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Active AdultDevelopmentGeorgiaNews

Jamestown Unveils Plans for 21-Story Active Adult High-Rise in Atlanta

by Jeff Shaw

ATLANTA –– Jamestown has released its plans to develop Signal House, a 21-story active adult community in Atlanta. The property will be located adjacent to Ponce City Market, a massive mixed-use redevelopment of a former Sears, Roebuck & Co. store and warehouse. The property is adjacent to the Atlanta BeltLine rails-to-trails project in the city’s historic Old Fourth Ward neighborhood. Plans call for 162 units reserved for residents age 55 and older. The project is scheduled for completion in the third quarter of 2023. “Continuing Ponce City Market’s legacy of …

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CCRCDevelopmentFinanceNewsNorth Carolina

Ziegler Arranges $58.1M Bond Financing for Twin Lakes Community in Elon, North Carolina

by Jeff Shaw

ELON, N.C. — Ziegler has arranged $58.1 million in bond financing for Twin Lakes Community, a continuing care retirement community (CCRC) in Elon, approximately midway between Greensboro and Durham. Twin Lakes sits on approximately 215 acres of land. It first opened in 1983 and currently operates 434 independent living units, 36 assisted living units, 32 memory care units and 104 healthcare units. It ranks as the 28th largest nonprofit single-campus senior living organization in the nation, according to the 2022 LeadingAge-Ziegler 200. Having recently completed construction of a replacement nursing …

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Affordable HousingFinanceMassachusettsNews

MassHousing Provides $31M in Financing for City Square Affordable Complex in Charlestown, Massachusetts

by Jeff Shaw

CHARLESTOWN, Mass. — MassHousing has provided $31 million in financing for City Square Elderly Housing, a 120-unit affordable seniors housing complex in Charlestown, a northern suburb of Boston. The complex was originally constructed in 1900 and renovated in 1985. Units come in studio and one-bedroom floor plans. The borrower, CSI Support & Development Services, will use the proceeds to refinance existing debt, fund capital improvements and preserve the property’s affordability status. The loan carried a 35-year term and a fixed interest rate.

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FeaturesInvestmentNews

Seniors Housing Investors Should Look for Opportunities Amid Today’s Challenges, Says Webinar Panel

by Jeff Shaw

It has undoubtedly been a very difficult time for seniors housing owners, operators and investors. The COVID-19 pandemic led to widespread shutdowns that forced communities to turn away visitors and prospective new residents for months, which in turn caused occupancy rates to crater. Then, just as the industry started to come back, labor challenges, inflation and rising interest rates put the brakes on that recovery. “We’ve been through the most unusual period ever for our industry,” said JP LoMonaco, president of Valuation & Information Group. LoMonaco made those comments while …

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Assisted LivingFinanceNewsWisconsin

Walker & Dunlop Arranges $14.6M Refinancing for Reena Senior Living in Atkinson, Wisconsin

by Jeff Shaw

ATKINSON, Wis. — Walker & Dunlop has arranged a $14.7 million refinancing for Reena Senior Living, an 80-unit/80-bed assisted living and memory care facility in Fort Atkinson, approximately midway between Milwaukee and Madison. Walker & Dunlop’s Kevin Giusti and Matthew Lund led the team in closing the HUD loan. The borrower was Tukka Properties. The property consists of a three-story assisted living building built in 2016 and a one-story memory care addition built in 2019.

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AcquisitionsMemory CareNewsOklahoma

Blueprint Negotiates Sale of 38-Unit Memory Care Community in Oklahoma City

by Jeff Shaw

OKLAHOMA CITY — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 38-unit memory care community in an affluent neighborhood of Oklahoma City. The seller was a private equity fund seeking to exit its only standalone memory care property. Built in 2010, the community had strong historical occupancy, but was negatively impacted by the COVID-19 pandemic and was in the early stages of a performance rebound. The community was positioned as a value-add opportunity for buyers to capitalize on the strong demographics and surprising scarcity of standalone memory …

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Assisted LivingDevelopmentFloridaNews

AJP Ventures, Mas Group Complete Luxury Community in Miami

by Jeff Shaw

MIAMI — Leading Miami-based commercial real estate owners and developers AJP Ventures and Mas Group, along with equity partner OCTA, have completed construction of The Contemporary, a luxury assisted living community in the Westchester neighborhood of Miami. The developers have planned a ribbon-cutting ceremony for Jan. 26 to officially open the doors. Charter Senior Living will operate The Contemporary, which features a mix of one- and two-bedroom units on a six-acre campus. The community is located on the same campus as MedSquare Place, a Class A medical office building also …

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AcquisitionsAssisted LivingFloridaNews

DeMarco Real Estate Group Brokers $12.1M Sale of Two Assisted Living Facilities in Florida

by Jeff Shaw

MARGATE and DAVIE, Fla. — The DeMarco Real Estate Group of RE/MAX 5 Star Realty has arranged the $12.1 million sale of two assisted living facilities totaling 131 beds in Margate and Davie, both suburbs of Miami. PrivCap Cos. in Boca Raton sold the assets to a private investment group from New York. The facilities specialize in memory care and operate under the name of Caring Village. The portfolio sold for 81 percent higher than the last sale in 2020 for $7 million, which the DeMarco Real Estate Group also …

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AcquisitionsCCRCIllinoisNews

Ziegler Negotiates Sale of 192-Unit Pinecrest Community in Mount Morris, Illinois

by Jeff Shaw

MOUNT MORRIS, Ill. — Ziegler has negotiated the sale of Pinecrest Community, a 192-unit senior living community located on 40 acres in Mount Morris, a tiny town of fewer than 3,000 people approximately 100 miles west of Chicago. Pinecrest Community is a Christian nonprofit continuing care retirement community affiliated with the Church of the Brethren. The community was initially established in 1893 to care for the elderly and orphans. The campus features active-adult cottage homes, independent living apartments, intermediate and skilled care living, and a specialized memory care center. The …

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AcquisitionsAlabamaAssisted LivingNews

Blueprint Arranges Sale of Three Communities in Alabama

by Jeff Shaw

ALABAMA — Blueprint Healthcare Real Estate Advisors has arranged the sale of three seniors housing communities in Alabama. Sold by a publicly traded REIT, the portfolio consists assisted living and memory care communities totaling 202 units across the state’s three largest metros. The assets were originally constructed in 1999 and 2000. Texas-based Proveer Senior Living acquired the properties and plans to undertake significant capital projects across the assets. This acquisition strategically enhances the buyer’s growing footprint throughout the state of Alabama. The price was not disclosed.

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