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 …
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 …
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 …
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.
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 …
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 …
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.
LITTLE ROCK, Ark. — Blake Management Group, together with Cardinal Ventures Inc., has hired Stephen Black as the executive director of The Blake at Chenal Valley in Little Rock. Cardinal Ventures is building the 153,000-square-foot assisted living and memory care community, along with several dozen independent living cottages. Stephen Black earned business administration degrees at the undergraduate and graduate levels from Williams Baptist and Belhaven universities. He carries 12 years of experience in long-term senior care.
CLEVELAND, Ga. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Laurel Lodge Assisted Living and Memory Care, a 72-unit community in Cleveland, approximately 75 miles northeast of Atlanta. The original building was 56 units which leased quickly throughout 2020 and has since maintained a waiting list for available units. During original construction the building was rough graded and stubbed for an additional 16-unit wing, which was completed in March 2022. The asset was fully occupied at closing. The seller is an owner-operator that the buyer, a 1031 …
BOWLING GREEN, Ky. — Senior Living Investment Brokerage (SLIB) has arranged the sales of two seniors housing communities totaling 92 units in Bowling Green. The assets include the 61-unit Chandler Park Assisted Living and the 31-unit Chandler Memory Care. The properties are 2.5 miles from each other. The seller is a commercial real estate development company based out of Bowling Green. The buyer is a Midwest-based owner-operator looking to strategically add to its existing footprint throughout the Midwest. The price was not disclosed. Daniel Geraghty and Bradley Clousing handled the …