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 …
Assisted Living
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.
PASCO, Wash. — Blueprint Healthcare Real Estate advisors has arranged the sale of Tri-Cities Retirement Inn, an 82-unit assisted living and memory care community in Passco, located in the southeast portion of Washington state. A Washington-based owner-operator acquired the property for an undisclosed price. First Interstate Bank provided acquisition financing at an 85 percent loan-to-value ratio. The seller was not disclosed.
ROYAL PALM BEACH, Fla. — Hunt Midwest and Integral Senior Living have teamed with Pi Architects to develop The Capstone at Royal Palm, a 75,000 square-foot senior living community in the South Florida village of Royal Palm Beach. Plans call for 56 assisted living apartments and 44 memory care suites. “The Capstone at Royal Palms is the first in a series of projects with Hunt Midwest, Integral Senior Living and Pi Architects,” says Pi President Greg Hunteman.
WOODSTOCK, Ga. — Senior Living Investment Brokerage has arranged the sale of Insignia of Towne Lake, a 33-unit assisted living community in the Atlanta suburb of Woodstock. A Florida-based owner-operator acquired the asset for $2.9 million. The new owner plans to add memory care to the community. The transaction also included the assumption of a $2.6 million HUD loan. Built in 1996, the property was 94 percent occupied at the time of sale. The undisclosed seller was looking to remove operational outliers from its portfolio. Bradley Clousing and Patrick Byrne …
HIGHLAND PARK, Ill. — Capitol Seniors Housing has opened Atria Highland Park, an assisted living and memory care community in the Chicago suburb of Highland Park. The three-story, 72,000-square-foot community features 86 residential apartments on a 2.6-acre site. The operator is Atria Senior Living. Mosely Architects designed the project, while StudioSIX5 handled interior design. “Overlooking Sunset Valley Golf Club and located just south of Sunset Woods Park, the new community is also near medical facilities, downtown Highland Park shops and restaurants, a post office and many more local amenities,” says …
WASHINGTON, D.C. — The U.S. Department of Health and Human Services (HHS), through the Health Resources and Services Administration (HRSA), has announced that assisted living facilities may now apply for funding under the Provider Relief Fund Phase II. The move comes after months of lobbying by seniors housing industry associations amid the COVID-19 pandemic. Previously, while skilled nursing facilities received millions of dollars in governmental support, assisted living communities were left out of much of the funding. “Argentum, along with our trade association partners, have been advocating on behalf of …