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ConnecticutDevelopmentNews

EPOCH Opens 146-Unit Waterstone on High Ridge in Stamford, Connecticut

by Jeff Shaw

STAMFORD, Conn. — EPOCH Senior Living and National Development has opened Waterstone on High Ridge, a seniors housing community in Stamford, approximately 25 miles northeast of New York City. The community features 88 independent living, 36 assisted living and 22 memory care units. Independent living units are currently 60 percent leased. All-inclusive monthly fees for independent living start at $8,950 per month for a one-bedroom, while assisted living starts at $10,500 and memory care at $8,750. EPOCH Senior Living operates 13 senior living communities in the Northeast with three under …

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AcquisitionsConnecticutNews

Senior Living Residences Acquires Former Atria Community in Ridgefield, Connecticut

by Jeff Shaw

RIDGEFIELD, Conn. — New England-based Senior Living Residences (SLR) has acquired a former Atria Senior Living Community in Ridgefield, located along the New York State border approximately 50 miles northeast of Manhattan. SLR is rebranding the community, which opened in 2020, as Ridgefield Station Senior Living. The number of units and type of care were not disclosed. “While it has only been a short time since SLR took on management of the community, we have already made some integral changes,” says Tadd Clelland, SLR’s president and CEO. “We have significantly …

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CaliforniaConnecticutFinanceMarylandNewsSkilled NursingWashington

Berkadia Originates $47M Financing for Five Skilled Nursing Facilities

by Jeff Shaw

CHARLESTON, S.C. — Berkadia Seniors Housing & Healthcare has arranged $47 million in financing for five skilled nursing facilities across the country. Jay Healy secured the financing on behalf of multiple borrowers. In the first loan, Berkadia arranged the HUD refinancing of a 40-bed, Medicare-only skilled nursing facility in Sacramento. The $14.5 million, 48 percent loan-to-value financing retired the construction debt and covered transaction costs for the California-based client. The facility was constructed in June 2018, but did not receive its Medicare certification until August 2019. Occupancy at the time …

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AcquisitionsConnecticutNews

Cushman & Wakefield Arranges Sale of Two-Property, 225-Unit Portfolio in Connecticut

by Jeff Shaw

HARTFORD, Conn. — Cushman & Wakefield has arranged the sale and recapitalization of a 225-unit portfolio consisting of two independent living, assisted living and memory care communities located in the greater Hartford area. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Sam Dylag and Chris Remeika exclusively represented Everbrook Senior Living, which is acquiring the communities in a joint venture with White Oak Healthcare REIT. Everbrook will continue to manage the properties following the sale. The seller and price were not disclosed. “[Everbrook’s] focus on continuum communities in underserved markets with …

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AcquisitionsConnecticutNewsSkilled Nursing

SLIB Negotiates Sale of 62-Bed Skilled Nursing Facility in Plainfield, Connecticut

by Jeff Shaw

PLAINFIELD, Conn. — Senior Living Investment Brokerage has arranged the sale of Villa Maria Nursing and Rehab, a 62-bed skilled nursing facility in Plainfield. The seller was a private owner looking to divest ownership of the asset, while remaining employed within the industry. The buyer is a New England-based owner-operator. Villa Maria represents its third community in Connecticut and is also strategically located within its current Connecticut footprint. The price was not disclosed. Dave Balow of SLIB handled the transaction.

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Assisted LivingConnecticutDevelopmentFinanceNews

Senior Living Development LLC Arranges $16M Construction Financing for 117-Bed KindCare at Bristol in Connecticut

by Jeff Shaw

BRISTOL, Conn. — Senior Living Development LLC has arranged $16 million in construction financing for KindCare at Bristol, a middle-market, 117-bed assisted living and memory care community. Situated on a one-acre parcel in downtown Bristol, the community is the first of a rollout for KindCare Assisted Living, specializing in bringing assisted living and memory care to the middle class. This urban model utilizes a smaller footprint for the 60,000-square-foot community to drive down costs without sacrificing any amenities, services or quality. Rates average 20 percent less than luxury assisted living, …

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AcquisitionsConnecticutNews

Monarch Communities Acquires 130-Unit The Hearth at Southbury Senior Living in Connecticut

by Jeff Shaw

SOUTHBURY, Conn. — Monarch Communities has acquired The Hearth at Southbury in the western New Haven County municipality of Southbury. The community offers 96 independent living/assisted living apartments and 34 memory care apartments in the heart of downtown Southbury. Once the acquisition is finalized, Monarch plans to make capital improvements to upgrade and refresh resident apartments, as well as common areas throughout the community. The community will also be renamed Motif by Monarch.

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ConnecticutFinanceMassachusettsNewsSkilled Nursing

Ziegler Arranges $85.5M Bond Financing for Ascentria Care Alliance

by Jeff Shaw

WORCESTER, Mass. — Ziegler has arranged $85.5 million in bond financing for Ascentria Care Alliance, a Worcester-based skilled nursing operator. The bonds will support three of the borrower’s facilities: Quaboag Rehabilitation and Skilled Care Center in West Brookfield, Massachusetts, featuring 147 skilled nursing beds. Lutheran Home of Southbury (LHS) in Southbury, Connecticut, featuring 120 skilled nursing beds and 14 assisted living units. Lutheran Rehabilitation and Skilled Nursing Center in Worcester, featuring 107 skilled nursing beds and 43 rest home care beds. Proceeds of the bonds issued through the National Finance …

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ConnecticutFinanceM&T Realty Capital CorporationMassachusettsNewsOregon

M&T Provides $36M in Financing for Three Seniors Housing Communities

by Jeff Shaw

FARMINGTON, Conn., CHELSEA, Mass. and OREGON — The M&T Realty Capital Corp. (MTRCC) Seniors Housing Team has provided three financing transactions for seniors housing communities totaling $36 million. In the first transaction, M&T provided a $7.1 million FHA-insured loan for the refinance of a 73-unit assisted living facility located in Farmington. The loan was completed under the 232/223(a)(7) program. In the second transaction, M&T provided a $11.4 million bridge-to-HUD loan for the acquisition of a 95-unit assisted living and memory care community located in Southern Oregon. In the final transaction, …

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CCRCConnecticutDevelopmentNews

Benchmark Begins 20-Unit Assisted Living Expansion at Meadow Ridge in Redding, Connecticut

by Jeff Shaw

REDDING, Conn. — Benchmark Senior Living has started construction of a new assisted living neighborhood at Meadow Ridge, a continuing care retirement community in Redding, approximately 40 miles northeast of New York City. With an anticipated opening date of early 2022, the new assisted living neighborhood will feature 20 one- and two-bedroom apartments capable of serving up to 28 residents. In addition, it will offer a restaurant-style dining room, recreation room, living area, card room and parlor, library and two secure outdoor patios. It will occupy two floors in the …

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