WHITE MARSH, Md. — Monarch Communities, an owner-operator based in the Baltimore suburb of White Marsh, has moved to a new headquarters. Simultaneously, the company announced plans for new communities and changes to its executive leadership. The company has established its corporate office in White Marsh, and now has a portfolio of seven East Coast communities. It operates four in Massachusetts, Connecticut and New Jersey, with over 300 employees and 400 residents. The company is also developing three new communities. One of those, Monarch Coopers Corner, is scheduled to open …
WEST PALM BEACH, Fla. — Greystone has provided a $17.5 million HUD-insured loan for the redevelopment of Christian Manor Apartments, a 200-unit affordable seniors housing community in West Palm Beach. Jon Morales of Greystone arranged the loan on behalf of the borrower, Phase Housing Corp. Inc. Christian Manor includes four three-story buildings that offer studio and one-bedroom units. Originally built in 1972, the property will provide affordable housing for low-income residents, which is classified as below 60 percent of area median income (AMI), and “extremely low-income” residents (below 28 percent …
ANNAPOLIS, Md. — Seniors housing occupancy increased to 80.6 percent in the first quarter of 2022, a 20 basis point increase from the fourth quarter of 2021 and a 250 basis point increase from a pandemic-related low of 78 percent in the second quarter of 2021. This is the third consecutive quarter of increasing occupancy. That’s according to new data from 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 …
LIVERMORE, Calif. — Hunter Street and Mana Investments have sold a nine-acre parcel of land in the Bay Area city of Livermore to Calson Management, a California-based specialist in senior living construction and operations. Located within The Well at Sunset mixed-use project, the site is approved for a 130,000-square-foot, 128-unit seniors housing complex. Construction is scheduled to begin late this year for completion in late 2024. The property will include independent living, assisted living and memory care services. The design’s footprint will preserve green space and walking trails around the …
DALLAS — The seniors housing sector continues its recovery from the impacts of COVID-19, with investors expecting rental rates and residency levels to rise further in 2022, according to a survey from Dallas-based commercial real estate services firm CBRE. Most investors (82 percent) expect seniors housing communities to reach pre-pandemic resident levels within 18 months, with the quickest absorption pace in the lower-acuity communities such as active adult and independent living. For higher acuity communities, such as assisted living and memory care, the reabsorption period extends to 24 months for …
SUNNYVALE and MENLO PARK, Calif. — JLL Capital Markets has arranged a $21.5 million loan for two memory care communities totaling 48 units in California’s Bay Area. The portfolio includes Crescent Oaks in Sunnyvale and Silver Oaks in Menlo Park. JLL worked on behalf of the borrower, Calson Management, to secure an 18-month, fixed-rate loan through Thorofare Capital. Crescent Oaks offers 22 one- and two-bed units with a total of 33 beds. The community is located near a variety of retail, dining and entertainment amenities. In addition, the property is …
MADISON, Tenn. — Lloyd Jones has acquired Maybelle Carter, a 131-unit senior independent living, assisted living and memory care community in first-ring Nashville suburb of Madison. The property will operate under Lloyd Jones’ Sage Hill brand as Sage Hill Maybelle Carter. Maybelle Carter is Lloyd Jones’ third seniors housing acquisition this year. In February, the firm added two Class A communities to its senior living portfolio: Aviva Woodlands in Lincoln, Nebraska, and River Bend in Rochester, Minnesota. The property was built on the former estate of country music legend “Mother” …
OWATONNA, Minn. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Valleyview of Owatonna, an 86-unit assisted living community in Owatonna, 40 miles west of Rochester. Chicago-based private equity firm HAN Capital sold the asset to an undisclosed buyer for $7.4 million. Valleyview is positioned as the value-based market provider and its services are supported by Minnesota’s Elderly Waiver and CADI waiver programs that allow for sustainable state reimbursement for income-qualified residents. Having reached its peak occupancy in 2020 with only limited private pay residents, Valleyview was generating …
TEXARKANA, Texas — Plains Commercial has arranged the sale of Richmond Meadows Memory Care in Texarkana. Originally built in 2010, Richmond Meadows is licensed for 40 beds covering across a 24,600-square-foot community. With a Class A physical plant, the facility offers strong upside through management changes and further lease-up. After an extensive marketing campaign, the seller chose a regional assisted living and memory care operator as the buyer. With the sale of the facility, the seller exited the memory care business. Daniel Morris with Plains Commercial handled the transaction. The …
BRINKLEY, Ark. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Cla-Cliff Nursing and Rehabilitation Center, a 116-bed skilled nursing facility in Brinkley, approximately midway between Little Rock and Memphis, Tennessee. The property has been owned and operated within the same family for almost 60 years. The seller was a local owner-operator looking to retire and exit the skilled nursing industry. The buyer is a regional owner looking to add to its existing portfolio. The price was not disclosed. Daniel Geraghty and Bradley Clousing handled the transaction for …