IRVINE, Calif. — Sabra Health Care REIT (NASDAQ: SBRA) has completed the $23.6 million acquisition of a 113-unit seniors housing property in Jasper, Indiana. The deal is a sale-leaseback transaction with the seller and operator, Legacy Living. The asset opened in 2019 and features 18 independent living cottages, 70 assisted living units and 25 memory care units. The lease has an initial term of 15 years with two five-year extension options. In a simultaneous, but unrelated, transaction, Sabra also transitioned three of its skilled nursing facilities to a new operator. …
GOSHEN, Ind. — Evergreen Real Estate Group has secured financing and started preliminary site work for Green Oaks of Goshen, a four-story, 120-unit assisted living community for low-income seniors in Goshen. Evergreen Construction Company, a division of Evergreen Real Estate Group, is serving as general contractor on the development and plans to officially break ground on Oct. 28. Completion is scheduled for early 2023. The $30 million project will replace a vacant three-acre lot on the city’s north side, near an existing Salvation Army building and retail along Main Street. …
NOBLESVILLE, Ind. — Capitol Seniors Housing has broken ground on The Outlook at Hamilton Town Center, an active adult community in Noblesville, a suburb of Indianapolis. The 145,000-square-foot, four-story community is reserved for those age 55 and older and will offer 164 units. The property is adjacent to Hamilton Town Center, an outdoor shopping, dining and entertainment destination. The community will also be within walking distance of a recently announced, 274-acre, master-planned development known as Hyde Park, which will include a mix of retail, restaurants, office space and 162 acres …
DES MOINES, Iowa, and SOUTH BEND, Ind. — AHEPA Affordable Housing Management Co. (AMC) has received two HUD Section 202 Supportive Housing for the Elderly program grant awards totaling $16.7 million to support the development of two new affordable seniors housing communities. The award for the 100-unit Des Moines project is $8.9 million. The award for the 80-unit South Bend project is $7.8 million. “The need for affordable housing, especially for very low-income seniors, is great,” says Steve Beck, AMC’s president and CEO. “Each of our existing affordable elderly housing …
LEBANON, Ohio — Ziegler has arranged $8.5 million in financing for Otterbein Homes, a Lebanon-based operator of senior living communities in Ohio and Indiana. Otterbein’s portfolio includes 1,300 independent living units, 450 assisted living units and 1,000 skilled nursing units across its eight SeniorLife Communities and nine Neighborhoods. In 2020, Otterbein acquired Sunset Retirement Communities, a life plan community with two locations in northwest Ohio. The financing will include these two new additions to Otterbein’s portfolio. Proceeds of the bond financing, along with other available funds, will be used to …
INDIANAPOLIS — TWG has opened Line Lofts Apartments, a new affordable senior living development on the eastside of Indianapolis. The property features 63 two-bedroom units. One-fifth of the units are designed and reserved for seniors with visual impairments, as part of a partnership between TWG and local nonprofit Visually Impaired Preschool Services (VIPS), which provides ongoing early intervention services to Indiana’s children with blindness/low vision. As part of the partnership, the $11 million property will include specific features that will aid visually impaired residents, including oversized elevator buttons, tactile markings …
CARLSBAD, Calif. — Integral Senior Living (ISL), a Carlsbad-based operator, has taken over management of six senior living communities in Indiana and Michigan. The company also named Adam Parton as regional vice president of operations and Brandy Ross as regional director of sales and management. Parton joins the ISL team with a decade of experience in senior living operations management, particularly in the Midwest. He is a Licensed Nursing Home Administrator in three states. Ross is an industry veteran with years of experience growing and managing senior living communities across …
WEST LAFAYETTE, Ind. — HJ Sims has arranged $60.5 million in bond financing for Westminster Village, a continuing care retirement community (CCRC) in West Lafayette, approximately midway between Chicago and Indianapolis. Founded in 1976, the community features 346 beds targeting middle-class seniors. The ownership partners with Purdue University. Westminster Village sought to take advantage of low interest rates to refinancing its outstanding 2014 bond issue. Sims found a banking partner with terms that would offer flexibility and savings for the borrower. The financing generated enough savings to for the community …
ANDERSON, Ind. — Evans Senior Investments (ESI) has arranged the sale of Providence Anderson, a 204-bed skilled nursing community, for $17.5 million, or $97,000 per functional bed. Built in three phases in 1964, 1978 and 1998, the property is located in Anderson, approximately 35 miles northeast of Indianapolis. The seller was an owner-operator of skilled nursing communities with locations primarily on the West Coast. Providence Anderson represented the seller’s only community in Indiana with the nearest community in the seller’s portfolio being 122 miles away. The buyer was a regional …
VALPARAISO, Ind. — Evans Senior Investments (ESI) has arranged the sale of Journey Senior Living of Valparaiso, a 98-unit assisted living and memory care community located near the southern bank of Lake Michigan in Valparaiso. The community opened in 2018, but struggled with lease-up, went through two management companies and was shut down in September 2020. The buyer was a regional private equity group that plans to make significant renovations to the empty building and reopen it in fall 2021. The price was $9.2 million, or $93,000 per unit. “Journey …