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Partner Valuation Advisors Survey Shows Investor Expectations for Leverage, Cap Rates

by Jeff Shaw

CHICAGO — Seniors housing investors expect that capitalization rates will increase over the next 12 months, according to the inaugural edition of the Seniors Housing Investor Survey. Partner Valuation Advisors, a Chicago-based valuation firm, completed the survey in September with over 100 respondents. The purpose of the survey is to identify current trends in the seniors housing sector, which has seen numerous changes due to the impacts of increased interest rates/cost of debt and inflation, according to Partner Valuation Advisors. These factors led to declining transactional and lending volume in …

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FinanceFloridaNews

Cambridge Provides $29.2M Refinancing for Aravilla Sarasota in Florida

by Jeff Shaw

SARASOTA, Fla. — Cambridge Realty Capital has provided a $29.2 million first mortgage loan to refinance Aravilla Sarasota in Sarasota. The loan is fully amortizing with a 35-year term. Tony Marino of Cambridge arranged the financing for a Florida-based limited liability company. Cambridge’s early rate lock program was utilized, which allowed the owner to avoid the recent run-up in interest rates.

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AcquisitionsAssisted LivingCaliforniaNews

SLIB Arranges Sale of 55-Unit Sunny Rose Glen in Menifee, California

by Jeff Shaw

MENIFEE, Calif. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Sunny Rose Glen, a 55-unit assisted living and memory care community in the Inland Empire city of Menifee. The community was built in 2010 and totals 30,000 square feet on a 1.8-acre plot. The seller was a single-asset owner looking to retire. The buyer was a California-based group looking to expand its portfolio in Southern California.  The new owner plans to operate the community itself following cosmetic improvements to the property. The price was not disclosed. Brad …

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Memory CareNewsPeople

Anthem Memory Care Promotes Trisha Thomas, Nick Katinos to Management Team

by Jeff Shaw

LAKE OSWEGO, Ore. — Anthem Memory Care, a Lake Oswego-based operator, has promoted Trisha Thomas and Nick Katinos to the position of regional director of operations. They will provide leadership and oversight for 16 communities. Thomas was executive director for Chelsea Place in Aurora, Colorado. She previously was executive director with Brookdale Westland Meridian in Lakewood, Colorado. She brings over 20 years of senior living experience to this position. Katinos most recently served as executive director for Grace Point Place in Oak Lawn, Illinois. Prior to this position, he was …

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Active AdultDevelopmentMassachusettsNews

NEI General Contracting Completes 72-Unit Maple on Franklin in Holbrook, Massachusetts

by Jeff Shaw

HOLBROOK, Mass. — NEI General Contracting has completed construction of Maple on Franklin in Holbrook, approximately 15 miles south of Boston. NeighborWorks Housing Solutions is developer of the $18.5 million project. The 67,000-square-foot, four-story apartment building features 72 one-bedroom units for residents 62 and older. The four-acre site is within the town center and walking distance to a number of town services and a block away from the town’s senior center. NEI demolished two aging buildings on the site before beginning construction. Designed by The Narrow Gate, more than 500 …

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AcquisitionsAssisted LivingNewsPennsylvania

Blueprint Arranges Sales of Two Communities in Metro Philadelphia

by Jeff Shaw

PHILADELPHIA — Blueprint Healthcare Real Estate Advisors has negotiated the sale of two Class A assisted living and memory care communities in the Philadelphia metro area. The seller was a national developer and investor. A joint venture between Persimmon Ventures and Capital Senior Ventures acquired the assets for an undisclosed price. Opened in 2016 and February 2020, the two communities are approximately 10 miles apart, comprise 200 units, and offer complementary asset profiles. While the smaller, 2016-vintage community had never fully stabilized, it had maintained modest in-place cashflow and showed …

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Affordable HousingDevelopmentHawaiiNews

Public-Private Partnership Breaks Ground on $62 Million Affordable Community in Honolulu

by Jeff Shaw

HONOLULU — EAH Housing has broken ground on Aloha Iā Halewilikō, a 140-unit affordable seniors housing community in the Aiea neighborhood of Honolulu. The City and County of Honolulu are providing the land for the project. Other partners on the $62 million project include Hawai‘i Housing Finance & Development Corp. (HHFDC), the Bank of Hawai‘i and U.S. Bank. The development has been in planning stages for five years and is scheduled for completion in 2025. Located in a residential neighborhood adjacent to ‘Aiea Public Library on the former site of  ‘Aiea …

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FinanceFloridaNewsSkilled Nursing

CFG Provides Mezzanine Bridge Loan for 120-Bed Skilled Nursing Facility in Florida

by Jeff Shaw

FLORIDA — Capital Funding Group (CFG) has provided a $3.3 million bridge-to-HUD mezzanine loan, which supported a dividend recapitalization for a 120-bed skilled nursing facility in Florida.  The borrower was identified only as “a well-recognized sponsor” and the location and name of the property were not disclosed. Andrew Jones originated the transaction for the CFG.

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AcquisitionsGeorgiaNewsSkilled Nursing

Blueprint Brokers Sale of Three Piedmont Healthcare Skilled Nursing Facilities in Georgia

by Jeff Shaw

AUGUSTA, STOCKBRIDGE and EVANS, Ga. — Blueprint has arranged the sale of three skilled nursing facilities: Laurel Park at Henry Medical Center in the Atlanta suburb of Stockbridge; Kentwood Extended Care in Augusta; and Westwood Extended Care in the Augusta suburb of Evans. The seller was Piedmont Healthcare Inc., Georgia’s largest nonprofit healthcare system.  Through its 2022 affiliation with University Health Care System, two skilled nursing and long-term care facilities serving the greater Augusta market, as well as Piedmont Augusta and Piedmont McDuffie hospitals, became part of the Piedmont system.  …

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