SPOKANE, Wash. —M&T Realty Capital Corp. has funded a $13.8 million FHA-insured loan to refinance of a 212-unit assisted living property located in Spokane. The asset was originally built in 1940, with additions in the late 1940s and early 1980s, along with renovations in the 2000s. The borrower, a regional owner-operator, acquired the property in 2018. M&T also provided the original bridge loan that is being refinanced, which took into account planned improvements in operations and $500,000 of capital expenditures at the property. .
Assisted Living
CLEVELAND — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 133-unit assisted living and memory care community in Cleveland. A national owner-operator sold the community amid struggling occupancy. A private owner-operator seeking to expand in the Midwest acquired the property for an undisclosed price. The new owner plans to reposition the asset as an affordable option using the Ohio Assisted Living Waiver Program.
SPARKS, Nev. — Operator Integral Senior Living (ISL) and owner Investcor Development plan to break ground this month on an assisted living and memory care community in Sparks, a suburb of Reno. Spanning 74,000 square feet, the property will feature 66 assisted living units and 24 memory care units. While the development has not yet been named, it will be located within Kiley Ranch, 675 acre master-planned development that includes a business park, retail/commercial district and residential neighborhoods surrounding a village center. The seniors housing development is scheduled for completion …
AURORA and LAKEWOOD, Colo. — CBRE has arranged $14.4 million in financing for the acquisition of a seniors housing portfolio in Colorado. The borrower is a joint venture between Cadence Living and a private equity firm. The two communities, located in the Denver suburbs of Aurora and Lakewood, total 152 assisted living units and 35 memory care units. The joint venture plans to deploy $4 million for improvements to the two communities, the names of which were not disclosed. Aron Will, Austin Sacco and Matthew Kuronen of CBRE National Senior …
INDIAN LAND, S.C. — Watercrest Senior Living Group and equity partner Waypoint Residential have opened Watercrest Fort Mill – Indian Land Assisted Living and Memory Care. The community is located in Indian Land, approximately 20 miles south of Charlotte just across the North Carolina border. It features 75 assisted living units and 32 memory care units. General contractor Shiel Sexton built the community. It is the second senior living development partnership between Watercrest Senior Living Group and Waypoint Residential. The first project, Watercrest Newnan Assisted Living and Memory Care, recently …
CENTRAL, La. — Claiborne Senior Living has opened The Claiborne at Shoe Creek in Central, a suburb of Baton Rouge. The community features 70 assisted living residences and 30 memory care apartments. Caroline Smith is executive director of the community and Jill Dupont is community relations director.
FLORIDA — Monticello has provided $20.2 million in first lien debt financing for the refinancing of two assisted living and memory care facilities totaling 171 beds in Florida. The borrower is an experienced owner and operator with a current portfolio of 1,325 licensed beds. Further details on the transaction were not disclosed.
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Webinar: Tips for How Operators Can Thrive in the Evolving Seniors Living Market
On July 23, Seniors Housing Business hosted a panel discussion called “Tips for How Operators Can Thrive in the Evolving Seniors Living Market” where four seniors housing industry experts joined to talk about how they are addressing COVID-19 challenges, adapting and promoting communities in spite of obstacles. Click here to watch this engaging webinar. The seniors housing world has shifted dramatically in the past few months, explains Steve Lampa, Founding Parter at Kensington Living, a Washington D.C.-based operator. “The number of leads is definitely down, but on the other hand a lot …
ROCHESTER, N.Y. — Blueprint Healthcare Real Estate Advisors has arranged the sale of The Shire Senior Living in Rochester. The community features 200 beds of assisted living, as well as 42 standard apartment units. Ardent Senior Living sold the property to a New York-based owner-operator for an undisclosed price.
MOUNT SINAI, N.Y. — Engel Burman has opened The Bristal at Mount Sinai, a 120-unit assisted living community in the Long Island hamlet of Mount Sinai. The Bristal at Mount Sinai has 76 assisted living apartments and 44 additional apartments for memory care. Monthly rents begin at $5,200 for assisted living and $8,400 for memory care. This is the 20th Bristal-branded community, with 15 of those located on Long Island. Engel Burman develops, owns and operates the properties.