DAVISON, Mich. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 32-unit assisted living community in Davison, a suburb of Flint. The property was built in 1997 and expanded in 2013. A REIT sold the community to a Grand Rapids-based operator.
Assisted Living
DENTON, Texas — Investcor has completed the renovation of Fairhaven Assisted Living, a historic senior living building in Denton, approximately 35 miles north of Fort Worth. The development team for the 47-unit project included Pi Architects, Coastal Reconstruction, Allison Engineering, TDi Engineering, MEP Associates Design Groups and Architexas. The original building was designed by Texas architect O’Neil Ford, whose designs blended the surrounding environment into the building and featured the use of natural elements and materials. The original Fairhaven was originally developed in the 1950s, but closed in 2007 and …
Lancaster Pollard Provides $16.9M Refinancing for Assisted Living Community Near Chicago
by Jeff Shaw
BATAVIA, Ill. — Lancaster Pollard Mortgage Co., a division of ORIX Real Estate Capital, has provided a $16.9 million HUD refinancing for Heritage Woods of Batavia, a 148-unit affordable assisted living community in the Chicago suburb of Batavia. The borrower is Gardant Management. Brett Murphy led the transaction for Lancaster Pollard.
Industry leader Brenda Bacon, CEO of Brandywine Living and former Argentum Board Chair, offers expert insight into the industry-wide response to the COVID-19 health crisis and how senior living can apply those lessons going forward. Listen to Episode One of the Seniors Housing Business series Executive Insights to learn how Bacon and her team are protecting and promoting resident health, acting as educators and advocating for assisted living industry as a whole. Executive Insights is an exclusive interview series in which Seniors Housing Business interviews top thought leaders in assisted living. See …
MYRTLE BEACH, S.C. — Watercrest Senior Living Group and its equity partners, Peninsula U.S. Real Estate and Corecam Capital Partners, have broken ground on Watercrest Myrtle Beach Assisted Living and Memory Care in Myrtle Beach. The property will feature 76 assisted living units and 22 memory care units near the Atlantic Coast and many golf courses. Bank of Texas financed the construction, and Shiel Sexton is the builder. The project is scheduled for completion in late 2021.
WASHINGTON and OREGON — Blueprint Healthcare Real Estate Advisors has arranged the sale of eight private-pay assisted living assets in Oregon and Washington totaling 321 units. A joint venture between an Arizona-based private equity firm and an Oregon-based owner-operator acquired. The seller and price were not disclosed. The buyer intends to reposition the communities, possibly adding more memory care units.
WEST LINN, Ore. — Owner-operator Cadence Living has partnered with boutique investment firm Dylan Investments to acquire Tanner Spring, an assisted living and memory care community in the affluent Portland suburb of West Linn. The community comprises 62 assisted living units and 26 memory care units. The partnership also acquired the adjacent vacant land and has plans to add 100 residential units in the future. Orix Securities advised the seller on the transaction and Blueprint Healthcare Real Estate advised the buyer. “We have been focused on the northwest for our …
Cushman & Wakefield Arranges $19.8M Refinancing for HarborChase of Riverwalk Near Charlotte
by Jeff Shaw
ROCK HILL, S.C. — Cushman & Wakefield Senior Housing Capital Markets has arranged $19.8 million in financing for HarborChase of Riverwalk, a recently opened assisted living and memory care community in Rock Hill, approximately 25 miles southwest of Charlotte, North Carolina. The borrower, private equity firm BridgeForth Capital, will use the funds to refinance the construction loan. Saperean Capital provided the new financing. HarborChase of Riverwalk is an 88-unit property located within the Riverwalk master planned development. The community opened February 2020. The operator is Harbor Retirement Associates. The Cushman …
ST. PETERSBURG, Fla. — Colliers International has arranged the sale of Loving Care of Saint Petersburg in the Tampa suburb of St. Petersburg. The property features 120 beds across 60 units. The assisted living facility has a limited mental health specialty license. Best Care Senior Living at St. Pete acquired the property from Loving Care of St Petersburg for an undisclosed price. The community was 80 percent occupied at the time of sale. Kenneth and Damien Carriero of Colliers arranged the transaction.
HAZEL CREST, Ill. — Charter Senior Living has acquired Citadel Estates, an assisted living and memory care community in Hazel Crest, approximately 20 miles south of Chicago. The buyer has renamed the community Charter Senior Living of Hazel Crest. The seller and price were not disclosed. “The acquisition was planned before COVID-19 and by the time we were transitioning, most of the country was already locked down,” says Jayne Sallerson, Charter’s chief operating officer. “We had plans in place for our other communities, so implementing new procedures at Hazel Crest …