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AcquisitionsCCRCFloridaNews

Grandbridge Negotiates $81M Bankruptcy Sale of The Arlington at Naples in Florida

by Jeff Shaw

NAPLES, Fla. — Grandbridge Real Estate Capital’s seniors housing investment sales team has arranged the $81 million sale of The Arlington at Naples. The 298-unit continuing care retirement community is located on 39 acres in the Lely Resort master-planned community in Naples. It opened in 2015. The community offers 47 independent living estate homes, 128 independent living apartments, 42 assisted living units, 37 memory care units and 44 skilled nursing units. Prior to the sale, The Arlington was operating under a forbearance agreement. The Grandbridge team, led by Dave Kliewer …

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Assisted LivingInvestmentNewsNorth Carolina

LTC Invests $128M in 12 Communities in North Carolina

by Jeff Shaw

WESTLAKE VILLAGE, Calif. — LTC Properties Inc. (NYSE: LTC), a Westlake Village-based real estate investment trust that primarily invests in seniors housing and healthcare properties, has made a $128 million investment in 12 assisted living/memory care properties totaling 937 beds and 568 units across North Carolina. An existing LTC partner operates all the communities. The majority of LTC’s $128 million investment is structured as a joint venture and a minor portion is structured as a senior mortgage loan secured by one property. The investment was funded from approximately $99 million …

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AcquisitionsFloridaNewsSkilled Nursing

SLIB Brokers Sale of 120-Bed Cathedral Care in Jacksonville

by Jeff Shaw

JACKSONVILLE, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Cathedral Care, a 129-bed skilled nursing facility in Jacksonville. The seller was looking to divest the standalone community. A national owner with operations in Florida acquired the asset for an undisclosed price. Bradley Clousing and Daniel Geraghty of SLIB handled the transaction.

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FinanceNewsSkilled NursingUtah

Live Oak Arranges $16.1M Loan for Utah-Based Skilled Nursing Owner-Operator

by Jeff Shaw

UTAH — Live Oak Bank has arranged a $16.1 million loan for a Utah-based owner and operator of nursing homes. Berkadia Commercial Mortgage’s Seniors Housing & Healthcare Group assisted on the transaction. This financing provided bridge-to-HUD debt for a 38-bed transitional care skilled nursing facility that opened in 2019 and caters to individuals in need of short-term rehabilitation.

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NewsPeople

Front Porch Communities Hires Sean Kelly as Chief Executive Officer

by Jeff Shaw

LOS ANGELES — Front Porch Communities and Services, a Los Angeles-based seniors housing operator, has hired Sean Kelly as the organization’s new chief executive officer, effective March 6. Kelly succeeds John Woodward who has served as CEO for more than seven years and earlier this year announced his intended retirement. With 19 senior living and 32 affordable housing communities, programs serving 10,000 people across the country and 3,000 employees, Front Porch is one of the nation’s largest nonprofit senior living providers.​ Kelly comes to Front Porch from The Kendal Corp., …

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FinanceNewsSouth Carolina

Greystone Arranges $27.1M Financing for Merrill Gardens at Columbia in South Carolina

by Jeff Shaw

COLUMBIA, S.C. — Greystone has arranged $27.1 million in financing for Merrill Gardens at Columbia, a seniors housing community in Columbia. The regional bank loan for the 120-unit independent living and assisted living community was executed as a floating-rate financing carrying a five-year term and 30-year amortization. The loan featured three years of interest-only payments and a mid-200 basis point loan spread. Tyler Armstrong, managing director at Greystone, worked with the client in placing the bank loan for AEW Capital Management and Merrill Gardens.

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Assisted LivingFinanceGeorgiaNews

Live Oak Closes $13M Refinancing for Mansions at Gwinnett Park in Lawrenceville, Georgia

by Jeff Shaw

LAWRENCEVILLE, Ga. — Live Oak Bank has arranged a $13 million loan to refinance debt on Mansions at Gwinnett Park, a seniors housing community in Lawrenceville, a northeastern suburb of Atlanta. The property, which opened in 2019, features 94 units of assisted living and memory care. The borrower is Mansions Senior Living, an Oklahoma-based operator. The property was still leasing up when the COVID-19 pandemic began, and the loan will allow additional time for the property to complete its lease-up, according to Live Oak.

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AcquisitionsMemory CareNewsUtah

SLIB Brokers Sale of 66-Bed Barrington Place in Clinton, Utah

by Jeff Shaw

CLINTON, Utah — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Barrington Place, a 66-bed memory care community in Clinton, 30 miles north of Salt Lake City. The facility was built in 2016, totaling approximately 32,862 square feet on 2.9 acres of land. A national owner-operator seeking to sell non-core assets sold the property to a family office based in the West for an undisclosed price. The new owner plans to install Ridgeline Management Co. as the operator. Jason Punzel, Vince Viverito and Brad Goodsell of SLIB handled …

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NewsPeople

Buckner Retirement Services Hires Michael Olmstead as Chief Operating Officer

by Jeff Shaw

DALLAS — Buckner Retirement Services has hired Michael Olmstead as vice president and chief operating officer. In his new role, Olmstead will oversee operations of the faith-based, nonprofit senior living provider that is headquartered in Dallas. Olmstead brings 21 years of senior living experience to Buckner. He previously served as vice president of operations for Ascension Living, where he led an operations team responsible for 34 communities in 11 states and Washington D.C. In addition to his work experience, Olmstead holds a certificate in health ministry leadership from Aquinas Institute …

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FeaturesNews

Private-Pay Occupancy Rises 90 Basis Points in Sixth Consecutive Quarterly Increase

by Jeff Shaw

ANNAPOLIS, Md. — The national occupancy rate for private-pay seniors housing increased 90 basis points from 82.1 percent in the third quarter of 2022 to 83 percent in the fourth quarter of 2022, according to data from NIC MAP Vision. The occupancy rate has increased 520 basis points from a pandemic low of 77.8 percent in the second quarter of 2021. NIC MAP Vision is a product of the National Investment Center for Seniors Housing & Care (NIC), an Annapolis-based nonprofit firm that tracks industry data gathered from 31 primary …

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