HOUSTON — Cushman & Wakefield’s National Senior Housing Capital Markets team has arranged the sale of a 152-unit portfolio containing four standalone memory care communities in the Houston metro area. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Chris Remeika represented the seller, Healthcare Trust Inc., in the transaction. McFarlin Group, a Dallas-based private equity firm, acquired the portfolio in an all-cash deal. The price was not disclosed. The portfolio comprises Addington Place of The Woodlands, Addington Place of Cy-Fair, Addington Place of Meyerland and Addington …
JACKSONVILLE BEACH, Fla. — Owner Longview Senior Housing and operator SRI Management have completed renovations to The Cove at Marsh Landing, a 100-unit assisted living and memory care community in Jacksonville Beach. Originally opened in 1995, the full-scale renovation refreshed all public spaces, activity areas, dining room, offices and memory care section. West End Interiors led the interior design process for the renovation.
CHICAGO — Ziegler, a Chicago-based investment bank, has arranged $24 million in financing for Wisconsin Illinois Senior Housing (WISH), a nonprofit owner-operator. The financing comprises $22.5 million of tax-exempt bonds directly purchased by BMO Harris Bank, along with a $1.5 million taxable term loan. Proceeds of the financing will be used to refinance a series of WISH’s outstanding bonds, pay an associated prepayment penalty and pay costs of issuance. The bonds were issued through the Wisconsin Health and Educational Facilities Authority. WISH, an Illinois corporation organized in 1994, currently owns …
PASADENA, Texas — Evans Senior Investments (ESI) has arranged the sale of Pasadena Care Center, a 116-bed skilled nursing community located in Pasadena. An independent owner sold the asset to a national owner-operator looking to expand in Texas for $6.5 million, or $56,000 per bed. The operator is Sava Senior Care. Built in 1975, Pasadena Care Center is located 15 miles southeast of Houston. At the time of merketing, the community was 80 percent occupied and was producing approximately $750,000 in net operating income annually. While under contract, occupancy and …
POINT PLEASANT, N.J. — Marquis Health Consulting Services has completed a $3 million renovation project at Crest Pointe Rehabilitation & Healthcare Center. The centerpiece of the renovation was the addition of a 3,000-square-foot rehab therapy gym and the incorporation of a activities of daily living (ADL) suite. Other renovation highlights also include a lobby/reception area redesign and expansion; reconfigured and updated dining area and lounges; and updates to resident rooms. During the renovation process, Crest Pointe and Marquis also enhanced the facility’s specialized programming in partnership with regional healthcare providers. Physician-led …
TULSA, BROKEN ARROW, MUSKOGEE and TAHLEQUAH, Okla. — Longview Senior Housing has expanded its relationship with 12 Oaks Senior Living to manage four additional assisted living and memory care communities in Oklahoma. 12 Oaks has assumed management of The Grove at Midtown in Tulsa, Cedar Ridge Senior Living in Broken Arrow, Azalea Gardens Memory Care in Muskogee and Heritage Grove at Tahlequah. These communities augment six Texas senior living properties 12 Oaks is currently managing for Longview Senior Housing.
WESTMINSTER, Md. — Lutheran Social Ministries of Maryland has named Scott Edens as executive director of Carroll Lutheran Village (CLV) in Westminster, 30 miles northwest of Baltimore. Edens provides leadership oversight of day-to-day operations, including following federal, state and local laws, regulations and standards governing long-term care facilities. With over 30 years of senior living experience, Edens has planned and coordinated renovation projects for two health care campuses, led three regions of 28 skilled nursing facilities, planned and directed an improvement process to increase admissions at four health care centers, …
FORT WORTH, ROUND ROCK, SAN ANTONIO and WEBSTER, Texas — LTC Properties Inc. (NYSE:LTC), a real estate investment trust that primarily invests in seniors housing and healthcare properties, has acquired four LuxeRehab centers for approximately $52 million. The properties, which are located in Texas and have a combined total of 339 beds primarily in private rooms, will be operated by Ignite Medical Resorts, a current LTC operating partner. Although the specific properties were not named, the only four Ignite locations in Texas are in Fort Worth, Round Rock, San Antonio …
ST. LOUIS and TAMPA — EmpowerMe Wellness, a St. Louis-based integrated healthcare provider serving senior living communities nationwide, has acquired Salus Physical Therapy, one of Florida’s largest providers of outpatient therapy to senior living communities. Based in Tampa, Salus serves 45 senior communities across the state of Florida. All of Salus’ 175 employees have been offered positions by EmpowerMe Wellness, including therapists and corporate office staff. With this acquisition, EmpowerMe Wellness will now serve over 450 senior living communities across more than 20 states. “Through our partnership, EmpowerMe will make …
SPRINGFIELD, Ore. — Ridgeline Management Co. has reestablished its relationship with Bayberry Commons, a 62-unit assisted living and memory care community in Springfield. The community opened in 2007, and Ridgeline formerly operated the property for an undisclosed period. Bayberry Commons allows Ridgeline to expand its existing footprint in Oregon, where Chateau Gardens, a 22-unit memory care community, is less than two miles away. In Oregon, Ridgeline also manages Waverly Place in Albany, as well as home health company Wellness at Home.