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North Carolina

CCRCDevelopmentIndependent LivingNewsNorth Carolina

LCS Development Plans $90M Cypress Glen Expansion Project in Greenville, North Carolina

by Jeff Shaw

GREENVILLE, N.C. — LCS Development, An LCS Company, has received an undisclosed amount of financing for the community expansion and remodeling project at Cypress Glen, a senior living community in Greenville.  The $90 million project will add 57 independent living residences and include a new auditorium, expo kitchen, wine bar and remodeled amenities. LCS Development has led the planning, development and design, and will oversee the construction services.  The expansion is slated for completion by November 2025. Cypress Glen sits on over 95 scenic acres and is the only continuing …

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Active AdultDevelopmentNewsNorth Carolina

Flournoy Breaks Ground on Active Adult Community in Asheville, North Carolina

by Jeff Shaw

ASHEVILLE, N.C. — Flournoy Development Group has broken ground on a new active adult community in Asheville. The Class A property will be part of The Preserve at Busbee Mountain, a 130-acre, master-planned residential development in Central Asheville’s dynamic southern corridor. The active adult community, which was not yet named, will follow development of Ellison at The Preserve, a 315-unit conventional multifamily community, and later followed by a second conventional multifamily phase and single-family estate lots. The 179-unit active adult community will feature mountain and forest views. Construction is currently …

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CCRCDevelopmentFinanceIndependent LivingNewsNorth Carolina

Ziegler Arranges $67.2M Bond Financing for United Methodist Retirement Homes

by Jeff Shaw

DURHAM, LUMBERTON and GREENVILLE, N.C. — Ziegler has arranged $67.2 million in bond financing for The United Methodist Retirement Homes (UMRH), a North Carolina-based nonprofit owner-operator of three continuing care retirement communities in the state. The borrower’s portfolio includes Croasdaile Village Retirement Community in Durham, Wesley Pines Retirement Community in Lumberton and Cypress Glen Retirement Community located in Greenville.  In total, the three communities comprise a total of 690 independent living units, 28 memory care units, 112 assisted living units and 194 skilled nursing units, which ranks UMRH as the …

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AcquisitionsAssisted LivingNewsNorth Carolina

Blueprint Brokers Sale of 54-Unit Community in Concord, N.C.

by Jeff Shaw

CONCORD, N.C. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 54-unit assisted living and memory care community in Concord, a northeastern suburb of Charlotte. Constructed in the late 1990s in a prominent location, Blueprint marketed the asset as a rare opportunity to acquire a performing, but not yet stable, community in an urban submarket of the high-barrier-to-entry, Certificate of Need state. The buyer was a newly formed joint venture between a Midwest-based investment group and Carolinas-based operator. The seller and price were not disclosed. Kyle Hallion, …

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Assisted LivingNewsNorth CarolinaOperations

SLIB Arranges New Tenant for Five Communities in North Carolina

by Jeff Shaw

NEW BERN, SHELBY, GOLDSBORO, GREENVILLE and ROCKY MOUNTAIN, N.C. — Senior Living Investment Brokerage (SLIB) has arranged the re-tenanting of five seniors housing communities in North Carolina totaling 210 units of assisted living. The properties are located in New Bern, Shelby, Goldsboro, Greenville and Rocky Mountain. The landlord is a seniors housing and healthcare REIT.  The new tenant is a North Carolina-based operator with a large presence in the state. Bradley Clousing, Daniel Geraghty and Patrick Burke of SLIB handled the transaction.

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AcquisitionsActive AdultNewsNorth Carolina

Berkadia Negotiates Sale of Active Adult Community in Charlotte, North Carolina

by Jeff Shaw

CHARLOTTE, N.C. — Berkadia has arranged the sale of an active adult community in Charlotte.  David Fasano, Ross Sanders, Cody Tremper, and Mike Garbers of Berkadia Seniors Housing & Healthcare led the transaction on behalf of the seller, Evergreen Residential. The property opened in fall 2020 and displayed an impressive lease-up velocity. The property is located in one of Charlotte’s exclusive master-planned communities. The local area offers an array of shopping, fitness and entertainment opportunities and boasts high median household incomes and housing values. The buyer, price and name of …

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AcquisitionsAssisted LivingNewsNorth Carolina

SLIB Negotiates Sale of Community in Thomasville, North Carolina

by Jeff Shaw

THOMASVILLE, N.C. — Senior Living Investment Brokerage (SLIB) has arranged the sale of an assisted living and memory care community in Thomasville, located south of Winston-Salem and Greensboro. The seller is an institutional capital provider looking to exit, as this was an operational outlier due to the size of the community. The buyer was a local owner-operator in North Carolina. The price and further details regarding the property were not disclosed. Daniel Geraghty, Bradley Clousing and Jeff Binder led the transaction for SLIB. 

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CCRCDevelopmentIndependent LivingNewsNorth Carolina

LCS Completes Phase I of $75M Expansion at WhiteStone CCRC in Greensboro, North Carolina

by Jeff Shaw

GREENSBORO, N.C. — Life Care Services (LCS) has completed the first phase of a $75 million expansion project at WhiteStone, a continuing care retirement community in Greensboro. LCS manages the Masonic and Eastern Star community. This phase of the expansion added 67 one- and two-bedroom independent living units to the property. In addition, the Care and Wellness Center renovations include a rehabilitation gym, courtyard and gardens, and enhanced salon and spa. In Guilford County, more than 16 percent of the population is currently made up of seniors, and that number …

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Affordable HousingFinanceMississippiNewsNorth CarolinaTexasVirginia

BWE Arranges Over $65M in Financing to Renovate, Preserve Affordable Communities Across the South

by Jeff Shaw

ASHEVILLE, N.C.; STARKVILLE, Miss.; CHESAPEAKE, Va.; and HOUSTON and BUDA, Texas — BWE has closed five loan deals totaling over $65 million to refinance and renovate affordable housing properties in North Carolina, Virginia, Mississippi and Texas. Jon Killough and John Roberts originated the loans on behalf of multiple borrowers. The loans include:

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FinanceMarylandNewsNorth CarolinaSkilled NursingVirginia

CFG Arranges $207M Refinancing for 10-Property Skilled Nursing Portfolio

by Jeff Shaw

BALTIMORE — Baltimore-based Capital Funding Group (CFG) has arranged $207 million in financing to support the refinancing of 10 skilled nursing facilities. The facilities, which span Maryland, Virginia and North Carolina, total over 1,200 beds. The borrowers are affiliates of The Portopiccolo Group. The transaction represents the largest deal closed by CFG this year to date. The financing also allowed for an equity recapture at closing, a transition to third-party tenants for eight of the 10 facilities as part of the closing and an earn-out structure to provide access to …

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