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AcquisitionsMichiganNews

Blueprint Brokers Sale of 114-Unit Pilgrim Manor in Grand Rapids, Michigan

by Jeff Shaw

GRAND RAPIDS, Mich. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Pilgrim Manor, a seniors housing community in Grand Rapids. The property features 59 assisted living and memory care units and 55 licensed skilled nursing beds. The community is a preferred provider for Spectrum Health System, the largest health system in Michigan. United Church Homes originally acquired the asset in 2016 from another nonprofit owner. Following takeover, ownership completed extensive capital improvements, interior renovations and a comprehensive building expansion. However, as the company’s only Michigan location, performance …

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DevelopmentNew JerseyNews

Thrive Senior Living Opens 203-Unit Community in Montvale, New Jersey

by Jeff Shaw

MONTVALE, N.J. — Thrive Senior Living is hosting a grand opening on Oct. 6 for Thrive at Montvale, a borough along the New York State border just northwest of New York City. The property offers 203 units of independent living and assisted living, as well as small-house memory care. The development is anchored by the 33,150 square-foot Social Court that includes an outdoor gaming space, movie theater and greenhouse.

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NewsPeople

Newmark Promotes Ben Tate to Lead Healthcare & Seniors Housing Specialty Practice

by Jeff Shaw

NEW YORK CITY — Newmark Valuation & Advisory has promoted Benjamin Tate to the positions of senior managing director and leader of the company’s Healthcare & Seniors Housing Specialty Practice. Tate will work closely with Matt Yance and Tim Gillespie, both promoted to executive vice president positions, and new hire, Charlie Henderson, also an executive vice president. Yance, Gillespie and Henderson have been tapped to lead the seniors housing, hospitals and medical office sub-categories, respectively. Tate has appraised over 600 assets throughout his career, including notable portfolios for domestic and …

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AcquisitionsActive AdultNewsUtah

IPA Brokers Sale of 144-Unit Lakeside Village Active Adult Community Near Salt Lake City

by Jeff Shaw

WEST VALLEY CITY, UTAH — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Lakeside Village, an active adult property in West Valley City. Constructed in 1997, Lakeside Village features 144 one- and two-bedroom residences with eight-foot ceilings, walk-in closets and private balconies or patios. The community includes a swimming pool, hot tub, community garden and pond. Danny Shin and Brock Zylstra of IPA represented the undisclosed seller and procured the undisclosed buyer in the deal. Terms of the transaction were not released.

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FinanceNewsSkilled Nursing

Greystone Provides $32M in Financing for Skilled Nursing Facilities

by Jeff Shaw

NEW YORK CITY — Greystone’s New York City-based skilled nursing financing team led by Scott Thurman has provided over $32 million in bridge and HUD-insured loans for skilled nursing facilities throughout the country. In the first deal, Greystone provided a $14 million bridge loan for the acquisition of a 155-bed skilled nursing facility in Chicago. Greystone intends to pursue long-term, permanent financing for the asset with a HUD-insured loan. Christopher Clare of Greystone originated the transaction. Thurman originated two separate loans to support the acquisition and stabilization of a 24-bed …

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Company NewsNews

Green Street Real Estate Ventures Launches Chapters Living, Appoints Danny Stricker as President

by Jeff Shaw

ST. LOUIS — Green Street Real Estate Ventures is joining forces with Danny Stricker on the launch of owner-operator Chapters Living. The company will focus on assisted living and memory care communities at the start, with plans to expand to the active adult sector in the future. “I am blessed to launch this dream in partnership with a great organization in Green Street,” says Strciker. “Serving older adults and their families is my passion and with the talented team at Green Street as support, we have the opportunity to scale …

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NewsPeople

Fortney & Weygandt Inc. Promotes John Krisanda to Director of Rollout, Chris Hagen to Director of Field Operations

by Jeff Shaw

OLMSTEAD, Ohio — Fortney & Weygandt Inc., an Olmstead-based company that specializes in general contracting services and multi-site rollout programs for restaurants, retailers, hotels, senior living facilities and commercial projects nationwide, has internally promoted two to new positions. John Krisanda will take on a new position in the company as director of rollout. Krisanda started with Fortney in 2014 and quickly gained confidence with the dealings and details of multi-site projects. Rollout concentrates heavily on scheduling, material procurement and coordination with operations and merchandising personnel. Chris Hagen will take on …

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FinanceKeyBankNewsUtah

KeyBank Provides $68.3M Refinancing for Seniors Housing Property in Salt Lake City

by Jeff Shaw

SALT LAKE CITY — KeyBank Real Estate Capital has arranged a $68.3 million permanent loan through Freddie Mac for The Woodbury Corp., Colmena Group and Western States Lodging. The loan refinances existing debt on Legacy Village of Sugar House, a seniors housing property in Salt Lake City. The 10-story Legacy Village of Sugar House features independent living, assisted living and memory care units. The property also offers retail space, parking and commercial space. Morgin Morris of KeyBank structured the 10-year, fixed-rate loan with an initial five years of interest-only payments. …

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Active AdultDevelopmentMassachusettsNews

Live Give Play, Spiritos Properties Plan 79 King Street Active Adult Community in Northampton, Massachusetts

by Jeff Shaw

NORTHAMPTON, Mass. — Live Give Play and Spiritos Properties have announced plans for 79 King Street, an active adult community in Northampton, a suburb of Springfield. The property is located downtown on a walk/bike path and steps from Smith College. The 70-unit community is designed to achieve Passive House certification. The building rises five stories and totals 110,000 square feet. BKSK Architects is the designer. The developers plan to open the property in late 2024.

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AcquisitionsFloridaNewsSkilled Nursing

Blueprint Brokers $42M Sale of 210-Bed Southern Oaks Care Center in Pensacola, Florida

by Jeff Shaw

PENSACOLA, Fla. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Southern Oaks Care Center, a 210-bed skilled nursing facility in Pensacola. Southern Oaks had rebounded to pre-pandemic occupancy of 91 percent with over $4 million in annualized trailing EBITDAR, generating a 21 percent operating margin. An out-of-state partnership acquired the asset from an undisclosed seller for $42 million. The price equates to a 9.6 percent capitalization rate and $200,000 per bed.

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