TENNESSEE — VIUM Capital has provided a $14.2 million bridge-to-HUD loan for a 79-unit assisted living community in Tennessee. The financing provided $12.8 million for the acquisition of the property, as well as $1.3 million for an expansion that will add eight memory care units. The borrower has operated the facility since its recent construction. Further details were not disclosed.
By Christian Buesing, director of operations – technology solutions, Direct Supply Technology needs to serve a purpose. In my personal life I am slow to implement new technology into my routine until I know for sure it will serve me well. I am not the guy who has the latest tech toys just for the fun of it. In our industry, superior senior care is demanded. With the current staffing shortage, the technology incorporated into any community needs to improve staff efficiency and resident well-being. There are high expectations for …
PORT ORANGE, Fla. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of a 54-unit memory care community in Port Orange, a coastal city in Central Florida. The seller was a private REIT looking to exit an operational outlier from a previous portfolio. The buyer is a growing regional owner-operator expanding its presence in Florida. The price was not disclosed. Bradley Clousing and Daniel Geraghty handled the transaction for SLIB.
LEXINGTON, Mass. — EPOCH Senior Living and National Development have opened Bridges by EPOCH at Lexington, a memory care community in the Boston suburb of Lexington. The community is located next to the Belmont Country Club and features three residential households, each consisting of 16 memory care suites. This opening marks the 11th Bridges standalone memory care community in New England for EPOCH Senior Living. EPOCH Senior Living also operates four luxury Waterstone Senior Living communities in Massachusetts, Connecticut and New York.
BREMERTON, Wash. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 50-unit, 64-bed memory care community in Bremerton, across the Puget Sound from Seattle. The asset, previously a skilled nursing facility, was completely renovated in 2016 and opened as a memory care community in 2017. The community maintained a 66 percent occupancy during the last couple of years, producing an average operating margin of 15 percent. The property was a geographic outlier for the undisclosed seller. The buyer is a memory care-focused owner-operator with an established presence …
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Webinar: Inflation and Rising Interest Rates – Doom or Boom for the Seniors Housing Industry?
Seniors housing valuations — what can the industry expect in terms of future occupancy, inflation and interest rates? These were the most pressing topics of the “Inflation and Rising Interest Rates — Doom or Boom for the Seniors Housing Industry?” webinar, hosted by Seniors Housing Business and sponsored by V&IG. Hear how expert panelists are accounting for some of the most challenging questions in today’s market: What is driving investment in this space? How have return expectations changed since the beginning of the pandemic? How are increasing interest rates and/or inflation impacting …
SCOTTSDALE, Ariz. — Cadence Living has hired Michelle Cornelius as vice president of memory care engagement. Cornelius will have principal responsibility over the Revere Memory Care programming across the Cadence portfolio of communities. Prior to joining Cadence, Cornelius was most recently the chief operating officer at Cypress Homecare Solutions. During her time at Cypress, she implemented a dementia-specific homecare program that was rolled out across the country. She has also managed memory care units in both skilled nursing facilities and assisted living communities. Cornelius holds master’s degrees in both social …
CLEVELAND, Tenn. — Solinity has opened Remember Me Senior Care, an assisted living and memory care neighborhood in the East Tennessee city of Cleveland. The five-home, farmhouse-style neighborhood focuses on memory care services. Solinity leads the operations and also serves as the marketing agency with sister company, Solinity Marketing. The homes are situated in a subdivision-like design with walking paths, a gazebo and pavilion. Each home includes a private family gathering room, living room, private apartments, a residential-style kitchen, outdoor common spaces and large hallways. Project partners included DKLEVY Architectural …
MOUNTAIN VIEW, Calif. — JLL Capital Markets has arranged an undisclosed amount of construction financing for the redevelopment of Italian restaurant Frankie, Johnnie & Luigi Too! into Mountain View Memory Care, a Class A, 54-unit, 60-bed, private-pay memory care community in the Bay Area city of Mountain View. JLL worked on behalf of the borrower, the D’Ambrosio Family, and its operating partner, Calson Management, to secure the construction financing through a local bank. The community will also continue be home to the D’Ambrosio Family’s restaurant, Frankie, Johnnie & Luigi Too! …
ARLINGTON and ROCKWALL, Texas — Blueprint Healthcare Real Estate Advisors has arranged the sales of Revere Court of Arlington and Revere Court of Rockwall, both standalone memory care communities located in metro Dallas. Constructed in 2011, Revere Court of Rockwall consists of 44 memory care units while Revere Court of Arlington, built in 2000, contains 34 memory care units The communities faced operational challenges in 2020 due to the COVID-19 pandemic in addition to the physical plant being adversely affected by freezing temperatures across Texas in early 2021. The communities …