PHILADELPHIA — Cushman & Wakefield has arranged the sale of The Watermark at Logan Square, a 426-unit rental continuum community in the Center City neighborhood of Philadelphia. The firm also served as the exclusive advisor to the undisclosed buyer in procuring acquisition financing. A fixture of the Philadelphia skyline, the 24-story tower originally opened in 1984 and offers independent living, assisted living, memory care and skilled nursing. The property is located prominently above the Logan Square circle and offers true urban senior living in one of the fastest growing neighborhoods …
ALLENTOWN, Pa. — Hamister Real Estate Equity Fund III LP, a private real estate fund sponsored by Hamister Group, has acquired DevonHouse Senior Living, a personal care home in Allentown. The community first opened in 1989, and was expanded in 2008 and 2013. The community features 42,446 square feet of space and feature 80 units and 100 beds. DevonHouse Senior Living is the 10th senior living community in Hamister’s managed portfolio and the 6th property acquired by Fund III.
HARTFORD, Conn. — Blueprint Healthcare Real Estate Advisors has brokered the sale of three skilled nursing facilities in Connecticut. Totaling 380 beds, the properties are all located in the northeastern suburbs of Hartford. A joint venture owner sold the assets to a regional buyer for an undisclosed price. The buyer plans to focus on operational efficiencies, including addressing staffing efficiencies, as well as investing in capital projects at the facilities.
SAN CLEMENTE, Calif. — The board of directors of CareTrust REIT Inc. (NYSE: CTRE) has appointed James Callister as chief investment officer. Effective at the end of the year, Callister will succeed Mark Lamb, who plans to leave the company after a transition period to pursue entrepreneurial opportunities. Callister has served as executive vice president and secretary at CareTrust since July 2022. He previously served as general counsel and secretary from February 2021 to July 2022. Prior to joining CareTrust, he worked as a real estate attorney and a partner …
COMMERCE, Ga. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $8.3 million loan for the refinancing of Brookside Commerce, an assisted living facility in Commerce, approximately 70 miles northwest of Atlanta. The 62-bed community includes 12 independent living units. It is 3.5 miles from Northridge Medical Center, a full-service community hospital. Robert Bhat, based out of the MMCC Miami office, led the transaction. “Brookside Commerce was acquired in September 2019,” says Bhat. “We were able to secure a 35-year HUD loan to refinance the asset and provide cash …
VIRGINIA BEACH, Va. — National Health Investors Inc. (NYSE: NHI) has funded a $42.5 million senior loan to refinance a portfolio of skilled nursing facilities located in Texas. The borrower is Capital Funding Group and the properties are leased by subsidiaries of The Ensign Group Inc. The five-year loan has an annual interest rate of 7.25 percent with two one-year extensions. NHI also announced that it has exercised its purchase option to acquire Bickford of Virginia Beach, a 60-unit assisted living and memory care community in Virginia Beach. The acquisition …
TOLEDO, CANTON and ROCKFORD, Ohio — Blueprint Healthcare Real Estate Advisors has brokered the sale of skilled nursing portfolio across Ohio. Situated in Canton, Toledo and Rockford and spanning 200 miles across the state of Ohio, the three facilities were originally built in the 1960s and 1970s and underwent considerable renovations and major upgrades since 2015. The properties total approximately 300 beds. Citing a need to recycle capital, the seller was an East Coast-based private equity investor. The operator, also an East Coast-based company, acquired the assets for an undisclosed …
WYANDANCH, N.Y. — Selfhelp has opened 11 Park Drive, an affordable housing community for seniors in the Long Island hamlet of Wyandanch. The developer’s SHASAM service model will provide onsite social services. The property is located adjacent to a Long Island Railroad stop, as well as a larger affordable housing development named Wyandanch Village. The property is Selfhelp’s 16th affordable housing residence. The number of units and income requirements were not disclosed.
FREEHOLD, N.J. — Distinctive Development, a Freehold-based senior living developer, has appointed Christopher Hoard as president and chief development officer. Hoard brings more than two decades of executive and management experience in the building and developing of senior housing assets including active adult, independent living, assisted living and memory care. Distinctive Development is the sister organization to Distinctive Living, a national senior living management provider. Distinctive Living currently operates 26 communities and has 19 projects actively under development through Distinctive Development. “As older adults are aging, the demand for homes …
MURRAY, Utah — TWG has unveiled plans for Residences at Fireclay, a $13 million affordable seniors housing community in Murray. Construction is slated to begin this year, with the first units available in 2025. Located at 152 W. 4250 South, the four-story building will feature 40 one-bedroom apartments for seniors age 62 and older. The units are also reserved for those earning up to 50 percent of the area median income, with a preference for military veterans. Additionally, the project includes four units reserved for disabled seniors and five units …