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Assisted LivingCaliforniaDevelopmentNews

Spellman Brady Completes Interiors for Arbol Residences in Santa Rosa, California

by Jeff Shaw

SANTA ROSA, Calif. — Spellman Brady & Co. has completed the interior renovation of Arbol Residences, a seniors housing community in Santa Rosa. Spellman Brady’s scope of work included space planning, selection of interior finishes, furniture, and artwork for the common areas and amenities of the community’s assisted living building, as well as interior finishes for resident apartments. Spellman Brady partnered with developer LCS Development, architects Tactic Studios and contractor BNBuilders. Arbol Residences of Santa Rosa Village is a continuing care retirement community in the Sonoma area that offers a …

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AcquisitionsAssisted LivingIndianaNews

Blueprint Brokers Sale of Community in South Bend, Indiana

by Jeff Shaw

SOUTH BEND, Ind. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a seniors housing community in the North Indiana city of South Bend. The late 1990s-built assisted living community experienced occupancy challenges due to the COVID-19 pandemic. The name and number of units at the property were not disclosed. A national owner-operator sold the asset to a private owner partnering with a new operator, both looking to expand in the market. The price was not disclosed. The buyer group plans to reposition the asset as the premier …

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Assisted LivingFinanceNew YorkNews

Greystone Provides $7M in Bridge Financing for Assisted Living Community in Wellsville, New York

by Jeff Shaw

WELLSVILLE, N.Y. — Greystone has provided a $7 million bridge loan to refinance acquisition debt for a 137-bed assisted living facility in Wellsville. Willow Ridge Senior Living LLC, led by principals Michael and Cayelan Morris, acquired the Allegany County facility in August 2021. Formerly known as Manor Hills, the property also includes 22 memory care beds in a separate wing. Greystone intends to pursue HUD-insured financing as a long-term permanent exit of the bridge financing. This nonrecourse, interest-only bridge loan includes an initial 24-month term with two six-month extensions.

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Assisted LivingConnecticutFinanceNews

Cushman & Wakefield Arranges Refinancing for The Residence at Summer Street in Stamford, Connecticut

by Jeff Shaw

STAMFORD, Conn. — Cushman & Wakefield has arranged the refinancing of The Residence at Summer Street, a newly developed assisted living community in Stamford. The borrowers are Virtus and LCB Senior Living LLC. The amount of the financing was not disclosed. Cushman & Wakefield’s Richard Swartz, Jay Wagner, Jim Dooley and Joseph Carbone represented the borrowers in the transaction. VIUM Capital and its affiliate Merchants Bank of Indiana provided the funds. LCB, a senior living operator and developer in New England and the Mid-Atlantic, completed the community in 2018 with …

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Assisted LivingDevelopmentNew YorkNews

Sunrise Senior Living Opens 130-Unit Community on Staten Island

by Jeff Shaw

NEW YORK CITY — Sunrise Senior Living has opened Sunrise of New Dorp, its second seniors housing community on Staten Island. The 85,000-square-foot, four-story features 130 units of assisted living and memory care. Moseley Architects designed the project. Other partners included KBE Building Corp. and PWC Cos. Cheryl Bambach is executive director of the community. With proximity to the Staten Island Expressway, residents will have access to quick excursions to Manhattan, Brooklyn and Jersey City. The community is situated near the shops, restaurants and beaches of Staten Island’s Hylan Boulevard …

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Assisted LivingCaliforniaFinanceNews

Meridian Capital Group Arranges $40M Financing for Varenita of Simi Valley in California

by Jeff Shaw

SIMI VALLEY, Calif. — Meridian Capital Group has arranged a $40 million loan to refinance Varenita of Simi Valley, an assisted living and memory care facility in Simi Valley.  The borrower is Griffin Living, which opened the property in April. Proceeds from the transaction repaid an existing construction loan and provided a return of capital to the owners while the community was still in lease-up. A finance company provided the funds. Meridian’s Ari Adlerstein, Josh Simpson and Jesse Rauch negotiated the transaction. Varenita of Simi Valley comprises 75 assisted living …

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AcquisitionsAssisted LivingIndianaNews

Blueprint Negotiates Sale of 90-Unit Rittenhouse Village of Valparaiso in Indiana

by Jeff Shaw

VALPARAISO, Ind. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Rittenhouse Village of Valparaiso, a 90-unit assisted living and memory care community in Valparaiso, approximately 45 miles southeast of Chicago. A publicly traded REIT sold the asset to Lloyd Jones Senior Living, which was looking to grow its Midwest presence. The price was not disclosed. Built in 2009, the historically cash flowing community was negatively impacted by the COVID-19 pandemic, though recently started to rebound operationally. The sale was positioned as a value-add opportunity.

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AcquisitionsAssisted LivingGeorgiaNews

SLIB Negotiates Sale of 69-Unit Portfolio in Rural Georgia

by Jeff Shaw

BARNESVILLE and FORSYTH, Ga. — Senior Living Investment Brokerage (SLIB) has arranged the sale of two seniors housing communities totaling 69 units in Georgia. Sunny Grove Assisted Living, located in Barnesville, offers 34 units of assisted living and memory care on a 9.5-acre site. River Place Assisted Living, located in Forsyth, offers 35 units of assisted living and memory care on a 7.3-acre site. The neighboring cities are located approximately 60 miles south of Atlanta. The seller is a local owner-operator looking to exit the seniors housing industry. The buyer …

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AcquisitionsAssisted LivingFloridaNews

SLIB Arranges Sale of 89-Unit Vitality Lady Lake in Florida

by Jeff Shaw

LADY LAKE, Fla. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Vitality Lady Lake, an 89-unit seniors housing community in Lady Lake, located northwest of Orlando adjacent to The Villages. The community features 69 assisted living and 20 memory care units on a nine-acre site, which features room for expansion. The seller is a Northeast-based real estate private equity fund that purchased this asset as part of a large portfolio in December 2021. This asset was an operational outlier from the rest of the portfolio. The buyer …

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AcquisitionsAssisted LivingMarylandNews

Blueprint Brokers Sale of 120-Unit Community Near Baltimore

by Jeff Shaw

BALTIMORE — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 120-unit assisted living and memory care community in the Baltimore metro area. The community was built in 1999 and was underperforming operationally. The buyer is a publicly traded REIT that plans to convert the asset into an addiction recovery facility. The seller and price were not disclosed.

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