WESTLAKE, Ohio — Blueprint Healthcare Real Estate Advisors has arranged the sale of Our House, a 75-unit independent living community on nine acres in the Cleveland suburb of Westlake. The sale included a home health program that operates exclusively at the community. The seller was a family owner-operator that managed the community for over 40 year. The seller elected to undergo renovations before the sale to receive an assisted living license, as many buyers were interested in using the Ohio Assisted Living Medicaid Waiver Program. The buyer was a Columbus-based …
NEW RICHMOND, Wis. — Presbyterian Homes & Services (PHS) has received $2.5 million in private grant funds for the expansion of The Deerfield, a senior living community in New Richmond, approximately 40 miles east of downtown Minneapolis. One hundred percent of the campus’ 24 new independent living apartments — scheduled to open in summer 2023 — were reserved within weeks of the start of marketing, according to the company. The apartments target low- and middle-income residents. “Clearly there is great demand for modest priced housing in the market,” says Jon …
OGDEN, Utah — Greystone has arranged a $22.5 million loan to refinance debt on TREEO South Ogden, a seniors housing community in Ogden, approximately 30 miles north of Salt Lake City. Tyler Armstrong, managing director at Greystone, placed the bank loan for Leisure Care, which owns the 143-unit independent living community. The regional bank loan was executed as a floating-rate financing carrying a five-year term and 30-year amortization. The loan featured 12 months of interest-only payments and a mid-200 basis points loan spread.
INDIANAPOLIS — Blueprint Healthcare Real Estate Advisors has arranged the sale of Discovery Commons at College Park, a 148-unit independent living community in Indianapolis. A publicly traded REIT sold the asset to Elevation Financial Group, which plans to convert the community to active adult living. The price was not disclosed.
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Webinar: Let’s Talk About the Outlook for Seniors Housing Investment and Finance
Is there room for optimism in seniors housing? What does investor interest look like now? Learn about how interest rate increases are impacting seniors housing valuations, what a flight to quality means for different sectors, financing concerns and more. Watch the webinar here. Timestamps of major topics covered: (5:25) Impact of rising interest rates on seniors housing valuations (7:54) Effects broken down by sector: active adult, skilled nursing, assisted living (11:07) Financing in the current environment (13:21) Acquisition opportunities, plus deal flow and closing (18:10) Outlook for the market …
EDMONDS, Wash. — Anthology Senior Living has unveiled plans for Anthology of Edmonds, a 127-unit seniors housing community in Edmonds, a northern suburb of Seattle. The community totals 162,872 square feet across six floors and is Anthology’s first community to exclusively offer independent living. This project marks the sixth senior housing development that Anthology has started in the past 12 months. Harrison Street is an investment partner on the project. According to a recent report by the U.S. Census Bureau, almost 15 percent of the Snohomish County population has already …
SPRING, Texas — A joint venture between Braintree Properties and Cadence McShane has broken ground on Aviva Terranova Independent Senior Living Community in Spring, a suburb of Houston. Plans call for a 140,000-square-foot campus comprising four-story, wood-framed structures and 163 units. Additional features include a fitness center, pool, theater, library, Cyber Café and a parking garage with 215 parking spaces. The project is scheduled for completion in late 2023.
OVERLAND PARK, Kan. — Erickson Senior Living has opened Santa Fe Ridge, an independent living expansion at its Tallgrass Creek continuing care retirement community. Located on 65 acres in the Overland Park suburb of Kansas City, Tallgrass Creek now features 96 new units. In addition to the new residences, Santa Fe Ridge features an indoor pickleball court and a new restaurant. The building is named for the historic Santa Fe Trail, which opened in 1821 and served as the most important route to the West before the era of the …
FOLSOM, Calif. — Revel Communities, a division of The Wolff Company representing a portfolio of independent living communities, has opened its newest community, Revel Folsom. Revel Folsom is the latest expansion for Revel across the Western U.S. and will join Revel Palm Desert and Revel Lodi as the brand’s third independent living community in California in two years. Located 35 miles outside of Sacramento, Revel Folsom will feature views of the foothills of the Sierra Nevada Mountains. The size and number of units were not disclosed. Alicia Rist is the …
Forefront Living Opens 112-Unit Independent Living Expansion at Presbyterian Village North in Dallas
DALLAS — Forefront Living has completed The Hawthorne, an expansion project at Presbyterian Village North in Dallas. The project added 112 units of independent living at the community’s 66-acre campus. The new building is named after Douglas D. Hawthorne, founding CEO emeritus of Texas Health Resources. Hawthorne was a guiding force behind the expansion.