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Garden Spot Village in New Holland, Pennsylvania
FinanceNewsPennsylvania

Ziegler Closes $67.3M Tax-Exempt Bond Financing for Garden Spot Village in Southeast Pennsylvania

by Channing Hamilton

NEW HOLLAND, Pa. — Specialty investment bank Ziegler has closed on an approximately $67.3 million tax-exempt bond financing for Garden Spot Village in New Holland, located about 14 miles northeast of Lancaster, Pa. Ziegler served as underwriter in the transaction. The obligated group consists of Garden Spot Village (the “Corporation”) and its subsidiary, GSV LLC. Garden Spot Village is a not-for-profit Pennsylvania corporation that owns and operates a life plan community, known as Garden Spot Village, located on an approximately 220-acre campus in New Holland.  The community includes 621 independent living homes …

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The Nation's Largest Not-for-Profit Multi-Site Senior Living Organizations
AcquisitionsFeaturesIllinoisNewsOperations

Latest LZ 200 Report Shows Not-for Profits Growing Mostly Through Campus Expansions, Affiliations, Acquisitions

by Channing Hamilton

CHICAGO — Not-for-profit senior living providers have grown primarily through community expansions from existing campuses as well as affiliation and acquisition activity, according to the 21st Annual LeadingAge Ziegler (LZ 200) report.  Developed annually through a partnership between LeadingAge and Ziegler, the report is a ranking and analysis of the nation’s 200 largest not-for-profit senior living organizations across the country as of Dec. 31, 2023.  Nearly 30 percent of the total number of units for all senior living systems among this year’s LZ 200 are represented by the 10 largest …

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Lockwood of Ann Arbor in Ann Arbor, Michigan
DevelopmentIndependent LivingMichiganNews

Lockwood Cos. Opens 154-Unit Independent Living Community in Ann Arbor, Michigan

by Channing Hamilton

ANN ARBOR, Mich. — Lockwood Cos., a developer and manager of senior living communities, has opened Lockwood of Ann Arbor. With a focus on independent living, the community features 154 senior apartments, with 65 of these units designated as affordable housing. Households earning up to 60 percent of area median income will be eligible for the affordable units. The $47 million development is designed to provide high-quality, accessible living for seniors in Washtenaw County, addressing the growing need for seniors housing as the local population continues to age. The facility is equipped …

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The Patriot in Somerset, Pennsylvania
AcquisitionsCCRCNewsPennsylvania

ESI Arranges Sale of Continuing Care Retirement Community in Southwest Pennsylvania

by Channing Hamilton

SOMERSET, Pa. — Evans Senior Investments (ESI) has arranged the sale of The Patriot, a continuing care retirement community (CCRC) in Somerset, located in southwest Pennsylvania. The transaction was executed on behalf of a non-profit organization. The sales price was not disclosed. The CCRC features a diversified unit mix, including 100 licensed skilled nursing beds, 47 personal care units, and two independent living units. At the time of marketing, the skilled nursing component of the community was 77 percent occupied while the personal care beds were 47 percent occupied.  Financial …

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Blossom Valley, Wenatchee, Washington
AcquisitionsAssisted LivingNewsOperationsWashington

American Healthcare REIT Acquires Four Communities in State of Washington

by Jeff Shaw

BATTLE GROUND, PORT ORCHARD and WENATCHEE, Wash. — Cogir Management USA Inc. and American Healthcare REIT (AHR) have expanded their relationship to 14 communities with AHR’s acquisition of four communities in the state of Washington. AHR acquired Mallard Landing in Battle Ground, Orchard Pointe in Port Orchard, Blossom Valley in Wenatchee and Blossom Creek in Wenatchee. This portfolio includes a total of 207 assisted living and memory care units. With this acquisition, Cogir now operates communities in Washington, California, Utah and North Carolina for AHR. Cogir also now manages 22 …

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AcquisitionsMissouriNewsSkilled Nursing

ESI Brokers Sale of 199-Bed Skilled Nursing Facility in Western Missouri

by Jeff Shaw

MISSOURI — Evans Senior Investments (ESI) has arranged the sale of a skilled nursing facility in Western Missouri. The transaction was executed on behalf of an independent owner-operator seeking to exit the industry. Built in 1987 and situated on over 4 acres of land, the facility is licensed for 199 skilled nursing beds. At the time of marketing, it faced several operational challenges, including a two-star CMS rating, 54 percent occupancy and negative cash flows.  In light of these circumstances, the property offers substantial value-add potential. Its location, just a …

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CaliforniaDevelopmentFinanceNews

EBSC Arranges $31.2M in Construction Financing for Luxury Senior Living Facility in Los Angeles

by Channing Hamilton

LOS ANGELES — EBSC Lending has arranged $31.2 million in construction financing for a new 172,163-square-foot luxury senior living community under development in Los Angeles. The borrower operates senior living facilities in the Southeast, with a primary focus on Florida. Brian Stark, manager of information technology at EBSC Lending, led the transaction. The facility will offer a total of 198 catered living, assisted living and memory care units in three buildings spread over a 7.8-acre campus. It will also feature gourmet restaurant-style dining, boutique hotel décor, and a variety of …

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Affordable HousingCaliforniaDevelopmentNews

Hunt Provides LIHTC Financing for Rehabilitation, Expansion of Valley Pride Village in San Fernando Valley

by Jeff Shaw

SYLMAR, Calif. — Hunt Capital Partners (HCP), in partnership with Alliance Property Group (APG) and Community Bible Community Development Corporation (CBCDC), has provided $37 million in federal Low-Income Housing Tax Credit (LIHTC) equity and $15.1 million in state LIHTC financing for the redevelopment and expansion of Valley Pride Village. The affordable seniors housing property is located in Sylmar, northwest of Los Angeles. The development project will preserve its 88 existing homes and introduce 92 new housing options. Valley Pride Village’s rehabilitation and expansion will help alleviate the urgent need for …

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FinanceNews

Berkadia Arranges $66M Financing for Four Communities

by Jeff Shaw

CHARLESTON, S.C. — Berkadia has arranged $66 million in four separate transactions for a set of seniors housing communities. Jay Healy of Charleston-based Berkadia Seniors Housing & Healthcare completed the financings on behalf of the borrowers.  Healy closed a $20 million bridge-to-HUD loan to refinance a maturing construction loan for PruittHealth. The three-year loan, structured in partnership with a publicly traded REIT, features interest-only payments and isprepayable at any time. The property is a 90-bed skilled nursing facility located in North Tampa, Florida. Atlanta-based PruittHealth developed the community in 2022 …

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DevelopmentMemory CareNew JerseyNews

Marquis Opens Memory Care Neighborhood at The Meadows at Lawrence in New Jersey 

by Jeff Shaw

LAWRENCE TOWNSHIP, N.J. — Marquis Health Consulting Services has opened a new memory care neighborhood at The Meadows at Lawrence, a cottage-style, long-term care skilled nursing community in Lawrence Township, a suburb of Trenton.  The Journeys Memory Care model was developed by Marquis Health Consulting Services.

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