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Technology Company Offerd Expands into Seniors Housing with Hiring of Industry Veteran Scott McCorvie

by Jeff Shaw

AUSTIN, Texas — Offerd has expanded into seniors housing with the addition of Scott McCorvie, a 20-year seniors housing investment veteran.  McCorvie previously worked for a national seniors housing valuation and advisory firm, two national healthcare REIT and a national seniors housing consulting firm, in addition to launching two regional seniors housing owner-operator investment firms. Over his career, he has helped close over $1 billion dollars of seniors housing transactions in markets throughout the United States. Offerd integrates technology, data intelligence and customized services into one acquisition and transaction platform. …

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Affordable HousingDevelopmentMassachusettsNews

WinnDevelopment Starts Construction of $51M Historic Redevelopment in Worcester, Massachusetts

by Jeff Shaw

WORCESTER, Mass. — WinnCompanies has started construction of Residences on Lincoln Square, a $51 million project to transform the historic Worcester Boys Club property into 80 affordable apartment homes for adults 55 and older. The historic structure hosted one of the first Boys Clubs in the nation in 1930 and later served as Worcester Vocational High School for decades before becoming vacant in 2006. The WinnDevelopment effort will employ adaptive reuse techniques to preserve and renovate the 94-year-old building as 16 apartment homes and a variety of community spaces, while …

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AcquisitionsNewsSkilled NursingTexas

SLIB Negotiates Sale of Two Skilled Nursing Facilities in Central Texas

by Jeff Shaw

HONDO and KERRVILLE, Texas — Senior Living Investment Brokerage (SLIB) has arranged the sale of two skilled nursing facilities in Hondo and Kerrville.  Offering 232 total skilled nursing beds, the portfolio of communities are located within 60 miles of each other in Central Texas. The portfolio is approximately 55,500 square feet in total and is situated on approximately 4.1 acres of land. The seller is an owner-operator located in Texas, while the buyer is a publicly traded REIT that is leasing the properties to a new operator in the Texas …

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AcquisitionsAssisted LivingNewsTexas

Blueprint Brokers Sale of 48-Unit Assisted Living Community in McKinney, Texas

by Jeff Shaw

MCKINNEY, Texas — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 48-unit assisted living and memory care community in McKinney, approximately 35 miles north of downtown Dallas. Originally built in 1993, prior ownership recently completed a $2.2 million renovation. At the time of marketing, the community featured strong in-place occupancy of 98 percent, as well as a recently implemented rate increase. A newly launched, privately traded REIT acquired the property for an undisclosed price. The undisclosed seller was divesting of its final seniors housing property. With this …

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AcquisitionsAssisted LivingFinanceIdahoNews

VIUM Capital Provides $7M Acquisition Loan for Community in Idaho

by Jeff Shaw

IDAHO — VIUM Capital has provided a $7 million bridge loan for the acquisition of a 79-unit assisted living and memory care community in Idaho. Representing 75 percent leverage, the initial advance was $6.4 million with a $510,000 earn-out that can be advanced at HUD submission.  The borrower already owned three senior living communities in Idaho, and this project presented an opportunity to acquire at a solid basis and stabilize operations. The plan is to submit a HUD application 12 months post-closing. Further details were not disclosed.

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DevelopmentFinanceIndependent LivingNewsWashington

Ziegler Arranges $62.4M Financing for Parkshore Juanita Bay in Kirkland, Washington

by Jeff Shaw

KIRKLAND, Wash. — Ziegler has arranged $62.4 million in bond financing for Parkshore Juanita Bay, a 50-unit independent living community in the Seattle suburb of Kirkland. The borrower was originally founded in 1932 to provide housing and care for German seniors. In 1977, the organization constructed an assisted living retirement home known as The Gardens at Juanita Bay in Kirkland’s historic Juanita Bay neighborhood on the shores of Lake Washington.  In December 2018, the community affiliated with Presbyterian Retirement Communities Northwest, now known as Transforming Age. In 2021, management announced …

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AcquisitionsNewsSkilled Nursing

CareTrust REIT Acquires Two Skilled Nursing Facilities for $62.1M

by Jeff Shaw

SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NYSE: CTRE) has acquired two skilled nursing facilities in separate transactions with a total investment amount of $62.1 million.  The company acquired a 125-bed skilled nursing facility in the Mid-Atlantic and a 134-bed skilled nursing facility on the West Coast. CareTrust’s investment in the Mid-Atlantic facility, inclusive of transaction costs, was approximately $37.7 million and will generate an initial annual base rent of approximately $3.4 million. The company has leased the facility pursuant to a new 15-year, triple-net lease that includes two five-year …

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FeaturesNews

BREAKING: ASHA Releases 2024 List of Top Owners, Operators

by Jeff Shaw

WASHINGTON, D.C. — The American Seniors Housing Association (ASHA), in partnership with Seniors Housing Business, has released the 2024 edition of the ASHA 50, which ranks the 50 largest owners and operators in the U.S. seniors housing space. Based in Washington, D.C., ASHA is a trade association that advocates for and represents companies that develop, own, operate and finance seniors housing. The ASHA 50 rankings are based on self-reported portfolio sizes, ranked by total number of units, as of June 1, 2024. Data was also gleaned from other reliable sources, such …

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Town Village Vestavia Hills
AlabamaFinanceIndependent LivingMichiganNewsOklahomaTennessee

JLL Arranges $115M Bridge Financing for Town Village Independent Living Portfolio 

by Jeff Shaw

DUBLIN, Ohio — JLL Capital Markets has secured a $115 million bridge financing for a portfolio of four Town Village independent communities totaling 852 units spanning across Alabama, Tennessee, Oklahoma and Michigan. JLL represented the borrowers, Chicago Pacific Founders and Grand Park Capital, in arranging the three-year, nonrecourse loan through Ally Bank. The properties were built between 2000 and 2002 and have all undergone renovations by the borrowers.  Jay Wagner, Rick Swartz, Joel Mendes, Dan Kearns, Jim Dooley and Robert Tonnessen led the JLL team.

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