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AcquisitionsFloridaNewsSkilled Nursing

Blueprint Arranges Sale of 833-Bed AdventHealth Skilled Nursing Portfolio in Florida

by Jeff Shaw

FLORIDA — Blueprint Healthcare Real Estate Advisors has arranged the sale of seven skilled nursing facilities totaling 833 beds in Central and West Florida. AdventHealth, a faith-based, nonprofit health system with headquarters in Altamonte Springs, was the seller. The price was not disclosed. The Centers for Medicare & Medicaid Services (CMS) rated nearly all the properties as 4- and 5-star facilities. Nursing homes with 5 stars are considered to have much-above-average quality, and nursing homes with 1 star are considered to have quality much below average. Two flagship state-of-the-art centers …

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Affordable HousingDevelopmentMaineNews

CVS Health Invests $8.4M for Winter Landing Affordable Housing Development in Portland, Maine

by Jeff Shaw

PORTLAND, Maine — CVS Health (NYSE: CVS) has made an $8.4 million investment with Community Housing of Maine (CHOM), the Portland Housing Authority and Boston Financial that will lead to the construction of 52 affordable housing units for older adults in Portland. The new four-story building, called Winter Landing, is part of the historic redevelopment of the former Northern Light Mercy Hospital’s State Street building and parking lots in the West End neighborhood of Portland. When complete, the 3.5-acre campus will have commercial retail space and over 250 mixed-rate apartments …

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Legal IssuesNewsPeople

Law Firm Hinshaw & Culbertson Names Adam Guetzow as Co-Practice Group Leader of Healthcare

by Jeff Shaw

CHICAGO — Hinshaw & Culbertson LLP, a Chicago-based law firm with offices around the world, has neamed Adam Guetzow as co-practice group leader of the firm’s national healthcare practice. Guetzow will serve alongside current interim practice group leader Stephen Moore. As part of his new role, Guetzow will lead the firm’s strategic expansion of its current healthcare practice, including an emphasis on aging services and long-term care capabilities. Hinshaw’s aging services practice has grown exponentially in the past few years in response to industry expansion and a growing need for …

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AcquisitionsAffordable HousingFinanceMontanaNews

PGIM Provides $16.1M HUD Loan for South Forty Apartments in Billings, Montana

by Jeff Shaw

BILLINGS, Mont. — PGIM Real Estate has provided $16.1 million in fixed-rate FHA financing to Lincoln Avenue Capital (LAC) for the acquisition and rehabilitation of South Forty Apartments, an affordable seniors housing community in Billings. The property features 101 units and is 100 percent subsidized by the Housing Choice Voucher Program, also known as Section 8, the federal government’s program for assisting low-income families, the disabled, and the elderly afford housing. In order for the property owner to receive tax credits in the future, a land use restrictive agreement (LURA) …

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AcquisitionsAssisted LivingIllinoisNews

Senior Lifestyle Acquires Four Aspired-Branded Communities in Metro Chicago

by Jeff Shaw

LA GRANGE, WESTMONT, PROSPECT HEIGHTS and LAKE ZURICH, Ill. — Senior Lifestyle has acquired four communities in the Chicago metropolitan area: Aspired Living of La Grange Aspired Living of Westmont Aspired Living of Prospect Heights Azpira Place of Lake Zurich The communities offer assisted living, memory care and supportive living residences in the northern and southern suburbs of Chicago. Further details on the properties were not disclosed.

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AcquisitionsKentuckyNews

Blueprint Arranges Sale of 167-Unit Legacy Reserve at Fritz Farm in Lexington, Kentucky

by Jeff Shaw

LEXINGTON, Ky. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Legacy Reserve at Fritz Farm in Lexington. The property opened in 2017 and comprises 114 independent living, 38 assisted living and 15 memory care units. Atlas Senior Living sold the asset, which was 98 percent occupied. KIRCO was the buyer and will keep Atlas on as the operator. The price was not disclosed.

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AcquisitionsAssisted LivingNewsTennessee

SLIB Brokers Sale of 42-Unit Grace Manor in Nashville

by Jeff Shaw

NASHVILLE, Tenn. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Grace Manor, a 42-unit assisted living community in Nashville. A local church built Grace Manor in 2010. The property struggled with occupancy and profitability during the COVID-19 pandemic. As a result of the performance, the property was voluntarily closed in November of 2021. The seller (which purchased the HUD note at auction) is a private investment firm that manages alternative assets for high-net-worth individuals and institutional investors. The buyer and price were not disclosed. Patrick Burke and …

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NewsPeople

NIC Announces Five New Board Appointments

by Jeff Shaw

ANNAPOLIS, Md. — The National Investment Center for Seniors Housing & Care (NIC), an Annapolis-based nonprofit providing data to the seniors housing industry, has appointed five new members to its board of directors: Bre Grubbs, partner and chief strategy officer of Leisure Care, who becomes assistant secretary Vikas Gupta, senior vice president of acquisitions and development at Omega Healthcare Investors Inc. Severine Petras, CEO and co-founder of Priority Life Care Kathy Ryser, senior director of seniors housing underwriting and credit at Freddie Mac Aron Will, vice chairman of CBRE, who …

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Active AdultDevelopmentFeaturesNews

Active Adult Development is Difficult, but Rewarding, Say InterFace Panelists

by Jeff Shaw

DALLAS — Developers in the active adult sector are subject to the same struggles as any other sector. Interest rates are as high as they’ve been since before the Global Financial Crisis of 2008, making construction financing difficult to attain. Construction costs, both for labor and materials, have skyrocketed since the COVID-19 pandemic began. Quality sites are few and far between. But for developers that can overcome those challenges, there has rarely been a market as ripe for new construction as active adult, according to Michael Hartman, principal of active …

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DevelopmentInvestmentNewsTexas

Granite Harbor Advisors Arranges Private Equity Funding for Spring Cypress Senior Living in Cypress, Texas

by Jeff Shaw

CYPRESS, Texas — Granite Harbor Advisors, an investment advisory firm based in Houston, has hit its funding goal for its private equity offering to finance an expansion project at Spring Cypress Senior Living located in Cypress, a suburb of Houston. Spring Cypress Senior Living is an independent living, assisted living and memory care living facility. The center’s expansion project will bring 43 new independent living units split between townhomes and cottages, 95 new assisted living apartments, and 14 new memory care units. The project’s first phase is completed and has …

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