PRIOR LAKE, Minn. — The City of Prior Lake, approximately 25 miles southwest of Minneapolis, has approved development of Summers Ridge Senior Living. Vincent Development is now clear to start construction of the single-story, 40-unit assisted living and memory care community. Great Lakes Management, based in nearby Plymouth, will operate the community upon completion. A construction timeline was not released. Summers Ridge is one of eight projects Vincent Development plans to start in 2020, with other projects ranging up to 200 units in size.
Assisted Living
CAPE CANAVERAL, Fla. — LV Lending, a local private lender, has provided a $4.2 million refinancing for a 7.7-acre vacant site in Cape Canaveral, along Florida’s Atlantic coast east of Orlando. The borrower, Danny Ringdahl of La Casa Canaveral LLC, plans to build a four-stor, 248-bed assisted living and memory care community on the site. Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending arranged the financing. Hart Advisors Group was the broker.
During this unprecedented time, marketing and sales professionals must continue to connect and engage with prospects, both existing and new. This webinar features panelists discussing what COVID-19 has meant for the seniors housing sector and strategies for effective marketing despite social distancing, shelter-in-place, and quarantine situations. Learn what alternate lead-generation options are available to continue to work toward 2020 sales and marketing goals. Hear what strategies industry peers are incorporating to manage through this time of uncertainty. Expert panelists weigh in with advice and helpful information about what industry professionals …
DALLAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 60-unit assisted living and memory care community in Dallas. An institutional owner-operator sold the property to a Dallas-based developer, owner and operator looking to expand. The price and name of the facility were not disclosed. The property was “trending toward 75 percent” occupancy with neutral cash flow at the time of sale, according to Blueprint. The median home price within three miles of the community is 72 percent higher than the state average and 44 percent higher …
GREENVILLE, S.C. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a seniors housing community in Greenville. Built in 2001, the property features 74 assisted living units and 17 memory care units. The name of the property, price and seller were not disclosed. A private investor acquired the community with plans to replace operations.
NORTHPORT, Ala. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Brookdale Northport, a seniors housing community in Northport, a suburb of Tuscaloosa. Built in 1999, the community features 68 assisted living units and 10 memory care units on a four-acre plot. A Mid-Atlantic-based owner-operator acquired the community, its second in the state, with plans to implement renovations. The seller and price were not disclosed. Bradley Clousing, Jeff Binder and Patrick Burke of SLIB handled the transaction.
WEST JORDAN, Utah — Dwight Capital has provided a $4.3 million HUD 232/223(f) loan for Beehive Homes of West Jordan, a 50-bed assisted living facility in West Jordan. The property sits on over 1.5 acres and is less than a mile from Jordan Valley Medical Center. Kevin Lifshitz of Dwight Capital originated the loan, which refinances existing debt.
CBRE Arranges Construction Financing for 100-Unit Clearwater Living Development Near Los Angeles
by Jeff Shaw
NORTH TUSTIN, Calif. — CBRE has arranged an undisclosed amount of financing for construction of Clearwater of North Tustin in Orange County. The borrower is a joint venture between Clearwater Living and an institutional investor. The development will feature 72 assisted living units and 28 memory care units on an infill, 7.5-acre plot. Within a one-mile radius of the property, average home values are over $1 million and incomes are over $192,000. Aron Will, Austin Sacco and Adam Mincberg of CBRE arranged the non-recourse, five-year, floating-rate loan with full-term, interest-only …
HAYDEN, Idaho — Blueprint Healthcare Real Estate Advisors has arranged the sale of Honeysuckle Place, a 39-unit assisted living community in Hayden, approximately 30 miles east of Spokane, Washington. A national owner-operator sold the property to a regional operator looking to expand into Idaho. The price was not disclosed. Originally built in 1996, the community was positioned as a value-add opportunity, though the seller did increase occupancy by 20 percent during the transaction process, according to Blueprint. The sale is part of a larger portfolio of strategic dispositions for the …
CALIFORNIA — JCH Senior Housing Investment Brokerage has arranged the sale of two assisted living communities in California. The first community totals 49 beds in Riverside County. A local owner seeking to grow its portfolio paid $5 million for the property. The second property was a 15-unit boutique community in Orange County. A local buyer interested in entering the seniors housing market paid $3.3 million for the asset. Both sellers were family owner-operators looking to retire. Jim Hazzard, and Cindy Hazzard handled the transaction process in both sales. The specific …