EAST CHICAGO, Ind. — Merchants Capital has provided a $15.5 million HUD 221(d)(4) loan for the construction of Lakeshore Manor in East Chicago. Designed to replace the former John B. Nicosia senior building, the development will consist of two four-story buildings that will house 206 units. The residences will be reserved for seniors age 62 and older who earn up to 60 percent of the area median income. Merchants also structured a $13.5 million equity bridge loan through its parent company, Merchants Bank of Indiana. Cinnaire, the property’s equity investor, …
INDIANA — VIUM Capital has arranged $136.8 million in bridge financing for a portfolio of 17 skilled nursing facilities in Indiana. The first-mortgage loan was made to fund the acquisition of the properties, which total 1,470 beds. Most of the buildings are stabilized with a strong credit tenant and manager in place, according to VIUM. The borrower plans to refinance as many of the properties as possible with HUD loans. Further details were not disclosed.
INDIANAPOLIS — Blueprint Healthcare Real Estate Advisors has arranged the sale of Discovery Commons at College Park, a 148-unit independent living community in Indianapolis. A publicly traded REIT sold the asset to Elevation Financial Group, which plans to convert the community to active adult living. The price was not disclosed.
PITTSBURGH, INDIANAPOLIS AND LOUISVILLE, Ky. — CBRE has brokered the sale of four active adult communities totaling 481 units in the Pittsburgh, Indianapolis and Louisville metro areas. An institutional investor that is a leading active adult owner-operator was the seller. Another institutional investor acquired the properties for an undisclosed price. CBRE’s Indianapolis multifamily team consisting of Steve LaMotte and Dane Wilson, CBRE’s Pittsburgh multifamily team consisting of Laura Lawrence, and CBRE’s National Senior Housing team members John L. Sweeny Jr., Aron Will, Garrett Sacco and Scott Bray represented the seller. …
INDIANA — Evans Senior Investments (ESI) has arranged the sale of a 100-bed skilled nursing facility in Indiana. A regional owner-operator sold the property to a regional operator with a presence in Indiana. The price and further details on the property’s name and location were not disclosed. At the time of marketing, the community posted $10.2 million in total revenue and was 71 percent occupied. The community participated in the Upper Payment Limit program (UPL) with a local hospital. The high revenue generation of the community contributed to an above-average …
CHICAGO — Senior Living Investment Brokerage (SLIB), a Chicago-based brokerage firm, has arranged the sale of five communities totaling 440 units across two separate transactions. In the first acquisition, SLIB arranged the sale of four communities in Kokomo, Ind.; Pueblo, Colo.; Stillwater, Okla.; and Cheyenne, Wyo. The assets total 351 units and the portfolio averages 87 percent occupancy. The seller was a long-standing provider of seniors housing with a portfolio of over 30 communities. The buyer was a regional private equity group focused on the seniors housing space that aligned …
MERRILLVILLE, Ind. — CBRE’s Indianapolis/Louisville multifamily team, in partnership with CBRE National Senior Housing, has arranged the sale of Residences at Merrillville Lakes. Located in Merrillville, near the Illinois border south of Chicago, the active adult community features 356 units averaging 890 square feet. The seller was an entity controlled by the principals of two Chicago-based companies, Oculus Development and UIRC. The buyer and price were not disclosed. Steve LaMotte Jr., Dane Wilson, John Sweeny, Aron Will, Garrett Sacco and Scott Bray led the CBRE team.
SOUTH BEND, Ind. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a seniors housing community in the North Indiana city of South Bend. The late 1990s-built assisted living community experienced occupancy challenges due to the COVID-19 pandemic. The name and number of units at the property were not disclosed. A national owner-operator sold the asset to a private owner partnering with a new operator, both looking to expand in the market. The price was not disclosed. The buyer group plans to reposition the asset as the premier …
VALPARAISO, Ind. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Rittenhouse Village of Valparaiso, a 90-unit assisted living and memory care community in Valparaiso, approximately 45 miles southeast of Chicago. A publicly traded REIT sold the asset to Lloyd Jones Senior Living, which was looking to grow its Midwest presence. The price was not disclosed. Built in 2009, the historically cash flowing community was negatively impacted by the COVID-19 pandemic, though recently started to rebound operationally. The sale was positioned as a value-add opportunity.
VALPARAISO, Ind. — Chicago-based Evergreen Real Estate Group has started construction of Green Oaks of Valparaiso, a three-story, 120-unit assisted living community for low-income seniors in Valparaiso. The $30 million project is scheduled for completion in April 2023. It will offer 48 studio and 72 one-bedroom apartments, all of which will be reserved for seniors age 62 or older with incomes at or below 60 percent of the area median income (AMI). A financial assistance program will be available for those who qualify. Green Oaks of Valparaiso will be licensed …