ILLINOIS — Greystone has provided a total of $35.7 million in HUD-insured loans to refinance two supportive living facilities in Illinois. The two properties consist of a total of 272 units between the two buildings, built in 2004 and 2005. Eric Rosenstock originated the financing on behalf of Grand Lifestyles. Greystone’s HUD-insured, non-recourse loans both carry 35-year terms, full-term amortization, and low, fixed rates.
SPALDING COUNTY, Ga. — Evans Senior Investments (ESI) has arranged the sale of a 148-bed skilled nursing facility in Spalding County, approximately 40 miles south of Atlanta. A regional owner-operator sold the asset to CareTrust REIT for $12 million, or $81,000 per bed. The community was originally built in 1968 and underwent a significant renovation in 2022. At the time of marketing, the community was 95 percent occupied. CareTrust partnered with Florida-based Elevation Group to operate the facility.
OTTUMWA and FORT MADISON, Iowa — Senior Living Investment Brokerage (SLIB) has arranged the sale of two assisted living and memory care communities totaling 96 units in Iowa. The properties are located in Ottumwa, just north of the Missouri border, and Fort Madison, just across the Mississippi River from Illinois. The facilities were built in 2007 and 2008. The properties are 40,939 and 38,947 square feet, and are situated on approximately 6.95 and 8.26 acres of land. The buyer was an Iowa-based owner-operator that plans to invest in enhancing the …
NASHVILLE, Tenn. — Uniguest, a Nashville-based digital engagement company, has acquired Eversound, a technology and content provider specializing in creating engagement for senior living communities. Founded in 2015 out of Cornell University’s eLab business accelerator, Boston-based Eversound now helps tens of thousands of older adults in over 1,000 communities live more socially connected lives. Eversound technology is known to reduce social isolation, slow cognitive decline and break down barriers common in a senior living environment. Eversound’s membership program provides advanced wireless headphones to increase accessibility for residents of varying levels …
DALLAS — Investors are drawn to the fledgling active adult segment for several reasons, according to Caroline Clapp, senior principal, research and analytics, for the National Investment Center for Seniors Housing & Care (NIC). For starters, it’s a new property type and emerging market that is relatively easy for prospective owners and operators to enter. The average resident turnover per year at an active adult property is 20 percent versus 50 percent for a traditional multifamily community, NIC research shows. The average length of stay at active adult communities is …
NEW ORLEANS — Although the proposed Safeguarding Elderly Needs for Infrastructure and Occupational Resources (SENIOR) Act never was passed by the federal government in 2022, the fight isn’t over. The goal of that act is to establish a $100 billion fund that builds upon critical infrastructure demands for infection prevention and control; invests in broadband and telehealth capabilities; creates a sustainability fund to ensure seniors’ long-term care needs are exceeded; and invests in workforce training and development. Argentum, an association for professionally managed senior living communities, hopes to bring back …
CHICAGO — Ziegler, a Chicago-based specialty investment bank, has arranged $142.6 million in bond financing for Presbyterian Retirement Communities (PRC). PRC is a nonprofit corporation originally chartered in 1954 in the state of Florida and has communities throughout Florida. PRC and its affiliates are a part of Westminster Communities of Florida and constitute the largest group of continuing care communities (CCRCs) in Florida with a total of 3,643 units. According to the 2022 LeadingAge Ziegler 200 Report, PRC and its affiliates are the 11th largest nonprofit operator of senior living …
ALBUQUERQUE, N.M. — Insight Senior Living has broken ground on Ativo of Albuquerque, a three-story independent living, assisted living and memory care community in Albuquerque. Situated on 6.5 acres, Insight Senior Living will be the operator and Link Senior Development arranged financing. Ativo of Albuquerque will offer 144 apartments. The community is scheduled to open in winter 2024.
ATLANTA — CareTrust REIT Inc. (NYSE:CTRE) has acquired a 148-bed skilled nursing facility located in the greater Atlanta metropolitan area. The acquisition represents CareTrust’s second skilled nursing facility in Georgia. Concurrently with the acquisition, CareTrust has entered into a new tenant relationship with Elevation Group LLC, a Florida-based skilled nursing operator led by two industry veterans and brothers Ken and Dan Funk. Elevation, which took over operations on May 1, has entered into a 15-year, triple-net lease with CareTrust that includes two five-year extension options and annual CPI-based rent escalators. …
GRAND PRAIRIE, Texas — Greysteel has arranged the sale of Wright Senior Apartments, a 154-unit affordable seniors housing property in Grand Prairie, just west of Dallas. Initially constructed in 2005, community includes 123 rent-restricted affordable units and 31 market-rate units in a mixture of studio, one- and two-bedroom units. The buyer, an experienced affordable housing owner, will continue to operate the community as an affordable housing community per the terms of the LIHTC LURA. The buyer assumed the seller’s existing HUD loan. Murphy Holloway and Doug Banerjee of Greysteel’s National …