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Assisted Living

Assisted LivingDevelopmentFinanceMassachusettsNews

Cushman & Wakefield Arranges $29.8M Construction Financing for Benchmark Community in Hanover, Massachusetts

by Jeff Shaw

HANOVER, Mass. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged a $29.8 million loan for the construction of Benchmark of Hanover, approximately 20 miles south of Boston. The borrower is a joint venture between Benchmark Senior Living and Iron Point Partners LLC. The property will feature 97 units of assisted living and memory care. The Cushman & Wakefield team involved in the transaction includes Rick Swartz, Jay Wagner, Sam Dylag, Jack Griffin and Joseph Carbone. “Hanover is a quintessential South Shore Boston suburb with excellent access to …

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AcquisitionsAssisted LivingFinanceNew JerseyNews

Cushman & Wakefield Arranges Acquisition Financing for Three-Property Portfolio in New Jersey

by Jeff Shaw

CHERRY HILL, VOORHEES and STAFFORD TOWNSHIP, N.J. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged an undisclosed amount of financing for the acquisition of three seniors housing communities in New Jersey. The borrower is a joint venture between Harrison Street and LCB Senior Living. The communities, all under the Atria brand, total 263 units of assisted living and memory care. Two properties are located in the Philadelphia suburbs of Cherry Hill and Voorhees, while the third is in Stafford Township near the Jersey Shore. Cushman & Wakefield …

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Assisted LivingDevelopmentIllinoisNews

Premier Senior Living Announces Plans for Revela of O’Fallon Near St. Louis

by Jeff Shaw

O’FALLON, Ill. — Premier Senior Living has unveiled plans to bring its new Revela brand to the St. Louis, Missouri, suburb of O’Fallon. Revela of O’Fallon will feature 60 units of assisted living and 32 units of memory care in an 89,000-square-foot building. Groundbreaking is scheduled for February 2021, for completion in April 2022. Revela of O’Fallon will anchor new development on the eastern edge of O’Fallon as part of a 26-acre, mixed-use project featuring office and residential uses. “This project already addresses a goal frequently discussed within our 2040 …

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Assisted LivingConnecticutDevelopmentFinanceNews

Live Oak Funds $24.9M Construction Loan for Community in Brookfield, Connecticut

by Jeff Shaw

BROOKFIELD, Conn. — Live Oak Bank has provided a $24.9 million loan for the construction of an assisted living and memory care community in Brookfield, approximately midway between Hartford and New York City. Columbia Pacific Real Estate Fund III is the borrower. Situated on 4.1 acres, the community will feature 91 assisted living units and 36 memory care units in a 105,000-square-foot building. Leisure Care will be the operator upon opening.

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Assisted LivingFeaturesNews

Survey: Over Half of Assisted Living Providers Won’t Survive Financially Another Year at Current Operating Pace Due to COVID-19

by Jeff Shaw

WASHINGTON, D.C. — More than half of assisted living providers say they won’t survive another year at the current operating pace due to the COVID-19 pandemic’s impact on both occupancy and expenses. That’s according to a recent survey by the American Health Care Association/National Center for Assisted Living (AHCA/NCAL), a Washington, D.C.-based association of healthcare providers. The survey polled 240 assisted living operators nationwide. Of the respondents, 56 percent said they would not survive another year, while 55 percent said they are currently operating at a loss. Nearly 80 percent …

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Assisted LivingConnecticutDevelopmentFinanceNews

Carnegie Capital Structures $24.5M Construction Loan for Assisted Living Community in Connecticut

by Jeff Shaw

CONNECTICUT — Carnegie Capital has arranged $24.5 million in financing for the construction of a 130-bed assisted living and memory care community in Connecticut. The lenders are a national, healthcare-focused bank and a participating regional bank. The borrower is a national healthcare development fund and its national operating partner. Further details on the community were not disclosed. JD Stettin of Carnegie Capital sourced and structured the loan, which features a 4 percent interest rate.

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AcquisitionsAssisted LivingCaliforniaNews

Kisco Buys 139-Unit Aria Park of Woodbridge in Irvine, California

by Jeff Shaw

IRVINE, Calif. — Kisco Senior Living has acquired Atria Park of Woodbridge, a 139-unit seniors housing community in Irvine, approximately 40 miles southeast of downtown Los Angeles. Healthpeak sold the 103,000-square-foot property for an undisclosed price. The seller recently completed a $9 million renovation at the community that converted some assisted living units into a memory care neighborhood. In addition to taking over management duties from Atria Senior Living, Kisco plans to rename the community Woodbridge Terrace of Irvine as part of the results of a resident poll. The executive …

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AcquisitionsAssisted LivingCaliforniaNews

Stahler Group Brokers Sale of 89-Unit Community in Los Angeles County

by Jeff Shaw

LOS ANGELES — The Stahler Group of Marcus & Millichap has arranged the sale of an 89-unit assisted living and memory care community in Los Angeles County. The specific name and location of the property were not disclosed. A private investor sold the property to a regional owner with a track record of successful turnarounds. The price was not disclosed. The property was originally leased to Summerville followed by Emeritus and then ultimately Brookdale following the merger with Emeritus. Brookdale recently chose to not renew its lease.

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AcquisitionsAssisted LivingNew JerseyNews

Blueprint Negotiates Sale of Two Assisted Living Communities in New Jersey

by Jeff Shaw

NEW JERSEY — Blueprint Healthcare Real Estate Advisors has arranged the sale of two assisted living communities in New Jersey. The properties each feature 39 units and are located 45 miles away from each other. A New Jersey-based owner-operator looking to expand acquired the properties as a value-add opportunity. The seller, price, names and specific locations were not disclosed.

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Assisted LivingFinanceNew HampshireNews

Greystone Provides $23.8M HUD Refinancing for Courville Assisted Living Portfolio in New Hampshire

by Jeff Shaw

MANCHESTER, BEDFORD and NASHUA, N.H. — Greystone has provided $23.8 million in HUD-insured loans to refinance a trio of assisted living facilities in New Hampshire. The borrower is The Courville Company, which owns the communities: Courville at Manchester in Manchester; Courville at Carlyle Place in Bedford; and Courville Nashua & Aynsley in Nashua. Lisa Fischman, vice president in Greystone’s New York office, originated the interest rate reduction (IRR) transaction. The IRR reduces the interest rate on an existing HUD-insured loan, maintaining the existing maturity and loan amount. “An IRR is …

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