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Viva-L.A.-Warner-Center_Los-Angeles
Affordable HousingCaliforniaDevelopmentNews

Wellpointe to Develop $2B Affordable Seniors Housing Campus in Los Angeles

by Hayden Spiess

LOS ANGELES — Wellpointe has announced plans for the development of a new affordable seniors housing campus within the Warner Center master-planned district in Los Angeles.  Wellpointe estimates a total investment of $2 billion in the project, which will be developed in four phases. A property-holding affiliate of Wellpointe acquired the 4.7-acre development site late last year from Parkview Financial.  Upon completion, Viva L.A. Warner Center will comprise four high-rise towers ranging from 34 to 42 stories. The 2.2 million-square-foot development will total 3,192 units, as well as 61,450 square feet …

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Affordable HousingDevelopmentMarylandNews

Enterprise Community Development to Redevelop Springvale Terrace in Maryland

by Hayden Spiess

SILVER SPRING, Md. — Enterprise Community Development has announced plans to redevelop Springvale Terrace, a community in Silver Spring, in partnership with Seabury Resources for Aging.  Originally built in the 1960s, the property features 146 units. The community was one of the first to be developed under the U.S. Department of Housing and Urban Development’s (HUD’s) Section 202 program in the Washington, D.C. region.  Redevelopment plans include the demolition of the existing structure and the construction of a new 236-unit property, which will be branded as The Springvale. Residences will be …

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AcquisitionsAssisted LivingDevelopmentMemory CareNew YorkNews

Sunrise Acquires Development Site on Long Island for $7.5M

by Hayden Spiess

OCEANSIDE, N.Y. — Sunrise Senior Living has acquired a development site situated on Long Island in Oceanside for $7.5 million.  Kelly Koukou of Lee & Associates represented Sunrise in the acquisition. Marlon Matza of Strategic Realty Advisors represented the sellers, Grossman Nurseries and Breslin Development. The parties originally signed a purchase contract in 2017, but entitlement complications delayed the closing of the acquisition.  Sunrise plans to develop a 77,400-square-foot assisted living and memory care community on the property. Upon completion, the community will feature 84 units. A construction timeline was not …

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Memory-Care-Campus_San-Diego-County-Calif
AcquisitionsCaliforniaMemory CareNews

Marcus & Millichap Brokers Sale of Memory Care Campus in San Diego County

by Hayden Spiess

SAN DIEGO COUNTY, Calif. — The Knapp-Stahler Group of Marcus & Millichap has brokered the sale of a memory care campus located in San Diego County.  Developed in 2002, the property comprises seven buildings, with more than 55 units licensed for over 85 residents. The community was operating with negative net operating income (NOI) at the time of sale.  An undisclosed, all-cash buyer acquired the community for roughly $170,000 per unit. A publicly traded REIT was the seller. Nick Stahler, Justin Knapp, Michael Mooney and Hap Knowles of The Knapp-Stahler Group …

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Alamar-Senior-Living_Wellington-Fla
AcquisitionsAssisted LivingFloridaMemory CareNews

Health Wave Partners Acquires 134-Unit Community in South Florida

by Hayden Spiess

WELLINGTON, Fla. — Health Wave Partners has acquired Alamar Senior Living, a 134-unit assisted living and memory care community in Wellington. The property was 96 percent occupied at the time of sale.  AgeWell Senior Living will continue to manage the property on behalf of Health Wave. Amenities at the community include a fitness center, movie theater, beauty salon, bistro, billiards room, dog park and secure memory care courtyard. An improvement program was recently implemented at the property, including renovations to resident units, common areas, furnishings and outdoor amenities. “Alamar is an …

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Assisted LivingFinanceFloridaMemory CareNews

Helios Provides $7M HUD-Insured Financing for Community in Tampa

by Hayden Spiess

TAMPA, Fla. — Helios Healthcare Advisors has provided $7 million in HUD-insured financing for an assisted living and memory care community located in Tampa.  Built in 2018 and situated near the Tampa International Airport, the property totals 92 beds. This transaction replaces the asset’s existing floating-rate senior debt. Helios utilized the recently established HUD “Express Lane” for the financing. 

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AcquisitionsAssisted LivingIndianaMemory CareNews

Gardant Management Solutions Acquires 100-Unit Community in Indianapolis

by Hayden Spiess

INDIANAPOLIS — Gardant Management Solutions has acquired a community totaling roughly 100 units in Indianapolis.  The campus features more than 80 assisted living apartments and more than 20 memory care units.  Ryan Saul, Dan Geraghty and Bradley Clousing of Senior Living Investment Brokerage arranged the transaction on behalf of the seller. 

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CEO-Panel
FeaturesNewsOperations

Pay Seniors Housing Operators What They’re Worth, Industry Executive Urges Owners, Investors

by Hayden Spiess

By Matt Valley At least half of all seniors housing operating companies don’t make a nickel off the management of their buildings, says Jerry Frumm, vice chairman of Senior Lifestyle, a Chicago-based owner and operator. “At best, they’re breaking even on the management side. They’re making their money other ways.”  Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Some operators generate revenue through ancillary businesses or through ownership of the real estate …

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MorningStar-Albuquerque_N.M
AcquisitionsColoradoNew MexicoNews

LTC Acquires Communities in Colorado, New Mexico for $73M

by Hayden Spiess

WESTLAKE VILLAGE, Calif. — LTC Properties has acquired two communities located in Colorado and New Mexico for a combined purchase price of $73 million. Harbert Management Corp. was the seller.  Berkadia brokered the sale of the properties, MorningStar of Albuquerque in New Mexico and MorningStar of Wheat Ridge in Denver. The communities total 69 units and 64 units, respectively, with assisted living and memory care.  MorningStar Senior Living will continue to manage the properties on behalf of the new ownership.  LTC will own the communities as a senior housing operating portfolio …

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FinanceKentuckyNewsSkilled Nursing

Cambridge Arranges $21.5M Bridge-to-HUD Financing for Kentucky Skilled Nursing Facility

by Hayden Spiess

CHICAGO — Cambridge Realty Capital has arranged $21.5 million in bridge-to-HUD acquisition financing for a skilled nursing facility totaling 108 beds in Kentucky.  A regional commercial bank provided the first mortgage loan to the undisclosed borrower. Cambridge’s HUD LEAN platform will be used to refinance the bridge loan  Zach Scardina of Chicago-based Cambridge led the financing. 

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