BASKING RIDGE, N.J. — Braemar Partners has unveiled plans for Arbor Terrace Basking Ridge, an assisted living and memory care community in Basking Ridge, approximately 35 miles west of Manhattan. Groundbreaking is scheduled for later this year for completion in early 2023. When completed, the property will feature 27 assisted living apartments, 24 units for seniors in early stages of dementia and 29 units for full memory care. The Arbor Company, which operates other senior living communities in New Jersey, will operate the community when it opens. This will be …
ROLLING HILLS ESTATES, Calif. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged $23 million in construction financing for Peninsula Pointe, a to-be-built, 87-unit, assisted living and memory care community in Rolling Hills Estates on the Palo Verdes Peninsula. The borrower is a joint venture between Singerman Real Estate and Darnell Capital. The project includes the redevelopment of an existing, vacant office building into a luxury, three-story, 65,000-square-foot seniors housing community to be operated by Cadence Living. A large regional bank provided the financing.
BRADENTON, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Cottages of Bradenton, a 64-unit assisted living and memory care community in Bradenton. The seller was a local partnership looking to exit the industry. The buyer was a private partnership in the Northeast looking to expand its Florida portfolio. The price was not disclosed. Bradley Clousing of SLIB negotiated the transaction.
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Using Technology to Address Challenges Exposed by COVID
COVID-19 made clear the need to overhaul technology capabilities in senior living facilities everywhere. The next wave of senior care’s tech evolution will encompass what the pandemic highlighted: a need for technologies that not only enhance residents’ physical safety, but their holistic wellbeing as well. The pandemic also brought to light a renewed focus on the importance of integrated technologies that improve staff efficiencies. As we explore the next generation of senior living’s technology evolution, it’s important to remember the foundation to all technology advancements: reliable Wi-Fi. The ability to …
MAUPIN, Ore. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Canyon Rim, a 27-unit assisted living community in Maupin, approximately 100 miles southeast of Portland. The community was built in 2005. It totals approximately 18,652 square feet on approximately 3.6 acres of land. The seller was a regional owner-operator that is now focusing on larger communities in major West Coast metropolitan areas. The buyer is a regional owner-operator out of Idaho that focuses on smaller communities. The price was not disclosed. Jason Punzel, Brad Goodsell and Vince …
LOVELAND, Colo. — Hunt Midwest has broken ground on The Capstone at Centerra, a 78,000-square-foot assisted living and memory care community in Loveland. Located within the 3,000-acre, master-planned Centerra development, the community is projected to open in late 2022. Integral Senior Living (ISL) will be the operator of the 102-unit property.
CLEARWATER, Fla. — JLL Capital Markets has arranged the sale of The Preserve at Clearwater, an assisted living and memory care property in the coastal Tampa suburb of Clearwater. JLL represented the seller, a joint venture between Solera Senior Living and Elkco Properties. The buyer, an experienced institutional investor, plans to retain Solera as property manager. The price was not disclosed. The Preserve at Clearwater is a 2012-vintage, 82-unit property that sits on an 11-acre parcel. The building is LEED Silver certified and located in close proximity to many of …
TARZANA, Calif. — Oxford Finance LLC has provided a $28 million senior credit facility to AvantGarde Senior Living. The funds are being used to refinance existing debt on one facility located in Tarzana. Founded in 2008, AvantGarde owns and operates two luxury assisted living facilities in California. The subject facility was acquired in 2010 as a 100-room senior living hotel and converted to a 138-bed assisted living community.
In a July 22 Seniors Housing Business webinar titled “Invigorating the Seniors Housing Workforce: Strategies to Inspire, Engage, and Retain Talent,” panelists discussed challenges in finding and motivating employees in the senior living industry. Seniors housing communities struggled to find staff prior to COVID-19, but a combination of factors is currently exacerbating the difficulties in communities. These components include competing opportunities, government unemployment programs and safety concerns related to the pandemic. Lisa Lacy, Discovery Senior Living, explains “We are competing with organizations that we didn’t typically compete with. It’s not …
STOCKTON, Calif. — JCH Senior Housing Investment Brokerage has arranged the sale of an 80-unit assisted living and memory care community in Stockton, located south of Sacramento and east of the Bay Area. JCH represented the sellers, a family-owned owner-operator looking to retire from the space. A local owner seeking to grow in the area acquired the property for $5.8 million. Jim Hazzard and Cindy Hazzard handled the transaction process.