Indiana

OHIO, KENTUCKY and INDIANA — Walker & Dunlop Investment Sales has arranged the sale of the Magnolia Springs Portfolio, consisting of seven communities and nearly 700 units across Ohio, Kentucky and Indiana. The seller was an institutional owner-operator while the buyer was a publicly traded REIT. The communities are 10 years old on average. The buyer plans to strategically invest capital into the physical plant of each community to take advantage of strong submarket supply and demand fundamentals. Josh Jandris, Brett Gardner and Alex Vice led the Walker & Dunlop …

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ZIONSVILLE, FORT WAYNE and COLUMBUS, Ind. — Ziegler has arranged $32 million in bank financing for BHI Senior Living, a faith-based nonprofit organization established in 1904 that owns and operates 10 market-rate continuing care retirement communities (CCRCs) across the states of Indiana, Ohio and Michigan. The financing is secured by three of BHI’s communities in Indiana: Hoosier Village in Zionsville, The Towne House in Fort Wayne and Four Seasons in Columbus. The portfolio comprises 384 independent living units, 524 assisted living units, and 225 skilled nursing units. BHI will finance …

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VALPARAISO, Ind. — Evergreen Real Estate Group has completed Green Oaks of Valparaiso, a $30 million assisted living community for low-income seniors in Valparaiso, a city in northwest Indiana.  The three-story project includes 120 units and is located at 2550 W. Morthland Drive. All residences are reserved for seniors age 62 and older, with incomes at or below 60 percent of the area median income. A financial assistance program is available for qualified applicants. Evergreen Construction Co., a division of Evergreen Real Estate Group, served as the general contractor on …

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MICHIGAN CITY and MERRILLVILLE, Ind. — Blueprint Healthcare Real Estate Advisors has arranged the sale of two communities in Indiana.  The two assisted living and memory care communities are located in Michigan City and Merrillville, both located on the south shore of Lake Michigan southeast of Chicago. The portfolio totals 119 units. Blueprint positioned the portfolio as a value-add opportunity for an incoming buyer to capitalize on strong pre-pandemic financial performance along with substantial Medicaid Waiver reimbursement rate enhancements that were passed in July of 2023. The buyer, seller and price were …

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GOSHEN, Ind. — Evergreen Real Estate Group has completed Green Oaks of Goshen, a 120-unit assisted living community for low-income seniors in Goshen, a city in northern Indiana.  Evergreen Construction Co., a division of Evergreen Real Estate Group, served as general contractor on the project, which recently welcomed its first residents and is currently 50 percent leased.  Located at 282 Johnson St., the $30 million project replaces a vacant, three-acre lot on the city’s north side near an existing Salvation Army building. Bourbonnais, Ill.-based Gardant Management Solutions operates the four-story …

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INDIANAPOLIS — Blueprint Healthcare Real Estate Advisors has brokered the sale of a seniors housing community in Indianapolis. The buyer, seller, price and details on the property were not released, but the new owner plans to convert the property to an inpatient substance use disorder clinic. Andrew Sfreddo, Shane Harmon, Gunnar Raney, Connor Doherty and Ryan Kelly led the Blueprint team.

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FORT WAYNE, Ind. — Ziegler, as exclusive financial advisor to Marquee Capital (formerly Berengaria Development), has arranged the sale of BrightStar Senior Living Fort Wayne. The community offers 41 units of assisted living and memory care in Fort Wayne. Marquee Capital developed the property, which BrightStar Senior Living has operated since it opened in 2018. The 3.25-acre asset is located in the Pine Valley neighborhood, eight miles north of downtown Fort Wayne. Lutheran Life Villages (LLV) purchased the property and took over operations. LLV is a local, faith-based, nonprofit organization …

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INDIANAPOLIS — Blueprint Healthcare Real Estate Advisors has arranged the sale of two assisted living communities in Indianapolis. Both assets were built in the late 1990s. Further details on the properties were not disclosed. Bloom Senior Living acquired the communities and plans to reposition them as the premier affordable options in Indianapolis by utilizing the Indiana Assisted Living Waiver Program. The seller and price were not disclosed. Ryan Kelly, Connor Doherty, Amy Sitzman and Giancarlo Riso led the Blueprint team.

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OHIO and INDIANA — Senior Living Investment Brokerage (SLIB) has arranged the sale of a five-property portfolio located in Ohio and Indiana. The five communities total 400 units and were built between 1983 and 2001.  The Ohio communities are all located within 250 miles of each other, and the Indiana communities are located within 75 miles of each other. The portfolio is well maintained and underwent significant capex over the last few years, according to SLIB. The seller was a Northeast-based private REIT that divested the portfolio to focus on …

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FORT WAYNE, Ind. — Merchants Capital has provided $17.4 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the construction of Reserve on Park Place, an affordable seniors housing community in Fort Wayne.  Brown Capital Group, Leo Brown Group and Rogers Development Group are developing the 187-unit property. Restricted to seniors age 55 and older, the three-story community will feature 15 studios, 136 one-bedroom units and 36 two-bedroom units for residents earning up to 80 percent of the area median income.  The units are designed to support senior and …

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