DALLAS, Texas, and CLEVELAND, Ga. — 1031 Crowdfunding has acquired a 137-bed, 109-unit assisted living and memory care portfolio. The two properties, located in Dallas and Cleveland, were 95.6 percent occupied at the time of sale. Iris Senior Living and Over the Top Management will operate the two properties, known as Iris Memory Care and Laurel Lodge.
PENNSYLVANIA — Blueprint Healthcare Real Estate Advisors has negotiated the sale of six skilled nursing facilities in Western Pennsylvania. A public REIT sold the 453-bed portfolio to an operator as a value-add opportunity. Further details were not disclosed.
WEST DES MOINES, Iowa — Lifespace Communities, a West Des Moines-based operator, has hired Tim Gorman as general counsel. Gorman will provide overall leadership, vision and direction of the legal function including governance, regulatory, risk and liability, and transactional matters. Gorman, who is also a certified public accountant, has experience in providing legal and strategic advice for issues including mergers and acquisitions, employment, corporate, health law and governance. Most recently, he served as senior attorney for Ascension, providing general counsel support for its senior living division, Ascension Living. Prior to …
ANNAPOLIS, Md. — Private-pay seniors housing occupancy increased 90 basis points from 80.5 percent in the first quarter of 2022 to 81.4 percent in the second quarter of 2022. This is the fourth consecutive quarter of occupancy growth, and occupancy is up 340 basis points this quarter from a pandemic low of 78 percent in the second quarter of 2021. The pre-pandemic occupancy level was 87.4 percent. That’s according to new data from the National Investment Center for Seniors Housing & Care (NIC), an Annapolis-based nonprofit organization that tracks industry …
SAN JUAN CAPISTRANO, Calif. — The Ensign Group Inc. (NASDAQ: ENSG), an investor and operator based in San Juan Capistrano, has acquired nine skilled nursing facilities in the West across three separate transactions all announced on the same day. In the first transaction, Ensign acquired the operations of five skilled nursing facilities in Texas: The Eden of Las Colinas, a 118-bed skilled nursing facility in Irving, Texas; Pleasant Valley Healthcare and Rehabilitation Center, a 124-bed skilled nursing facility in Garland, Texas; Millbrook Healthcare and Rehabilitation Center, a 124-bed skilled nursing …
SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NYSE: CTRE), a seniors housing investor based in San Clemente, has extended a $75 million “C” piece financing as part of a larger multi-tranche senior secured term loan and has extended a $25 million mezzanine loan to a private equity skilled nursing real estate owner. The loans are in connection with the acquisition of an 18-property portfolio in the Mid-Atlantic. The portfolio includes approximately 2,000 skilled nursing beds. The “C” tranche of the senior secured term loan carries a five-year maturity and an …
ANOKA, Minn. — Senior Living Investment Brokerage (SLIB) has arranged the sale of River Oaks, an 84-unit independent living and assisted living community in Anoka, a northern suburb of Minneapolis. Built in 1988, the 90,000-square-foot is located on 1.7 acres. The seller is a real estate development company that focuses on multifamily and sought to divest River Oaks to concentrate on its core assets. The buyer is a large nonprofit headquartered in Minnesota. The buyer plans to refresh and rebrand the community over time. The price was not disclosed. Jeff …
SCOTTSDALE, Ariz. — Cadence Living, a Scottsdale-based owner-operator, has hired Mark Krystopa as senior vice president of culinary services. Krystopa will have principal responsibility over the Encore Dining Program across the Cadence portfolio of communities. He has over 25 years of experience in hospitality and senior living dining services. Prior to joining Cadence, Krystopa spent three years as the vice president of food and beverage at Allegro Management Co., as well as eight years with Hyatt where he led culinary operations for two Hyatt hotel brands. Krystopa has a bachelor’s …
VANCOUVER, Wash. — CBRE has arranged $145.1 million in construction financing for The Springs at The Waterfront, a seniors housing development in Vancouver, just across the Columbia River from Portland, Ore. The borrower is a joint venture between private equity firm Harrison Street, seniors housing operator The Springs Living and healthcare real estate developer PMB. The project is located within Vancouver Waterfront, a 32-acre master-planned development that is slated to eventually include 75,000 square feet of office space, 45,000 square feet of retail space and over 900 residential units. The …
NEW YORK CITY — Lendlease has topped out Garden Towers, an affordable seniors housing community in the Bronx. Foxy Management is developing the property in partnership with HANAC Inc. and JLD Advisory LLC. The project includes two residential buildings — rising seven stories and eight stories — that together offer a total of 149 rental units for low-income adults age 62 or older. Lendlease, the construction manager for the project, broke ground on the development in August 2021 with an expected completion in 2023. “Garden Towers represents our third project …