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Assisted Living

Assisted LivingFinanceIllinoisNews

BWE Provides $21M Freddie Mac Refinancing for HarborChase of Naperville

by Jeff Shaw

NAPERVILLE, Ill. — Bellwether Enterprise Real Estate Capital LLC (BWE) has provided a $21 million Freddie Mac loan for the refinance of HarborChase of Naperville, an assisted living and memory care community in the Chicago suburb of Naperville. Ryan Stoll and Taylor Mokris originated the loan on behalf of the borrowers, affiliates of Bourne Financial Group and HRA Senior Living. HRA operates the 101-unit, two-story property. The loan refinanced the construction debt of the recently developed property, which maintains prepayment flexibility along with a significant interest savings. The loan term …

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AcquisitionsAssisted LivingCaliforniaNews

IRA Capital Buys 160-Unit Portfolio in Northern California for $106.5M

by Jeff Shaw

DUBLIN and NOVATO, Calif. — Southern California private equity firm IRA Capital has acquired two newly constructed assisted living and memory care facilities totaling 160 units in the Northern California cities of Dublin and Novato for $106.5 million. An active player in the medical office, life sciences and ambulatory surgery space, IRA Capital is growing and diversifying its healthcare real estate portfolio by expanding into seniors housing in high-barrier-to-entry markets on the West Coast. Elegance Senior Living operates the two Class A communities. Elegance at Dublin is an 80-unit community …

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AcquisitionsAssisted LivingFloridaNews

Grandbridge Arranges $32.5M Sale of The Cabana at Jensen Dunes in Jensen Beach, Florida

by Jeff Shaw

JENSEN BEACH, Fla. — Grandbridge Real Estate Capital’s Tampa-based Senior Housing Investment Sales team has arranged the sale of The Cabana at Jensen Dunes. The 126-unit assisted living and memory care community is located in Jensen Beach, a coastal community approximately midway between Miami and Orlando. The community opened in August 2016. Convivial Life acquired the asset, along with an adjacent 11.4-acre development parcel, for $32.5 million. The vacant portion of land is fully entitled for 210 units of independent living. The seller was not disclosed. Ziegler arranged acquisition financing …

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Assisted LivingDevelopmentMichiganNews

Anthology Opens 92-Unit Community in Farmington Hills, Michigan

by Jeff Shaw

FARMINGTON HILLS, Mich. — Anthology Senior Living has opened the doors on Anthology of Farmington Hills, a seniors housing community in Farmington Hills, approximately 20 miles northwest of Detroit. The new 80,000-square-foot senior living community features 92 apartments and provides assisted living and memory care. Anthology has locations around the country, and its other Michigan locations include Novi, Northville, Rochester Hills and Troy. According to a recent report by the U.S. Census Bureau, almost 20 percent of the Oakland County population has already reached age 65 and older, a number …

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Assisted LivingDevelopmentFeaturesFinanceIndustry Voices

SBA 504 Loans Can Lend Support to Assisted Living Projects

by Jeff Shaw

By Barbara Morrison, founder and president, TMC Financing According to the Centers for Disease Control and Prevention (CDC), there are around 28,900 residential care and assisted living facilities in the U.S.. The majority of the facilities are well established and contribute greatly to the country’s social and economic fabric. However, despite the importance of these facilities in our society, they often struggle to find affordable financing to expand or improve their services. Fortunately, the Small Business Administration (SBA) 504 loan program provides an affordable way to obtain funding for building …

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AcquisitionsAssisted LivingLouisianaNewsVirginia

Quality Senior Living Partners Sells Two Communities in Louisiana, Virginia

by Jeff Shaw

HARAHAN, La., and CHARLOTTESVILLE, Va. — Quality Senior Living Partners (QSLP), a LongueVue Capital portfolio company, has sold two senior living communities: The Blake at Colonial Club in Harahan and The Blake at Charlottesville in Charlottesville. Each community features 118 units of assisted living and memory care. The buyer and price were not disclosed. In 2017, LongueVue partnered with the team of senior living industry executives at QSLP, a Pensacola, Fla.-based developer, owner and operator of upscale senior housing communities, to expand its resort-style communities to underserved markets.

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Assisted LivingCaliforniaDevelopmentNews

Ware Malcomb Completes 93-Unit Westmont of Encinitas in California

by Jeff Shaw

ENCINITAS, Calif. — Ware Malcomb has completed construction of Westmont of Encinitas, an assisted living community in the San Diego suburb of Encinitas. Ware Malcomb provided architectural services for the 91,334-square-foot project. The two-story building sits on 3.2 acres and features 93 units in studio, one- and two-bedroom options. Westmont Construction was the general contractor. Westmont Living is the operator.

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AcquisitionsAssisted LivingFloridaNews

SLIB Negotiates Sale of 98-Unit Savannah Grand of Maitland in Florida

by Jeff Shaw

MAITLAND, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Savannah Grand of Maitland, a 98-unit assisted living and memory care community in the Orlando suburb of Maitland. The community was built in 1998. A publicly traded REIT sold the asset to a regional owner-operator for an undisclosed price. The buyer has planned renovations to the asset. Bradley Clousing and Daniel Geraghty handled the transaction in SLIB. “This will be an excellent addition to the buyer’s portfolio,” says Clousing. “They will be able to utilize their construction …

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AcquisitionsAssisted LivingFinanceFloridaNews

Thorofare Capital Provides $15.4M Acquisition Financing for 100-Unit Community in Palm Beach, Florida

by Jeff Shaw

PALM BEACH, Fla. — Thorofare Capital has funded a $15.4 million loan for the acquisition of Tequesta Terrace, an assisted living and memory care community in Palm Beach. Built in 2001, the asset features 100 units. The borrower is Alta Senior Living, a regional owner-operator. The seller was a New England-based owner-operator looking to exit its sole Florida asset. Blueprint Healthcare Real Estate Advisors brokered the transaction. The financing represents a 65 percent loan-to-value ratio and 48-month term with extension options. The transaction features future funding for capital expenditures.

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AcquisitionsAssisted LivingNewsSouth Carolina

SLIB Negotiates Sale of 62-Unit Community in Georgetown, South Carolina

by Jeff Shaw

GEORGETOWN, S.C. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Georgetown Assisted Living & Memory Care in Georgetown, a small town located along the coast. An owner-operator and a group of investors purchased a 24-unit hospice facility from the local hospital. The group then did a gut rehab on the existing structure and added a two-story, 38-unit addition. The investor group decided to sell the asset prior to opening the property. The buyer and price were not disclosed. Patrick Burke, Bradley Clousing and Dan Geraghty of SLIB …

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