SAN JOSE — Advocacy Development Partners (ADP) has received unanimous approval from the San Jose City Council for a new assisted living and memory care project in the city. The 1.2-acre project will include 73,000 square feet of living and common areas, comprised of 83 units and 93 beds. “This facility underscores the need for assisted living and memory care for senior residents in San Jose,” says Pam Foled, councilmember for District 9, where the community will be located. “This project meets the market demand in a fashion that is …
Assisted Living
ENGLEWOOD, Fla. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired Heritage Oaks of Englewood, a 118-unit assisted living and memory care community in Englewood. Located along the state’s Gulf Coast between Tampa and Fort Myers, Heritage Oaks of Englewood is located near the Grove City shopping area, medical facilities, and indoor and outdoor recreation. The acquisition of Heritage Oaks of Englewood includes approximately 50 acres adjacent to the community, which may be utilized for future development. Additional terms of the deal …
BELLEVUE, Wis. — National Health Investors Inc. (NYSE:NHI) has exercised its purchase option to acquire The Courtyard at Bellevue, a 43-unit assisted living and memory care community in Bellevue, a small village just outside of downtown Green Bay. The purchase option was part of a deal that included a $3.9 million second mortgage loan at a rate of 13 percent that NHI announced in January 2020. The purchase price is $12.3 million at an initial cash lease yield of 7.5 percent with 2.5 percent annual escalators. The lease has an …
TORRANCE, Calif. — Oakmont Senior Living has opened Oakmont of Torrance, an assisted living and memory care community in the South Bay region of Los Angeles County. Oakmont of Torrance is the first of several Oakmont communities to open during the 2020 pandemic. Guests at the grand opening event were required to RSVP, wear masks, social distance and follow safety precautions. The 106,613-square-foot community sits on nearly two acres and features 55 assisted living units and 32 memory care units.
Cambridge Provides $3.2M HUD Refinancing for Kadie Glen Assisted Living in Wenatchee, Washington
by Jeff Shaw
WENATCHEE, Wash. — Cambridge Realty Capital Cos. has provided a $3.2 million HUD Lean loan to refinance Kadie Glen Assisted Living. Located in Wenatchee, in the central part of Washington between Seattle and Spokane, the property features 62 beds. The borrower is a limited liability company based in Washington state. Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured loans, underwrote the transaction. The 32-year loan is fully amortizing.
In a September 17 Seniors Housing Business webinar: How the Pandemic, Baby Boomers, and Technology are Changing the Senior Living Business, panelists discussed how the senior living industry is shifting. Wellness trends, including specialized diets like Paleo and Keto, are increasingly requested by residents and their adult children — and the requests are anticipated to grow as more Baby Boomers move into seniors housing residences. New uses for health-related technology, such as real-time data collection, show promise in terms of improving resident health and preventing hospital stays. Technology is also changing …
TEMECULA, Calif. — The City of Temecula Planning Commission has unanimously approved the construction of Solana Way, an assisted living and memory care facility that Griffin Living is developing on a vacant site that was previously unusable due to water runoff. Located approximately midway between Los Angeles and San Diego, the 91,002-square-foot community will feature 75 assisted living units and 32 memory care units in a two-story building. “The Temecula site was both a nuisance and an eyesore at a major intersection, and now will feature a new, thoughtfully designed …
MT. STERLING, Ky. — Senior Living Investment Brokerage has arranged the sale of Sterling Meadows, a 30-unit assisted living community in Mt. Sterling, approximately 35 miles east of Lexington. Built in 2014, the 66,000-square-foot property was 80 percent occupied at the time of sale. It also offers an opportunity for a memory care expansion. A Lexington-based developer looking to exit seniors housing sold the asset to a Southeast-based owner-operator for $2.9 million. This is the buyer’s first community in Kentucky. Bradley Clousing and Daniel Geraghty of Senior Living Investment Brokerage …
MACOMB, Ill. — Lancaster Pollard has provided a $9.5 million refinancing for Grand Prairie of Macomb, an 84-unit supportive living facility in Macomb, located in the western part of the state approximately 150 miles north of St. Louis. Grand Prairie was originally constructed in 2007 with an addition built in 2013. The FHA Section 232/223(f) financing, which paid off a recent acquisition loan, features a fixed interest rate of less than 2.5 percent and will result in debt service savings. Brett Murphy led the transaction for Lancaster Pollard, a division …
HINGHAM, Mass. — Callahan Construction Managers has completed The Residence at Penniman Hill, an assisted living community in the Boston suburb of Hingham. LCB Senior Living is the owner and operator, while The Architectural Team Inc. served as the design firm. This is Callahan’s fourth project with LCB Senior Living. The Residence at Penniman Hill features 90 assisted living and memory care apartments. The 90,000-square-foot, three-story building includes studio, one- and two-bedroom options.