Assisted Living

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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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Assisted LivingCaliforniaDevelopmentNews

Cadence Living, Flournoy Development, Harrison Street Break Ground on 80-Unit Community in Brea, California

by Jeff Shaw

BREA, Calif. — Cadence Living, Flournoy Development Group and Harrison Street have broken ground on Cadence Brea, an 80-unit assisted living and memory care in the Orange County city of Brea. The project team includes Thoma-Holec Design, Irwin Partners Architects and Flatiron Development Group. “This is a unique opportunity and part of our overall strategy to focus on boutique, high-end, amenity-laden communities with high walkability scores,“ says Rob Leinbach, principal with Cadence. “We are focused on locations with a high barrier to entry,” adds Justin Osborne, vice president at Flournoy …

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AcquisitionsAssisted LivingNewsWashington

Blueprint Brokers Sale of 40-Unit Amber Hills Community in Prosser, Washington

by Jeff Shaw

PROSSER, Wash. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Amber Hills, a 40-unit seniors housing community in Prosser, 190 miles northeast of Portland, Oregon. Originally constructed in 1999, Amber Hills offers assisted living units. Blueprint positioned the asset as a value-add opportunity focusing the buyer’s ability to increase census by adding regional oversight and increasing the assisted living unit count through a new renovation on the vacant land parallel to the community. The buyer was a growing regional owner-operator. The seller was a local group. The …

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Assisted LivingDevelopmentNew YorkNews

Sunrise, Welltower, Hines Open 151-Unit Community in Manhattan

by Jeff Shaw

NEW YORK CITY — Sunrise Senior Living has opened Sunrise at East 56th, a 151-unit high-rise in the Upper East Side neighborhood of Manhattan. Partners on the project included Hines and Welltower (NYSE: WELL). The asset features assisted living and memory care services. Sunrise is collaborating with Northwell Health for services at the building. The community is the first and only building in the sector to receive LEED Silver, WELL Certification at the Silver level and WELL Health-Safety Rating Seal certifications, according to Sunrise. SLCE Architects designed the building. Champalimaud …

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Assisted LivingDevelopmentNewsTexas

MorningStar Senior Living Opens 112-Unit Community in Houston

by Jeff Shaw

HOUSTON — MorningStar Senior Living and Hines have opened MorningStar at River Oaks, a seniors housing community in Houston’s River Oaks neighborhood. The community features 85 assisted living and 27 memory care units. The community is Denver-based MorningStar’s first in Texas. Partners on the project include Munoz + Albin Planning & Architecture, Kirksey Architecture, Thoma-Holec Design, TBG Partners and D. E. Harvey Builders.

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