HENDERSONVILLE, Tenn. — Evans Senior Investments (ESI) has arranged the sale of Main Street Senior Living, a 58-unit assisted living and memory care community in the Nashville suburb of Hendersonville. A private equity company sold the asset a Southeast-based regional owner-operator for $4.9 million. The community is licensed for 99 beds and the resident base is 100 percent private pay. At the time of marketing, the community was averaging 62 percent occupancy on total revenue of $1.5 million. Due to the low census the community was not profitable and was …
GREENSBORO, N.C. — Blackford Capital has acquired ID Collaborative Inc. (IDC), an interior design firm that specializes in continuing care retirement communities. Terms of the deal were not disclosed. The deal is Blackford’s third in the commercial interior design industry in 2021, following the acquisition of Georgia-based Design Environments and the merger of Vertically Integrated Projects and Boston Trade Interior Solutions. “We are aggressively executing against our strategic plan to address the highly fragmented interior design and procurement industries to better serve our customers and the industry as a whole,” …
LONG BEACH and WEST CARSON, Calif. — R.D. Olson Construction has broken ground on two affordable housing communities in Los Angeles County: Anaheim and Walnut in Long Beach and West Carson Villas in West Carson. The projects are slated for completion by summer 2023. Developed by Bridge Housing in partnership with the City of Long Beach and the Long Beach Housing Authority, Anaheim and Walnut will feature 207,000 square feet of mixed-use space at 1500 E. Anaheim St. in Long Beach. The $44 million project will offer 88 housing units …
DALLAS— Capital Senior Living Corp. (NYSE: CSU), an owner-operator of senior living communities across the United States, has closed the previously announced financing transactions with Conversant Capital and has raised a total of $154.8 million, including aggregate gross proceeds of approximately $34 million from a common stock rights offering. With the closing of the transaction, the company’s board of directors has been reconstituted. Noah Beren, Benjamin Harris, Dave Johnson, Max Levy, Shmuel Lieberman and Elliot Zibel will join the board, effective immediately. Philip Brooks, Jill Krueger and company CEO Kimberly …
CLEVELAND — Cleveland-based KeyBank Real Estate Capital, the commercial real estate business unit of KeyCorp (NYSE: KEY), has established a new unitranche loan program with Toledo-based Welltower Inc. The healthcare real estate fund will total $750 million in lending capacity and will provide first mortgage financing on seniors housing and skilled nursing facilities. A unitranche loan blends senior and junior debt pricing and terms into a single first lien debt facility rather than creating two classes of debt and coordinating among multiple lenders. This approach increases certainty of execution, and …
RICHMOND, Va. — Enterprise Community Development has completed construction at Baker Senior Apartments in Richmond’s North Jackson Ward neighborhood. The project was a redevelopment projects that transformed the former Baker School, originally built in 1939, into 50 units of seniors housing. Development estimates were $15.8 million. Project partners include Virginia Housing and Richmond Redevelopment & Housing Authority (RRHA). Enterprise worked with RRHA to acquire the property and leveraged Low-Income Housing Tax Credits; state and federal Historic Rehabilitation Tax Credits; tax credit equity provided by Enterprise Housing Community Investments and Sugar …
WILLIAMSBURG, Va. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arrangd the sale of White Oaks at Williamsburg, a 48‐unit memory care facility in Williamsburg. Built in 2015 and opened in early 2017, White Oaks at Williamsburg is a campus with three buildings, 16 units each. The seller is a private investor with seniors housing communities located in the Midwest. This community was determined to be outside of its normal operating region and thus was sold. The buyer is English Meadows Senior Living, a Mid‐ Atlantic …
MILWAUKEE — Ryan Cos. US Inc. has hired Eric Nordeen as vice president of development to continue the growth of its Milwaukee office. This addition expands Ryan’s ability to pursue development, construction and build-to-suit opportunities in Milwaukee, Madison and Southeastern Wisconsin. “Milwaukee is an important target market for our Great Lakes Region,” says Jim McDonald, regional president. “Eric has cultivated a stellar reputation in the Milwaukee area as a creative real estate developer who is unafraid of a challenge. His expertise across property types and execution strategy aligns perfectly with …
HOUSTON — The National Investment Center for Seniors Housing & Care (NIC) has plans to improve its data for its constituents through commissioned studies and new technology partnerships. The announcement was made at the NIC Fall Conference, held Nov. 1 through 3 in Houston. Brian Jurutka, president and CEO of NIC, led a press conference to kick off the event on Monday. The first order of business was two new software partnerships with Glennis Solutions and Eldermark to improve NIC’s data set for actual rental rates. The actual rates initiative …
HEALDSBURG, Calif. — San Francisco Zen Center and The Kendal Corp. have broken ground on Enso Village, a 221-unit seniors housing community in the Bay Area city of Healdsburg. The development will sit on approximately 16 acres of land in what is called the North Village. The community will feature a vegetarian restaurant, demonstration kitchen, indoor pool and gym, meditation hall and onsite farm for growing fresh produce for the restaurant. Weitz is building the project, which is scheduled for completion in 2023.