Chris Shaheen, Marcus & Millichap’s broker of record in Louisiana, assisted in closing this transaction. …
SHAKER HEIGHTS, Ohio — Confluent Senior Living and Harbor Retirement Associates (HRA) have completed HarborChase of Shaker Heights, a 106,698-square-foot assisted living and memory care community in the Cleveland suburb of Shaker Heights. Representing the first project of its kind to break ground in this city within the past 20 years, the three-story community features 80 assisted living units and 28 memory care units. HarborChase of Shaker Heights is the project partners’ second senior living property in Ohio and ninth joint venture across six states. Situated on nearly three acres, …
ANTWERP, Ohio — Blueprint Healthcare Real Estate Advisors has arranged the sale of Antwerp Manor, a 52-unit assisted living community in Antwerp, just across the state border from Fort Wayne, Indiana. Built in 1920, the community was originally constructed as an elementary school and redeveloped into seniors housing in 2007. The company that led the redevelopment took operational control of the community in 2018 after the previous operator declined its lease renewal. The buyer, an Ohio-based owner-operator, plans to take advantage of the proposed rent increase to the Ohio Assisted …
SHELTON, Wash. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Maple Glen, a 54-unit assisted living community in Shelton, approximately 55 miles southwest of Seattle. The facility was built in 2000. The property totals 50,555 square feet, and is situated on approximately 3.7 acres of land. The buyer is a Pacific Northwest owner-operator and plans to spend money on capital improvements and increase the number of licensed beds. Jason Punzel, Brad Goodsell, Vince Viverito and Jake Anderson of Senior Living Investment Brokerage handled the transaction. The seller …
NEWPORT BEACH, Calif. — Clearwater Living has opened an information center at Clearwater Newport Beach, a 101-unit luxury assisted living and memory care community in Newport Beach, a coastal city south of Los Angeles. Clearwater expects to welcome new residents in early 2024. Clearwater Newport Beach will offer 70 assisted living and 31 memory care apartments in a variety of finishes and floor plans including studio, one- and two-bedroom options. Clearwater Newport Beach will be the company’s eleventh community in California, Nevada and Arizona, with additional developments in the pipeline.