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Assisted Living

Assisted LivingDevelopmentMassachusettsNews

Benchmark Nears Completion of 97-Unit Community in Hanover, Massachusetts

by Jeff Shaw

HANOVER, Mass. — Benchmark Senior Living has begun reserving apartments in preparation for Benchmark at Hanover, a 97-unit assisted living and memory care community in Hanover, approximately 23 miles south of Boston. The community is scheduled to open this summer. It will be Benchmark’s 64th community in the Northeast. Benchmark at Hanover totals 91,000 square feet. The site is located next to a YMCA and near shopping, dining and entertainment. Fatima Feliciano will be executive director. Udelsman Associates designed the community, which Callahan Construction is building.

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Affordable HousingAssisted LivingFinanceMassachusettsNews

Greystone Provides $24.8M Freddie Mac Refinancing for Affordable Community in Cape Cod

by Jeff Shaw

MASHPEE, Mass. — Greystone has provided a $24.8 million Freddie Mac Optigo loan to refinance a 70-unit senior housing property in Mashpee, a town on Cape Cod. Built in 2018, Laurentide at Mashpee Commons in Barnstable County includes studio, one- and two-bedroom units and offers assisted living and memory care services. Approximately 10 percent of the units are designated affordable housing by the Cape Cod Housing Authority. Shailini Nehra of Greystone arranged the transaction on behalf of the owner-operator, Northbridge Cos. The fixed-rate, nonrecourse financing carries a 10-year term and …

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AcquisitionsAssisted LivingNewsVirginia

CBRE Arranges $17M Acquisition Financing for Edgeworth Park at New Town in Williamsburg, Virginia

by Jeff Shaw

WILLIAMSBURG, Va. — CBRE has arranged $17 million in Freddie Mac acquisition financing for Edgeworth Park at New Town in Williamsburg, located between Richmond and Norfolk. The borrower is a joint venture between Solera Senior Living and Wheelock Street Capital. Built in 2017, the community consists of 62 assisted living and 21 memory care units. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged the seven-year, floating-rate loan with four years of interest-only payments. The seller and total price were not disclosed.

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Assisted LivingCaliforniaDevelopmentNews

Sunrise Senior Living Opens 92-Unit Assisted Living Community in Silicon Valley

by Jeff Shaw

REDWOOD CITY, Calif. — Sunrise Senior Living has opened Sunrise of Redwood City, an assisted living and memory care community in the Silicon Valley municipality of Redwood City. The community features 56 assisted living units, 19 memory care units and 17 “Terrace Club” units for those with mild to moderate memory loss. Sunrise is one of the largest senior living providers in the U.S. and Canada, with the capacity to serve more than 28,000 seniors across 274 communities.

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AcquisitionsAssisted LivingNewsOklahomaSkilled Nursing

SLIB Arranges Sale of 20-Unit Community in Tulsa

by Jeff Shaw

TULSA, Okla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Arbors, a 20-unit assisted living community in Tulsa. The 15,688-square-foot property was built in 1997 on approximately two acres of land. The seller is a regional owner based in Tulsa. The buyer is a Oklahoma-based private owner, looking to expand its portfolio, and plans to convert the facility to skilled nursing with a hospice specialty. Jason Punzel and Nick Cacciabando of SLIB handled the transaction. The price was not disclosed.

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Assisted LivingDevelopmentIllinoisNews

Spellman Brady Completes Interior Design of Hawthorne Inn in Jerseyville, Illinois

by Jeff Shaw

JERSEYVILLE, Ill. — Spellman Brady & Company (SBC) and O’Toole Design have completed interior design work for the newly constructed Hawthorne Inn, an assisted living facility in Jerseyville, approximately 40 miles north of St. Louis. Liberty Village owns and operates the property. Spellman Brady was responsible for the selection, procurement and installation of the project’s furniture, artwork and accessories, in addition to serving as the senior living design consultant for the team. O’Toole handled the interior design and color palette finishes.

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Assisted LivingDevelopmentNew JerseyNews

Sunrise Opens 99-Unit Community in Mountain Lakes, New Jersey

by Jeff Shaw

MOUNTAIN LAKES, N.J. — Sunrise Senior Living has opened the doors on Sunrise of Mountain Lakes in the North Jersey borough of Mountain Lakes. The community features 99 units of assisted living and memory care. Nearby medical support is available to support care coordination and wellness though Saint Clare’s Denville Hospital and Morristown Medical Center. Lakeland Hills Family YMCA offers transportation and intergenerational activity programming options. Germaine Dignan is the property’s executive director.

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Assisted LivingFinanceIllinoisNews

Cambridge Provides $11.3M HUD Refinancing for The Ponds of Wealshire in Lincolnshire, Illinois

by Jeff Shaw

LINCOLNSHIRE, Ill. — Cambridge Realty Capital Cos. has provided an $11.3 million HUD-insured loan for The Ponds of Wealshire, a 116-unit assisted living facility in the Chicago suburb of Lincolnshire. “The loan was underwritten by Cambridge Realty Capital Ltd. of Illinois, our specialists in FHA-insured HUD loans,” says Jeffrey Davis, Cambridge chairman. The facility provides rehabilitation services, respite care and progressive memory care. The loan refinancing existing debt.

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AcquisitionsAssisted LivingFloridaNews

IPA Brokers Sale of 65-Unit Parkside in Port Charlotte, Florida

by Jeff Shaw

PORT CHARLOTTE, Fla. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Parkside Assisted Living and Memory Cottage, a 65-unit, 94-bed seniors housing community in Port Charlotte. The community was developed by a local neurologist and managed by his family upon his death in early 2017. Opening in October 2017, Parkside Assisted Living and Memory Cottage reached 62 perent occupancy prior to the pandemic. Occupancy decreased through 2020 and reached its low at the end of 2021. The building has three floors with …

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AcquisitionsAssisted LivingNewsWashington

MedCore Sells 72-Unit Cooks Hill Manor in Centralia, Washington

by Jeff Shaw

CENTRALIA, Wash. — MedCore Partners has sold Cooks Hill Manor, a 72-unit assisted living community in Centralia, Washington. “This was a strategic disposition for MedCore and its investors as we continue to build and capitalize our value-add seniors housing acquisition portfolio in multiple markets across the United States,” says Anthony Fulco, director of acquisitions. “This was a profitable disposition for us as the seller and will be a great project for the buyer going forward.” said Anthony Fulco, Director of Acquisitions. Tony Cassie at Walker Dunlop arranged the transaction. The …

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