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Assisted LivingCaliforniaDevelopmentNews

Cadence Living, Flournoy Development, Harrison Street Break Ground on 80-Unit Community in Brea, California

by Jeff Shaw

BREA, Calif. — Cadence Living, Flournoy Development Group and Harrison Street have broken ground on Cadence Brea, an 80-unit assisted living and memory care in the Orange County city of Brea. The project team includes Thoma-Holec Design, Irwin Partners Architects and Flatiron Development Group. “This is a unique opportunity and part of our overall strategy to focus on boutique, high-end, amenity-laden communities with high walkability scores,“ says Rob Leinbach, principal with Cadence. “We are focused on locations with a high barrier to entry,” adds Justin Osborne, vice president at Flournoy …

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Active AdultArizonaDevelopmentNews

Greystar Starts Pre-Leasing at Album Cooley Station in Gilbert, Arizona

by Jeff Shaw

GILBERT, Ariz. — Greystar has started pre-leasing at Album Cooley Station, an active adult community in the Phoenix suburb of Gilbert. “There is a need for this type of housing as we see more and more active adults looking to right-size their living environment, live a maintenance-free lifestyle and meet new friends within a vibrant community,” says Sylvia Loss, community manager Floor plans come in one- and two-bedroom apartments; two-bedroom, single-story villas; and two-bedroom casitas, which are little homes that surround the apartment building and include their own garage, patio …

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AcquisitionsNewsPennsylvaniaSkilled Nursing

SLIB Arranges Sale of Two Skilled Nursing Facilities in Northwest Pennsylvania

by Jeff Shaw

NORTHWEST PENNSYLVANIA — Senior Living Investment Brokerage (SLIB) has negotiated the sale of two skilled nursing facilities located in Northwest Pennsylvania. The seller deemed one of the communities, an 80-bed facility, to be a non-core asset. A larger, 180-bed facility was included in the offering to make it more attractive. The buyer is a New York-based investor in the skilled space with a growing presence Pennsylvania. Ryan Saul and Toby Siefert of SLIB handled the transaction.

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AcquisitionsFeaturesNews

Transaction Volume Returns to Pre-Pandemic Normal, Say Webinar Panelists

by Jeff Shaw

After a pause in seniors housing acquisitions in 2020 as a result of the COVID-19 pandemic, it appears volume is back to normal, according to experts within the industry. “Before the pandemic started, volume was pretty good for acquisitiions and there was an ample pool of buyers out there,” said JP LoMonaco of Valuation & Information Group. “Debt and equity were available from among the widest variety of sources I’ve seen in a long time. Then we had the pandemic and everything came to a screeching halt.” LoMonaco’s comments came …

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ArizonaFinanceNews

CIT Arranges $34M Financing for Enclave at Chandler in Arizona

by Jeff Shaw

CHANDLER, Ariz. — CIT Group Inc. (NYSE: CIT), through its Healthcare Finance business, served as sole lead arranger of $34 million to refinance the Enclave at Chandler. Opened in 2018 in the Phoenix suburb of Chandler, the community features 89 independent living, 49 assisted living and 24 memory care units. The borrower is Spectrum Retirement Communities. “Demand is strong for senior housing facilities like the Enclave at Chandler that serve a range of needs,” says William Douglass, managing director and group head for CIT’s Healthcare Finance business.

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CCRCFinanceNewsOhio

Ziegler Arranges $40.1M Bond Financing for Ohio Living

by Jeff Shaw

WESTERVILLE, Ohio — Ziegler has arranged $40.1 million in bond financing for Ohio Living, a Westerville-based owner-operator. Ohio Living owns and operates 12 senior living communities located throughout the state of Ohio, nine of which are full-service continuing care retirement communities. Proceeds of the bonds will be used to refinance a previous bond issue from 2013. In order to lock in attractive interest rates, the new bonds were priced on Oct. 13 with a six-month forward delivery for a planned closing on April 6, 2022. As a result of locking …

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Active AdultDevelopmentNewsTexas

Greystar Prepares to Open Album Mansfield Active Adult Community in Texas

by Jeff Shaw

MANSFIELD, Texas — Greystar has started pre-leasing at Album Mansfield, an active adult community in the Dallas suburb of Mansfield, with plans to start move-ins this June. Apartments come in one- and two-bedroom layouts. The number of units was not disclosed. Album Mansfield is part of a larger project that also includes conventional multifamily apartments, retail and for-sale single-family homes in a neighborhood called Watson Branch.

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NewsOperationsSkilled NursingTexas

Blueprint Arranges New Tenant at The Lodge at Bear Creek in Grapevine, Texas

by Jeff Shaw

GRAPEVINE, Texas — Blueprint Healthcare Real Estate Advisors has arranged the placement of a new tenant at The Lodge at Bear Creek in Grapevine. The Lodge at Bear Creek was built in 2016 and is licensed for 100 beds of skilled nursing and short-term rehabilitation. Grapevine is an affluent suburb approximately 21 miles northwest of Dallas, and the facility benefits from being near two prominent regional hospitals. The owner, ServiceStar Capital Management, sought to reposition the asset with a new operator. A Utah-based management company, Eduro Healthcare, was selected as …

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Affordable HousingDevelopmentNewsTexas

Columbia Residential, Renaissance Heights Open Phase II of Columbia Renaissance Square in Fort Worth

by Jeff Shaw

FORT WORTH, Texas — Renaissance Heights United, in partnership with Columbia Residential and Purpose Built Communities, has opened the second phase of Columbia Renaissance Square Senior Residences, an affordable seniors housing community in Fort Worth. The $21.8 million expansion is the second of three phases, and included a three-story building with 120 apartments. The apartments average 792 square feet with 96 of the units reserved for low-income seniors. Construction was certified by National Green Building Standard for improved energy efficiency, indoor air quality and lower utility costs. Project partners included …

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