TEXAS — VIUM Capital has provided a $15 million bridge loan for the acquisition of a 124-bed skilled nursing facility in Texas. The financing features 100 loan-to-cost ratio and 50 percent recourse that will burn off along with the HUD loan application. The community opened in March 2020. Further details were not disclosed.
MIAMI — Drive Development Partners, a boutique development advisory and construction management firm, has merged with Lloyd Jones, a real estate investment firm. Both companies are headquartered in Miami. Drive, which specializes in senior living and multifamily developments, matches Lloyd Jones’ current $1 billion portfolio which consists primarily of those two asset types. Drive’s managing partner in Florida, Michael Hass, will assume the role of senior vice president of development, design and construction at Lloyd Jones. The company currently has one ground-up senior living development under construction in Florida and …
ANNAPOLIS, Md. — While private-pay seniors housing occupancy saw a 20-basis-point increase in the first quarter of the year, the industry is still a long way from full COVID-19 recovery. In fact, occupancy is still 670 basis points below its pre-pandemic levels. That’s according to a blog post from Beth Mace, chief economist at the National Investment Center for Seniors Housing & Care (NIC), an Annapolis-based nonprofit firm that tracks industry data gathered from 31 primary metropolitan markets through its NIC MAP Vision product. Private-pay seniors housing comprises independent living, …
PORTLAND, Ore. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Cornerstone Care Option, a 38-unit, 56-bed skilled nursing facility in Portland. The community was originally built in 1955 on 7.3 acres, with renovations in 2006. The 98,700-square-foot asset was 98 percent occupied. The seller was a local owner-operator looking to retire from seniors housing. A regional group based in the West acquired the property for an undisclosed price. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction.
SPRINGFIELD, Ill. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Bickford of Springfield, a 67-unit independent living and assisted living community in Springfield. A publicly traded REIT sold the asset to Trustwell Living for an undisclosed price. Built in 2005, the historically cash-flowing community experienced operational challenges following industry-wide COVID headwinds. Through a targeted refresh effort and enhanced marketing, the community was offered as a value-add opportunity for incoming investors with a presence in the market.
ALEXANDRIA, Va. — Goodwin House Inc., a nonprofit, faith-based senior living and healthcare services organization based in Alexandria, is rebranding as Goodwin Living. The new brand name better reflects the organization’s mission and a significant increase in its support of older adults through home- and community-based services delivered beyond its senior living campuses, according to the company. “For 55 years, ‘Goodwin House’ has been our name and the brand by which we have grown our mission to support, honor and uplift the lives of older adults and those who care …
HATTIESBURG, Miss. — Claiborne Senior Living, a Hattiesburg-based owner-operator, has promoted Justin Wray to chief operating officer. He most recently served the company as vice president of operations. Wray oversees all aspects of the organization’s operations and works alongside Claiborne’s regional support team and communities to ensure that they are optimizing operations. Wray brings over 16 years of hands-on experience in seniors housing to the organization, both in operational strategy and sales and marketing. Prior to joining the Claiborne team, he worked in senior management positions with providers such as …
LAGUNA NIGUEL, Calif. — Kisco Senior Living has taken over operations of Crestavilla, a luxury seniors housing community in the Orange County city of Laguna Niguel. Affiliates of Kisco Senior Living and Harrison Street as advisor to an institutional investor fully transferred operations and management of Crestavilla from Atria Senior Living to Kisco. Opened in 2018, the LEED Gold-designated community offers 201 studio, one- and two-bedroom floorplans for independent living, assisted living and memory care residences. Crestavilla’s amenities and services include a 12,000-square-foot rooftop terrace, organic greenhouse, wellness programming, five …
NEW MEXICO — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 50-unit transitional care facility in New Mexico. The property is located within five miles of three hospitals. It recently underwent an operator transition, and occupancy was approaching 80 percent at the time of marketing. The buyer was a regional owner-operator that was open to leasing for a short period of time before exercising a purchase option to acquire the facility. This marked the buyer’s first acquisition in New Mexico, further expanding its geographic footprint in the …
POMPANO BEACH, Fla. — John Knox Village of Florida (JKV), a continuing care retirement community in the South Florida city of Pompano Beach, has broken ground on Westlake, a two-tower, $120 million expansion. The groundbreaking comes on the heels of the completion of The Pavilion, a $35 million addition that included a 380-seat cultural arts center, two restaurants and a bar. “Over the past five years, a master site plan has been developed to guide the capital improvements of our 70-acre campus and the opening of our Pavilion and, in …