Michigan

AcquisitionsAssisted LivingMichiganNews

Blueprint Brokers Sale of 79-Unit Azpira Place of Breton in Kentwood, Michigan

by Jeff Shaw

KENTWOOD, Mich. — Blueprint Healthcare Real Estate Advisors has brokered the sale of Azpira Place of Breton, a seniors housing community in the Grand Rapids suburb of Kentwood. The community was built in 2001 and features 67 assisted living and 12 memory care units. The seller acquired the property as part of a larger portfolio expanding its platform across the Midwest. Shortly thereafter, a substantial interior renovation initiative was completed in 2019. Representing management’s only location in the state, the seller made the decision to exit the market. The buyer …

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DevelopmentMichiganNews

Resthaven Breaks Ground on The Farmstead in Holland, Michigan

by Jeff Shaw

HOLLAND, Mich. — Resthaven, a faith-based nonprofit owner-operator, has broken ground on The Farmstead by Resthaven in Holland, located by Lake Michigan west of Grand Rapids. The community will offer an undisclosed number of independent living and assisted living units on a 40-acre site near Van Raalte Park. The property accommodates a variety of residence styles, from single-family homes to duplexes to apartment buildings. Though all the standalone homes are reserved, there are still a small number of apartments available. The Farmstead has been in design and planning since early …

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AcquisitionsMichiganNews

Capital Real Estate Group Negotiates $32.5M Sale of Two-Property Portfolio in Central Michigan

by Jeff Shaw

MICHIGAN — Capital Real Estate Group (CREG), through its U.S. Healthcare Investment Sales practice, has arranged the sale of a two-property seniors housing portfolio in Central Michigan. The properties total 139 units across 126,000 square feet. The two communities are located adjacent to one another and are spread over 13.5 acres. The portfolio’s unt mix comprises 88 assisted living units, 33 independent living units and 18 memory care units. The portfolio is over 80 percent leased and has maintained that occupancy on average for the past two years. A publicly …

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AcquisitionsAssisted LivingMichiganNews

ESI Arranges Sale of Two Senior Living Communities in Michigan for $38.3M

by Jeff Shaw

DETROIT — Evans Senior Investments (ESI) has arranged the sale of two assisted living and memory care communities in the northern suburbs of Detroit. A regional owner-operator sold the assets to an operator looking to expand into Michigan for $38.3 million, or $314,000 per unit. With each community being built between 2019 and 2020, the properties were smaller in size, with fewer than 65 units at each community. This allowed for above-average performance during the COVID-19 pandemic. At the time of marketing the portfolio was 88 percent occupied and boasted …

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AcquisitionsAssisted LivingMichiganNews

Commonwealth Acquires Three-Property Portfolio in Michigan

by Jeff Shaw

NEW BALTIMORE and GRAND RAPIDS, Mich. — Commonwealth Senior Living has entered the Michigan market with the acquisition of three newly renovated senior living communities. The properties include Prestige Commons in New Baltimore, and Addington Place at Grand Rapids and Addington Place at East Paris in Grand Rapids. The communities will be rebranded as Commonwealth Senior Living at New Baltimore, Commonwealth Senior Living at Grand Rapids and Commonwealth Senior Living at East Paris, respectively. Commonwealth Senior Living at New Baltimore is wrapping up a $6.5 million complete renovation of the …

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FinanceMichiganNewsOhioSkilled NursingWisconsin

Lument Provides $87M in HUD-Insured Loans for Refinancing of Midwest Skilled Nursing Portfolio

by Jeff Shaw

OHIO, MICHIGAN and WISCONSIN — Lument has provided $87 million in HUD 232/223(f) loans for the refinancing of a portfolio of nine skilled nursing facilities located in Ohio, Michigan and Wisconsin.  The properties total 691 beds. The operator, Atrium Centers Inc., provides short-term, post-acute rehabilitation and long-term nursing care. Each of the nine loans features a fixed interest rate.  HUD 232/223(f) loans allow for the purchase or refinancing of nursing homes and assisted living facilities.

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Active AdultAffordable HousingDevelopmentMichiganNews

Lockwood Breaks Ground on $45M Community in Ann Arbor, Michigan

by Jeff Shaw

ANN ARBOR, Mich. — Lockwood Cos. has broken ground on Lockwood of Ann Arbor, a 154-unit seniors housing community in Ann Arbor. The three-story, 168,130-square-foot building includes 65 units dedicated as affordable housing. Development costs were estimated at $45 million. Rents will range from $864 for a one-bedroom apartment to $2,750 for a two-bedroom apartment.

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Assisted LivingDevelopmentMichiganNews

Spellman Brady Completes Interior Design of Anthology of Farmington Hills in Michigan

by Jeff Shaw

FARMINGTON HILLS, Mich. — Spellman Brady & Co. (SBC) has completed the interior design for the newly constructed Anthology of Farmington, a 100-unit assisted living and memory care community in Farmington Hills, a suburb of Detroit. Anthology Senior Living, a CA Ventures – Senior Living Company owns and operated the property. Spellman Brady was responsible for the selection, procurement and installation of the project’s finishes, furniture, artwork and accessories. Spellman Brady collaborated with architect Roseman and Associates and general contractor Brinkmann Constructors.

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AcquisitionsAssisted LivingMichiganNews

Blueprint Arranges Operator Purchase of Four Comfort Care Communities in Michigan

by Jeff Shaw

DETROIT — Blueprint Healthcare Real Estate Advisors has arranged the sale of four communities in the Detroit and Saginaw metro areas. The buyer, Comfort Care Senior Living, is the operator of the properties. The seller was the former REIT landlord. The four communities total approximately 236 assisted living and memory care units with vintages ranging from 2013 to 2019. Consolidated with its REIT partner across multiple transactions, these communities constituted approximately a quarter of Comfort Care’s portfolio across the state. The communities exhibited strong performance trends pre-COVID, but faced occupancy …

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DevelopmentFinanceMichiganNews

Grandbridge Arranges $30 Recapitalization for Vista Grande Villa in Jackson, Michigan

by Jeff Shaw

JACKSON, Mich. — Grandbridge Real Estate Capital’s Tampa-based seniors housing investment sales team has arranged the recapitalization of Vista Grande Villa, a 318-unit campus in Jackson, approximately 35 miles west of Ann Arbor. Vista Grande Villa is an approximately 20-acre campus comprising 32 cottage homes, 181 independent living apartments, 46 assisted living units, 23 memory care units and 36 skilled nursing units. The recapitalization plan consisted of restructuring approximately $22 million of prior debt, together with new committed funding of roughly $8 million to put toward capital investment and stabilizing the …

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