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Affordable HousingDevelopmentIndianaNews

Evergreen Real Estate Group Completes 120-Unit Affordable Assisted Living Community in Goshen, Indiana

by Jeff Shaw

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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AcquisitionsIndianaNews

Blueprint Brokers Sale of Community in Indianapolis for Behavioral Health Conversion

by Jeff Shaw

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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AcquisitionsAssisted LivingIndianaNews

Ziegler Negotiates Sale of 41-Unit BrightStar Senior Living Fort Wayne in Indiana

by Jeff Shaw

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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AcquisitionsAssisted LivingIndianaNews

Blueprint Negotiates Sale of Two Communities in Indianapolis

by Jeff Shaw

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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AcquisitionsIndianaNewsOhio

SLIB Negotiates Sale of Five-Community Portfolio in Ohio, Indiana

by Jeff Shaw

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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Affordable HousingFinanceIndianaNews

Merchants Capital Provides $17.4M in Financing for Affordable Community in Fort Wayne, Indiana

by Jeff Shaw

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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AcquisitionsAssisted LivingIndianaNews

SLIB Arranges Sale of 45-Unit Vermillion Place in Anderson, Indiana

by Jeff Shaw

ANDERSON, Ind. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Vermillion Place in Anderson, approximately 30 miles northeast of Indianapolis. The community comprises 45 units of assisted living care on about two acres. This particular asset was family owned and it proved difficult to successfully run a smaller, single-site operation, according to SLIB. The owner made the decision to sell and was encouraged by its lender to divest.  The buyer is a private owner that previously provided the owners with operating, clinical and environmental consulting services for …

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AcquisitionsAssisted LivingIndianaNews

Blueprint Arranges Sale of Three Communities in Indiana

by Jeff Shaw

ELKHARD, KOKOMO and MADISON, Ind. — Blueprint has arranged the sale of three assisted living communities in Indiana. The communities were built in the late 1990s in Elkhart, Kokomo and Madison, and historically struggled operationally. The buyer plans to reposition the assets as the premier affordable option in their respective markets by utilizing the Indiana Assisted Living Waiver Program. The buyer, seller and price were not disclosed. Connor Doherty, Ryan Kelly, Amy Sitzman and Giancarlo Riso led the Blueprint team.

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DevelopmentIndianaNews

LCS Development Plans $100M Expansion at Greenwood Village South in Indiana

by Jeff Shaw

GREENWOOD, Ind. — LCS Development has unveiled plans for a $100 million expansion project at Greenwood Village South, a seniors housing community in Greenwood, a southern suburb of Indianapolis. Plans include a new salon. library, indoor pool, 280-seat auditorium and an outdoor courtyard for pickleball and bocce ball. Greenwood Village South officials say the expansion will also dramatically improve two levels of care the 62-year-old facility provides: assisted living and memory care. For the expansion, LCS plans to build 66 new independent living “hybrid” homes in the form of six …

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AcquisitionsIndianaNews

Kandu Capital, Bloom Senior Living Purchase Two Communities in Indianapolis Out of Receivership

by Jeff Shaw

INDIANAPOLIS — Kandu Capital and its operating company, Bloom Senior Living, have acquired two senior living communities in Indianapolis out of a Fannie Mae receivership.  With the move, Bloom expands its Indiana footprint to five communities. After strategically divesting $110 million of skilled nursing and behavioral health assets at peak pricing up to $225,000 per bed, Bloom has opportunistically redeployed capital into seniors housing at $30,000 per unit. Bloom is capitalizing on new distressed opportunities while its current portfolio is outpacing pre-pandemic levels and industry fundamentals are strengthening.  Blueprint represented …

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