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AcquisitionsArizonaAssisted LivingNews

Joint Venture Acquires 108-Unit MorningStar at Arcadia in Phoenix

by Jeff Shaw

PHOENIX — A joint venture between Sabal Investment Holdings, 12 North Capital LLC and affiliates of MorningStar Senior Living has acquired MorningStar at Arcadia in the Biltmore neighborhood of Phoenix. The property consists of 78 assisted living suites across studio, one-bedroom, and two-bedroom floorplans as well as 30 memory care suites. The community was purchased in a special situation transaction via auction facilitated through a federal receivership. The venture is planning a targeted capital expenditure program at the asset to facilitate a series of enhancements aimed at improving resident experience, …

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AcquisitionsCCRCMinnesotaNews

Blueprint Brokers Sale of 389-Unit Saint Therese of New Hope in Minnesota

by Jeff Shaw

NEW HOPE, Minn. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Saint Therese of New Hope, a continuing care retirement community in New Hope, a suburb northwest of Minneapolis. The seller is Saint Therese, a Minnesota-based nonprofit that originally built the community. The campus originally opened to the community in 1967. Starting in 1979, the property underwent extensive senior living expansion and renovation projects over the years.  The community features 221 independent and assisted living units and 168 licensed skilled nursing beds, totaling 389 seniors housing and …

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AcquisitionsAssisted LivingNewsOperationsVirginia

Impact Senior Living Takes Over Operations of Carriage Hill Retirement in Bedford, Virginia

by Jeff Shaw

BEDFORD, Va. — Impact Senior Living, an affiliated SRI Management company, has taken over operations of Carriage Hill Retirement in Bedford, located between Lynchburg and Roanoke approximately 150 miles west of Richmond. Set on over 15 acres offering views of the Blue Ridge Parkway, Carriage Hill Retirement specializes in assisted living and memory care. The number of units was not disclosed.

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Affordable HousingDevelopmentNewsPennsylvania

Pennrose Breaks Ground on 55-Unit Good Shepherd Affordable Community in Philadelphia 

by Jeff Shaw

PHILADELPHIA — Pennrose, Wynnefield Overbrook Revitalization Corporation (WORC) and other project partners have broken ground on Good Shepherd, a 55-unit, affordable seniors housing community at the site of the former Good Shepherd Presbyterian Church in the Overbrook neighborhood of Philadelphia.  The project is slated to be completed in Fall 2025.  The four story, 53,000 square foot affordable housing community will offer one-bedroom apartments for seniors earning between 20 percent and 60 percent of the area Mmdian income (AMI), about $430 to $1,290 for a one-person household. The sustainable building will …

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AcquisitionsAssisted LivingKentuckyNews

SLIB Negotiates Sale of Four-Property Portfolio in Henderson, Kentucky

by Jeff Shaw

HENDERSON, Ky. — Senior Living Investment Brokerage (SLIB) has arranged the sale of four assisted living and independent living communities in Henderson, just across the Ohio River from Evansville, Indiana. The communities offer a combined 120 assisted living units and 38 independent living units. They were built in 2000, 2014, 2017 and 2019. The seller was a local owner-operator that developed and operated these assets since their inception. The buyer is a Kentucky-based owner-operator looking to grow its portfolio strategically in Western Kentucky. The price was not disclosed. Ryan Saul …

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AcquisitionsGeorgiaNewsOperations

Thrive Takes Over Management of Three Communities in Georgia

by Jeff Shaw

COCHRAN, JESUP and THOMSON, Ga. — Thrive Senior Living has taken over operations at three senior living communities in the state of Georgia, located in Cochran, Jesup and Thomson.  A Georgia-based family owns the properties, which are all under the At Home Senior Living brand.  “Communities in smaller towns like Cochran, Jesup, and Thomson exude the classic Southern charm that makes them feel like home,” says Sebby Kannukkaden, Thrive president and CFO. “However, they often miss out on valuable opportunities given their size and location. Our goal with these communities …

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Company NewsNewsPeople

LCS CEO Joel Nelson Announces Retirement Plan, COO Chris Bird to Take Reins

by Jeff Shaw

DES MOINES, Iowa — After nearly four decades in the senior living industry, LCS CEO Joel Nelson has announced his succession plan.  Nelson has led the Des Moines-based owner-operator since 2018, one of only four who have held the title since the company’s start in 1971. Chris Bird, LCS president and chief operating officer, will be promoted to president and CEO, effective Jan. 1.  Nelson will continue to serve chairman of the LCS board and as a member of the company’s investment committee. He will also complete his remaining term …

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FinanceMarylandNews

Berkadia Arranges $47.4M Financing for Modena Reserve at Kensington in Maryland

by Jeff Shaw

KENSINGTON, Md. — Berkadia has arranged a $47.4 million loan for Modena Reserve at Kensington, a 135-unit seniors housing community in Kensington, a suburb north of Washington, D.C.  The borrowers are Solera Senior Living, McCaffery and an institutional investor. A debt fund provided the capital. Steve Muth and Austin Sacco of Berkadia Seniors Housing & Healthcare led the transaction. The three-year, nonrecourse loan features interest-only payments throughout the term. The loan refinances a maturing construction loan.  The community opened in late 2021 and reached stabilized occupancy within 24 months.

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AcquisitionsFinanceNewsSkilled NursingTexas

Oxford Finance Provides $47M Credit Facility to Creative Solutions in Healthcare Inc.

by Jeff Shaw

FORT WORTH, Texas — Oxford Finance LLC has provided a $47 million senior credit facility to Creative Solutions in Healthcare Inc., a Fort Worth-based seniors housing investor. Funds drawn at closing were used to finance the acquisition of two skilled nursing facilities in Texas, totaling 228 beds. Additionally, the credit facility includes a substantial delayed draw commitment, providing the company with the flexibility to finance future acquisitions. Creative Solutions in Healthcare is a family-owned company with more than 170 long-term care communities throughout the state of Texas.

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AcquisitionsMichiganNewsSkilled Nursing

ESI Brokers Sale of 108-Bed Countryside Care Center in Jackson, Michigan

by Jeff Shaw

JACKSON, Mich. — Evans Senior Investments (ESI) has arranged the sale of Countryside Care Center, a skilled nursing facility in Jackson.  The transaction was executed on behalf of an independent owner-operator looking to recycle capital and exit the industry. Countryside Care Center is situated 40 miles west of Ann Arbor and 35 miles south of Lansing. The facility was built in 1968 and licensed for 108 skilled nursing beds.  Despite its longstanding presence, the center was facing challenges at the time of marketing, operating only 80 of its beds with …

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