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AcquisitionsCCRCMarylandNews

Continuum Advisors Arranges Sale of 313-Unit The Village at Augsburg in Baltimore

by Jeff Shaw

BALTIMORE — Continuum Advisors has arranged the sale of The Village at Augsburg, a 313-unit continuing care retirement community in Baltimore. The campus comprises 131 independent living apartments, 51 assisted living units and 131 licensed skilled nursing beds situated on approximately 50 acres.  Jay Jordan and Dave Kliewer of Continuum Advisors represented Maryland-based National Lutheran Corp. in the sale of Augsburg to New Jersey-based Outcome Healthcare. The price was not disclosed. “NaLonal Lutheran affiliated with The Village at Augsburg prior to COVID-19 and put forward significant investment into the campus …

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AcquisitionsMinnesotaNewsSkilled Nursing

SLIB Negotiates Sale of 338-Bed Portfolio in Minnesota

by Jeff Shaw

SLEEPY EYE and MAPLEWOOD, Minn. — Senior Living Investment Brokerage (SLIB) has arranged the sale of two seniors housing communities in Minnesota totaling 338 beds. The two campuses are named Sleepy Eye Care Center and Maplewood Care Center. Maplewood is an eastern suburb of Minneapolis, while Sleepy Eye is approximately 100 miles to the southwest. Sleepy Eye consists of 128 beds and was built in 1972 and 1986. The Maplewood campus consists of 149 beds and 61 units and was built in 1970 and 1995. The properties combined total 194,049 …

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ColoradoDevelopmentNewsVirginia

Brinkmann Constructors Builds Communities in Virginia, Colorado

by Jeff Shaw

RICHMOND, Va., and FORT COLLINS, Colo. — Brinkmann Constructors, in partnership with Erickson Senior Living and Mosely Architects has completed the construction of a four-story, 103-unit residential building at Avery Point, a seniors housing community in Richmond.  This 157,000-square-foot, wood-framed building is the fourth residential facility built on the campus and the fifth building at Avery Point completed by Brinkmann.  In a separate deal, Brinkmann Constructors, in partnership with Experience Senior Living, broke ground on a five-story memory care and assisted living facility with 27 memory care units and 117 …

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AcquisitionsAssisted LivingCaliforniaNews

CareTrust REIT Acquires Southern California Assisted Living Facility in Joint Venture Investment

by Jeff Shaw

SAN BERNARDINO, Calif. — CareTrust REIT Inc. (NYSE: CTRE) has acquired The Villas at San Bernardino, a 78-unit assisted living and memory care facility located in the Inland Empire city of San Bernardino. In connection with its acquisition of the facility, CareTrust and a third-party regional healthcare real estate investor entered into a joint venture arrangement under which CareTrust provided a combined common equity and preferred equity investment amount totaling $10.7 million.  CareTrust is the managing member of the joint venture entity. CareTrust’s initial contractual yield on its combined preferred …

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AcquisitionsCCRCNewsOhio

Blueprint Negotiates Sale of 1,000-Bed Menorah Park in Beachwood, Ohio

by Jeff Shaw

BEACHWOOD, Ohio — Blueprint Healthcare Real Estate Advisors has arranged the sale of Menorah Park, a sprawling seniors housing campus in the Cleveland suburb of Beachwood. Following an affiliation with a fellow nonprofit, Montefiore, in July 2020, the campus totaled 588 licensed skilled nursing beds, 288 assisted living and memory care units, and 193 independent living units. The seller was a nonprofit organization that has served Cleveland’s Jewish community since its founding in 1906. Facing challenges due to increased healthcare staffing and a shift in competitive landscapes, the board elected …

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Company NewsNews

LTC Completes Restructuring of Relationship with Brookdale

by Jeff Shaw

WESTLAKE VILLAGE, Calif. — LTC Properties Inc. (NYSE: LTC), a Westlake Village-based REIT that invests in seniors housing and healthcare properties, has completed its previously announced process involving its 35-property Brookdale Senior Living portfolio.  Through the process, 17 communities across four states including Colorado (six), Texas (six), Kansas (four) and Ohio (one) with a total of 738 units, were re-leased to Brookdale. The new master lease, which commenced in January 2024, is for six years at an initial annual rent of $9.3 million. Five communities in Oklahoma, with a total …

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AcquisitionsNewsOhio

Continuum Advisors Brokers Sale of 120-Unit The Weils in Chagrin Falls, Ohio

by Jeff Shaw

CHAGRIN FALLS, Ohio — Continuum Advisors has arranged for the sale of The Weils, a 120-unit assisted living, memory care and skilled nursing community in Chagrin Falls, an eastern suburb of Cleveland. Built in phases between 2002 and 2015, the community consists of 75 assisted living units, 18 memory care units and 27 skilled nursing units. The community sits on a 45-acre site and includes excess acreage for future expansion.  Through the marketing of the campus for sale, the community featured occupancy around 85 percent. Cleveland-area based non-profit Eliza Jennings …

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AcquisitionsAssisted LivingCaliforniaNews

SLIB Arranges Sale of 77-Unit Villas at San Bernardino in California

by Jeff Shaw

SAN BERNARDINO, Calif. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Villas at San Bernardino, a 77-unit assisted living and memory care community in California’s Inland Empire. Built in 2003, the property totals 43,197 square feet on 1.35 acres of land. This was the seller’s only remaining seniors asset, as it plans to exit the industry. The buyer was an in-state owner-operator looking to grow its footprint in California. The price was not disclosed. Jason Punzel, Brad Goodsell, Vince Viverito and Jake Anderson of SLIB handled the …

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CCRCDevelopmentFinanceNewsVirginia

Ziegler Arranges $76.9M Bond Financing for Williamsburg Landing Expansion in Virginia

by Jeff Shaw

WILLIAMSBURG, Va. — Ziegler has arranged $76.9 million in bond financing for an expansion project at Williamsburg Landing, a continuing care retirement community in Williamsburg. Williamsburg Landing is located on 138.56 acres. It was founded in 1982 and since opening its doors has grown to include 317 independent living apartments, 73 assisted living units, 36 memory care units and 58 health and rehabilitation units. In 2018, Williamsburg Landing acquired 15.3 acres of undeveloped land adjacent to the existing campus, on which the owners plan to develop an expansion known as …

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Affordable HousingFinanceFloridaNews

CREI Holdings Receives $41M Refinancing for Li’l Abner Affordable Community in Sweetwater, Florida

by Jeff Shaw

SWEETWATER, Fla. — CREI Holdings, a development firm, has received a $41 million loan for the refinancing of Li’l Abner II apartments in Sweetwater, just west of Miami. Marc Suarez led the Lument team, which provided the funds. The project was completed in April 2023. Designed by Burgos Lanza Architects and Planners, an architectural firm based in Coral Gables, the eight-story building is situated adjacent to its 87-unit sibling, Li’l Abner I. Li’l Abner II consists of 244 one- and two-bedroom units dedicated to affordable and workforce housing. Among these, …

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