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DevelopmentMarylandNewsSkilled Nursing

Marquis Completes $7M Renovation Project at Collingswood in Rockville, Maryland

by Jeff Shaw

ROCKVILLE, Md. — The leadership of Collingswood Rehabilitation & Healthcare Center and Marquis Health Consulting Services have cut the ribbon on a $7 million renovation and modernization at the skilled nursing facility in Rockville. Collingswood’s renovation centered on an expansion of the rehab therapy gym and the incorporation of a spacious activities of daily living (ADL) suite. The gym features state-of-the-art equipment and technology to support the delivery of progressive rehab services, while the ADL suite mimics a home environment, enabling patients the opportunity to regain skills before returning home. Collingswood’s …

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Active AdultDevelopmentNewsVirginia

Bonaventure Starts Construction of 133-Unit Community in Alexandria, Virginia

by Jeff Shaw

ALEXANDRIA, Va. — Bonaventure has started construction of a 133-unit luxury senior living project in the Old Town West neighborhood of Alexandria. The development will feature a six-story building with underground parking, studio, one- and two-bedroom living options. Bonaventure expects to complete construction and begin welcoming renters in late 2023. The community is situated centrally in the Old Town West neighborhood and is transit-oriented. It is less than 0.3 miles from the Braddock Road Metro Station, 1.5 miles to Interstate 495, and less than three miles from Reagan National Airport. …

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AcquisitionsFloridaNewsSkilled Nursing

ESI Negotiates Sale of 200-Bed Skilled Nursing Facility Near Orlando

by Jeff Shaw

VOLUSIA COUNTY, Fla. — Evans Senior Investments (ESI) has brokered the sale of a 200-bed skilled nursing community in Volusia County, located just northeast of Orlando. Built in 1960s, the community exhibited an older physical plant with all of the rooms at the community semi-private or three-bed wards. At the time of marketing, the community was 41 percent occupied, resulting in a net operating income loss. Prior to the COVID-19 pandemic, the community averaged 73 percent occupancy. ESI represented the seller, a regional owner-operator that sought to exit this community …

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AcquisitionsAssisted LivingFloridaNews

SLIB Arranges Sale of 89-Unit Vitality Lady Lake in Florida

by Jeff Shaw

LADY LAKE, Fla. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Vitality Lady Lake, an 89-unit seniors housing community in Lady Lake, located northwest of Orlando adjacent to The Villages. The community features 69 assisted living and 20 memory care units on a nine-acre site, which features room for expansion. The seller is a Northeast-based real estate private equity fund that purchased this asset as part of a large portfolio in December 2021. This asset was an operational outlier from the rest of the portfolio. The buyer …

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AcquisitionsAssisted LivingMarylandNews

Blueprint Brokers Sale of 120-Unit Community Near Baltimore

by Jeff Shaw

BALTIMORE — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 120-unit assisted living and memory care community in the Baltimore metro area. The community was built in 1999 and was underperforming operationally. The buyer is a publicly traded REIT that plans to convert the asset into an addiction recovery facility. The seller and price were not disclosed.

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ArkansasAssisted LivingNewsOperationsPeople

Blake Management Group Hires Stephen Black as Executive Director of Community in Little Rock, Arkansas

by Jeff Shaw

LITTLE ROCK, Ark. — Blake Management Group, together with Cardinal Ventures Inc., has hired Stephen Black as the executive director of The Blake at Chenal Valley in Little Rock. Cardinal Ventures is building the 153,000-square-foot assisted living and memory care community, along with several dozen independent living cottages. Stephen Black earned business administration degrees at the undergraduate and graduate levels from Williams Baptist and Belhaven universities. He carries 12 years of experience in long-term senior care.

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Affordable HousingDevelopmentMassachusettsNews

Arch Communities, WinnCompanies Complete $25.7M Redevelopment of Historic School in Southbridge, Massachusetts

by Jeff Shaw

SOUTHBRIDGE, Mass. — Arch Communities and WinnCompanies have completed a $25.7 million adaptive reuse project to transform a 106-year-old historic school building in Southbridge into apartments for seniors age 55 and older. The Residences at Wells School features 62 apartments, 56 of which provide affordable housing for those earning up to 60 percent of the area median income (AMI), including eight apartments reserved for residents at or below 30 percent of the AMI. Six apartments have been customized for handicapped and sensory-impaired households. WinnResidential, the property management arm of WinnCompanies, …

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AcquisitionsConnecticutNewsSkilled Nursing

Blueprint Arranges Sale of 190-Bed Branford Hills Healthcare Center in Connecticut

by Jeff Shaw

BRANFORD, Conn. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Branford Hills Healthcare Center, a 190-bed skilled nursing facility with in-house pharmacy in Branford, a town on Long Island Sound. The Shelton Family has operated the community since its construction in 1980. Expanded in 1991, the facility sits on over 10 acres and benefits from its proximity to referral sources in New Haven County, specifically Yale-New Haven Hospital. Exhibiting historical occupancy in excess of 94 percent and revenues in excess of $20 million, the facility struggled amid …

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AcquisitionsAssisted LivingGeorgiaNews

SLIB Negotiates Sale of 72-Unit Laurel Lodge in Cleveland, Georgia

by Jeff Shaw

CLEVELAND, Ga. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Laurel Lodge Assisted Living and Memory Care, a 72-unit community in Cleveland, approximately 75 miles northeast of Atlanta. The original building was 56 units which leased quickly throughout 2020 and has since maintained a waiting list for available units. During original construction the building was rough graded and stubbed for an additional 16-unit wing, which was completed in March 2022. The asset was fully occupied at closing. The seller is an owner-operator that the buyer, a 1031 …

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FinanceNews

Dwight Provides $297.6M in Seniors Housing, Healthcare Financings in Second Quarter

by Jeff Shaw

NEW YORK CITY — Dwight Capital and its mortgage REIT affiliate, Dwight Mortgage Trust, both based in New York City, provided $297.6 million in financing during second-quarter 2022. Dwight provided a $48 million bridge acquisition loan for a 729-bed portfolio in Minnesota. The portfolio consists of 343,525 square feet situated on 15 acres. Adam Sasouness and Adam Offman originated this transaction. Sasouness and Offman also closed a $31 million bridge acquisition loan for Daughters of Miriam Center, a 210-bed skilled nursing facility in Clifton, New Jersey. Situated on 13 acres, …

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