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Affordable HousingDevelopmentFloridaNews

SG Holdings Opens 578-Unit Affordable Community at Sawyer’s Walk in Miami

by Jeff Shaw

MIAMI — SG Holdings, a partnership between Swerdlow Group, SJM Partners and Alben Duffie, has completed the housing component of Sawyer’s Walk, marking the delivery of the largest affordable senior living community in the US within the last decade, according to the developer.  The mixed-use development is underway in the Overtown neighborhood of Miami. Upon full build-out it will total 1.5 million square feet, including the 578 residential units completed that will be home to low-income seniors, 175,000 square feet for credit retailers, a 25,000-square-foot public plaza, and 130,000 square …

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AcquisitionsAssisted LivingFloridaNews

Berkadia Negotiates $42.6M Sale of Four-Property Portfolio in Florida

by Jeff Shaw

TAMPA, Fla. — Berkadia has arranged the sale of a four-property, 334-unit assisted living and memory care portfolio along Florida’s West Coast.  Brooks Minford of Berkadia Seniors Housing & Healthcare closed the transaction on behalf of two separate sellers. The buyer of all four properties, a Central Florida-based family office, paid $42.6 million for the acquisition. In the first transaction, a Florida-based seniors housing and multifamily developer sold one 79-unit assisted living and memory care community. In the second transaction, an East Coast-based private equity firm sold three assisted living …

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CCRCDevelopmentNewsVirginia

LifeSpire Breaks Ground on $25M Expansion at The Glebe in Daleville, Virginia

by Jeff Shaw

DALEVILLE, Va. — LifeSpire of Virginia has broken ground on a $25 million expansion project at The Glebe, a continuing care retirement community in the Roanoke suburb of Daleville. The project will add a total of 22 new cottages will to the campus. These new residences are specifically designed to allow seniors to age in place. The first set of cottages is expected to open in early 2025.  U.S. Census data shows that persons older than 60 years of age account for 28 percent of the overall population in Roanoke …

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Affordable HousingCaliforniaDevelopmentNews

USA Properties, Riverside Charitable Corp. Start Construction of 166-Unit The Orion Affordable Project in Orange, California

by Jeff Shaw

ORANGE, Calif. — USA Properties Fund and Riverside Charitable Corp. have started construction of The Orion, an affordable seniors housing community in Orange. The Orion will offer 166 affordable one- and two-bedroom apartments with energy-efficient appliances, lighting insulations and windows, as well as low-flow faucets, shower and toilets. Additionally, some apartments will include a balcony. The Orion will be available to seniors age 55 years and older who earn 30 percent to 70 percent of the area median income for Orange County. USA Properties Fund will manage the community.The City …

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Fox Knoll Village in Aurora, Illinois
AcquisitionsIllinoisNews

Prime Healthcare Agrees to Acquire 14 Ascension Healthcare Properties in Metro Chicago, Plans $250M in Improvements

by Jeff Shaw

CHICAGO — Prime Healthcare has agreed to acquire nine hospitals and associated physician practices in Illinois, as well as five post-acute and senior living facilities, from St. Louis-based Ascension. The properties are largely located in Chicago and its surrounding suburbs. The transaction is expected to close in the first quarter of 2025, subject to standard regulatory and canonical approvals, as Ascension is a Catholic health system. The price was not disclosed. The acquisition includes the following Ascension hospitals: Prime Healthcare also acquired multiple post-acute and senior living facilities operated by …

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CaliforniaFinanceNews

Lument Provides $38.8M Freddie Mac Refinancing for Carlton Senior Living Portfolio in California

by Jeff Shaw

FREMONT and SAN JOSE, Calif. — Lument has provided $38.8 million in Freddie Mac refinancing loans for Carlton Senior Living, one of Northern California’s largest senior living providers with 11 independent living, assisted living, and memory care communities in operation.  The loans are spread across two separate properties — $13.5 million to refinance a 123-unit senior living property in Fremont and $25.3 million to refinance a 126-unit senior living property in San Jose. Both loans feature a fixed interest rate, 10-year term and 30-year amortization. One loan also provides funds …

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AcquisitionsNewsPennsylvaniaSkilled Nursing

ESI Brokers the Sale of 118-Bed Beacon Ridge in Indiana, Pennsylvania

by Jeff Shaw

INDIANA, Pa. — Evans Senior Investments (ESI) has arranged the sale of Beacon Ridge, a skilled nursing community in the small borough of Indiana, approximately 50 miels east of Pittsburgh. Beacon Ridge opened its doors in the 1970s and has since completed two major renovation projects. The community is licensed for 118 skilled nursing beds and offers a unit mix, including private units, semi-private units, and three-bed wards. At the time of marketing,  Beacon Ridge was 63% occupied and operating with a negative net operating income at the time of …

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AcquisitionsIllinoisNews

SLIB Negotiates Sale of 188-Unit Willow Falls in Crest Hill, Illinois

by Jeff Shaw

CREST HILL, Ill. ­— Senior Living Investment Brokerage has arranged the sale of Willow Falls, a seniors housing community in Crest Hill, approximately 35 miles southwest of downtown Chicago. The Class A, newer construction asset features 76 units of independent living, 81 units of assisted living and 31 units of memory care on approximately 2.5 acres.  The seller was a Midwest-based institutional capital provider. The buyer is a Midwest-based owner-operator looking to strategically add to its existing footprint throughout the Midwest. The price was not disclosed. Ryan Saul and Bradley …

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NewsPeople

Hebrew SeniorLife Names Richard J. Henken Chair of its Board of Directors

by Jeff Shaw

BOSTON — Hebrew SeniorLife, a Boston-based provider of senior healthcare and senior living communities in New England and an affiliate of Harvard Medical School, has named Richard J. Henken chair of its board of directors. Henken has been a volunteer leader at Hebrew SeniorLife for 15 years. In addition to serving on the Hebrew SeniorLife Board of Directors, Henken has served as chair of the senior living committee, and also serves on the governance, real estate and Roslindale campus planning committees. (Roslindale is a neighborhood in Boston.) Henken steps into …

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CCRCDevelopmentNewsNorth Carolina

PruittHealth Breaks Ground on $385.5M Redevelopment at The Oaks at Whitaker Glen in Raleigh

by Jeff Shaw

RALEIGH, N.C. — PruittHealth has broken ground on its $385.5 million redevelopment project at The Oaks at Whitaker Glen, a continuing care retirement community in Raleigh. The project will combine upscale senior living, public-facing retail stores and healthcare on one campus. Upon completion, the community will feature 246 independent living units, ranging from studio size to three bedrooms; 82 assisted living apartments; and a new, 106-bed, state-of-the-art skilled nursing center. The campus spans 20 acres. The Oaks at Whitaker Glen is accepting preconstruction reservations now. A construction timeline was not …

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