SOUTH PORTLAND, Maine — Cushman & Wakefield Senior Housing Capital Markets has arranged the equity and financing for construction of HarborChase of South Portland. Confluent Senior Living, a subsidiary of Denver-based real estate investment firm Confluent Development, will develop and own the property. Harbor Retirement Associates is the co-developer for the project and will operate the community upon completion. The property will feature 123 units of assisted living and memory care. Construction is slated for completion in summer 2021. M&T Bank provided an undisclosed amount of construction financing. A private …
Assisted Living
KENNEWICK, Wash. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 36-unit assisted living community in Kennewick, located near the Oregon border in the eastern half of the state. The property was over 90 percent occupied at the time of sale, though it has struggled in recent years due to key leadership turnover, according to Blueprint. For this reason it was still marketed as a value-add opportunity. The buyer was well capitalized and local, and this is the company’s fourth acquisition in Washington. The seller and price …
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.
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 …