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Ziegler Arranges $69.5M Bond Financing for Acts Retirement-Life Communities

by Jeff Shaw

FORT WASHINGTON, Pa. — Ziegler has arranged $68.5 million in bond financing for Acts Retirement-Life Communities, a nonprofit operator based in Fort Washington, a northern suburb of Philadelphia. Of the total, $10.3 million were tax-exempt bonds issued through the Montgomery County Industrial Development Authority and $58.2 million were tax-exempt bonds issued through the Delaware Economic Development Authority. The proceeds will be used to reimburse a line of credit in the amount of $55 million for prior project costs in Delaware and to fund future project costs of $13 million in …

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AcquisitionsAssisted LivingNewsSkilled NursingWisconsin

Blueprint Brokers Sale of Eight-Property Dove Healthcare Portfolio in Wisconsin

by Jeff Shaw

EAU CLAIRE, Wis. — Blueprint Healthcare Real Estate Advisors has arranged the sale of eight Dove Healthcare-owned seniors housing properties in Wisconsin. The portfolio totals 526 beds/units of skilled nursing and assisted living with regional concentration in and around Eau Claire. Five of the eight properties are located within an 11-mile radius and all within an approximate one-hour drive time. The portfolio consists of mostly five-star rated communities located in close proximity to all the major regional hospitals including HSHS Sacred Heart, Marshfield Clinic and Mayo Clinic-Eau Claire acute referral …

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ColoradoDevelopmentFinanceNews

Bayview Provides $6M in C-PACE Financing for 124-Unit Mesa Verde in Durango, Colorado

by Jeff Shaw

DURANGO, Colo. — Bayview PACE has provided $6 million in C-PACE financing for key improvements for the 124-unit Mesa Verde senior living community in Durango, a small city in the southwest corner of the state. The C-PACE financing helped fund primary building systems including HVAC, electrical, plumbing and roofing. The 105,000 square-foot Mesa Verde will offer 92 assisted/transitional living units spread across studio, one-bedroom and one-bedroom configurations, as well as 32 memory care studio units. Mesa Verde is directly adjacent to Centura Mercy Hospital, the only major hospital in the …

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ColoradoNewsOperations

SLIB Negotiates Lease Renewal for 328-Unit Portfolio in Colorado

by Jeff Shaw

FORT COLLINS, GREELEY, LONGMONT, LOVELAND and ARVADA, Colo. — Senior Living Investment Brokerage (SLIB) has arranged a lease renewal for six seniors housing properties in Colorado totaling 328 units. The assets are located in Fort Collins, Greeley, Longmont, Loveland and Arvada. The landlord is a seniors housing and healthcare real estate investment trust (REIT). After analyzing potential tenant options presented by SLIB, the seller decided it did not make sense to disrupt the operations and replace the existing tenant. Bradley Clousing, Daniel Geraghty, Jason Punzel and Vince Viverito of SLIB …

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Affordable HousingDevelopmentFinanceKeyBankNew YorkNews

KeyBank Arranges $571.7M Financing Package for Affordable Seniors Housing Property in Rochester, New York

by Jeff Shaw

ROCHESTER, N.Y. — KeyBank has arranged a $571.7 million financing package for Andrews Terrace, a 526-unit affordable seniors housing property located along the Genesee River in Rochester. A partnership between Conifer Realty and Community Preservation Partners owns the property and has announced renovation plans. Located at 125 St. Paul St., Andrews Terrace was built in 1975 and consists of two residential buildings, one rising 19 stories and the other 22 stories. The towers offer studio, one- and two-bedroom apartments for seniors and disabled residents. The buildings are connected on the …

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FeaturesNews

NIC: Occupancy Rises to 85.1 Percent in 10th Consecutive Quarterly Increase

by Jeff Shaw

ANNAPOLIS, Md. — The occupancy rate for private-pay seniors housing rose 80 basis points to 85.1 percent in the fourth quarter of 2023, according to data from NIC MAP Vision. It’s the 10th consecutive quarterly increase in occupancy as the industry continues to recover from impacts of the COVID-19 pandemic. The occupancy figure marks an increase of 730 basis points from the pandemic low of 77.8 percent in second-quarter 2021, but still just shy of the pre-pandemic mark of 87.1 percent in first-quarter 2020. NIC MAP Vision is a product …

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AcquisitionsAssisted LivingMassachusettsNews

JLL Arranges Sale of 80-Unit Residence at Valley Farm in Ashland, Massachusetts

by Jeff Shaw

ASHLAND, Mass. — JLL Capital Markets has arranged the successful recapitalization transaction of the Residence at Valley Farm. LCB Senior Living will stay on as co-owner, while Blue Moon Capital Partners will replace Bridge Investment Group as the other owner. The price was not disclosed. The Residence at Valley Farm is located in Ashland, a wealthy bedroom community 25 miles west of Boston that provides access throughout the region via the commuter rail station in town and the nearby Massachusetts Turnpike (I-90). The three-story property is a Class A assisted …

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AcquisitionsAssisted LivingNew JerseyNews

Sherman & Roylance Brokers Sale of 44-Unit Canterbury Village in West Orange, New Jersey

by Jeff Shaw

WEST ORANGE, N.J. — Sherman & Roylance has negotiated the sale of the former Canterbury Village, a 44-unit, 53-bed assisted living community in the New York City suburb of West Orange. The buyer was a private senior living operator led by industry veterans Scott Burman and Lorne Schechter. The price was not disclosed. Canterbury Village closed its doors in mid-2023 and was owned by Provident Bank at the time of sale. George Bingham of Sherman & Roylance represented Provident in the transaction. Canterbury was operated previously as an affiliate of …

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AcquisitionsIndependent LivingIowaNewsSkilled Nursing

SLIB Negotiates Sale of Iowa Masonic in Metro Davenport

by Jeff Shaw

BETTENDORF, Iowa — Senior Living Investment Brokerage (SLIB) has arranged the sale of Iowa Masonic, a 79-bed skilled nursing facility and 40-unit independent living community in the Davenport suburb of Bettendorf. The seller was a local nonprofit that sought to sell in order to turn the business over to a company with experience that could ensure the long-term viability of the facility. The buyer was a private owner with additional communities in Iowa. The price was not disclosed. Ryan Saul and Nick Cacciabando of SLIB handled the transaction.

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FinanceNewsPennsylvaniaSkilled Nursing

CFG Provides $9.5M HUD Refinancing for Skilled Nursing Facility in Pennsylvania

by Jeff Shaw

PENNSYLVANIA — Capital Funding Group (CFG) has provided a $9.5 million HUD loan, which refinanced an existing bridge loan executed by CFG.  The transaction supported a 173-bed skilled nursing facility in Pennsylvania. Further details on the property and borrower were not disclosed.

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