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Active AdultDevelopmentMassachusettsNews

United Group Breaks Ground on 123-Unit The Arbella at Bramble Hill in Worcester, Massachusetts

by Jeff Shaw

WORCESTER, Mass. — The United Group of Companies has broken ground on The Arbella at Bramble Hill, a 123-unit active adult community in Worcester. “The housing is needed,” says Worcester Mayor Josephy Petty. “It’s one of the big priorities of the state. And all types of housing are needed.” The Arbella at Bramble Hill, which will span 17 acres, will be one of the city’s only active adult communities upon completion. The community will feature one- and two-bedroom apartment units spread across three elevator-serviced buildings. There will also be an …

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AcquisitionsAssisted LivingNewsSouth Carolina

Kauhale Health Acquires 92-Unit The Parker in Greenville, South Carolina

by Jeff Shaw

GREENVILLE, S.C. — Kauhale Health has acquired The Parker, an assisted living and memory care community in Greenville. The Parker will be rebranded as Kauhale Pettigru. Situated in Pettigru Historic District one mile from downtown Greenville and Greenville Zoo, the 66,765-square foot property sits on 3.5 acres. The property was constructed in 2001 and was renovated over the last 36 months, including both common areas and more than one third of the units. The community offers 75 assisted living and 17 memory care private suites, all of which are private-pay units. …

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AcquisitionsAssisted LivingNewsOklahoma

Blueprint Brokers Sale of 52-Unit Community in Oklahoma City

by Jeff Shaw

OKLAHOMA CITY — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 52-unit assisted living and memory care community in Oklahoma City. The sale was part of a larger portfolio of more than a dozen geographically disparate, older-vintage communities that Blueprint is brokering for a national developer and investor. Opened in 2000, the was 99 percent occupied but “stood to benefit from a refresh to sustain and further drive operating performance,” according to Blueprint. A regional owner-operator acquired the asset for an undisclosed price. Giancarlo Riso, Amy Sitzman …

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FinanceNewsWashington

First Citizens Bank Provides Refinancing for 159-Unit GenCare Lifestyle Tacoma at Point Ruston

by Jeff Shaw

TACOMA, Wash. — First Citizens Bank, through its healthcare finance business, has provided a term loan to refinance GenCare Lifestyle Tacoma at Point Ruston, a 159-unit senior living facility in Tacoma. The borrower is a joint venture led by Harrison Street. The same joint venture with PMB LLC served as the facility’s original developer, with GenCare Lifestyle, another joint venture partner, as the facility operator. The amount of the financing was not disclosed.

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AcquisitionsNewsSkilled NursingTennessee

ESI Arranges Sale of 136-Bed Henry County Healthcare Center in Paris, Tennessee

by Jeff Shaw

PARIS, Tenn. — Evans Senior Investments (ESI) has arranged the sale of Henry County Healthcare Center, a 136-bed skilled nursing facility in Paris, located near the Kentucky border west of Nashville and northeast of Memphis.  The transaction was executed on behalf of Henry County. Built in 2001, Henry County Healthcare Center sits on five acres of land. At the time of marketing, the facility was only 43 percent occupied and experiencing negative cash flows.  Since the COVID-19 pandemic, the community has consistently remained below a 50 percent occupancy level. Although …

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AcquisitionsNewsWashington

IRA Capital Acquires 253-Unit Quail Park of Lynnwood in Metro Seattle

by Jeff Shaw

LYNNWOOD, Wash. — IRA Capital, a California-based private equity firm, has acquired Quail Park of Lynnwood, a 253-unit, Class A property in the Seattle suburb of Lynnwood. Quail Park is spread across 15 acres and developed in two phases in 2013 and 2020. The property offers independent living, assisted living, “enhanced assisted living” and memory care. IRA made the acquisition in an all-cash deal alongside an institutional joint-venture partner. The new owners plan to invest in updates to common areas and amenities. The seller and price were not disclosed.

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DevelopmentIndependent LivingMarylandMemory CareNews

Lutheran Social Ministries Breaks Ground on Phase II Expansion of Lutheran Village at Miller’s Grant in Ellicott City, Maryland

by Jeff Shaw

ELLICOTT CITY, Md. — Lutheran Social Ministries of Maryland has broken ground on Phase II of its expansion at Lutheran Village at Miller’s Grant. The seniors housing property is located in Ellicott City, a suburb west of Baltimore.  The project will add a new performing arts center, chapel and independent living apartment building while expanding the healthcare center and assisted living to include a new memory care support neighborhood.  The performing arts center and chapel will serve as a multifunctional, 17,000-square-foot space, a hub for residents and team members to …

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Assisted LivingFinanceIdahoNews

Lument Funds $9M Financing for Three-Property Cottages Portfolio in Idaho

by Jeff Shaw

BOISE, Idaho — Lument has provided a $9 million bridge loan to finance three The Cottages-branded communities in metro Boise: Alpine Meadows, The Cottages of Boise, and The Cottages of Lochsa Falls. Lument will carry the loan directly on its balance sheet. Rob McAdams, a director based in Denver, led the transaction for Lument. The transaction is structured as a single loan secured by the three assets and includes financing the acquisition of Alpine Meadows, a 34-bed assisted living facility in Meridian, and refinancing existing debt of the Boise and …

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FeaturesNews

CBRE Survey: Cap Rates, Rents on the Rise Across Senior Living Segments

by Jeff Shaw

Cap rates rose across all types of seniors housing between October and March, and investors largely expect rent growth to continue, though at a slower rate than in recent years. That’s according to CBRE’s U.S. Senior Housing & Care Investor Survey H1 2024 report, which was released this week. According to respondents, who represent a variety of industry executives within seniors housing real estate, skilled nursing  cap rates increased by 11 basis points (bps) between October 2023 and March 2024, after increasing by 71 bps over the previous six months. The average cap …

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AcquisitionsAssisted LivingNewsWashington

SLIB Brokers Sale of 50-Unit Community in Mercer Island, Washington

by Jeff Shaw

MERCER ISLAND, Wash. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 50-unit assisted living and memory care community in Mercer Island, located in Lake Washington just east of Seattle. The property was built in 1990. Its name was not disclosed. The seller was a private real estate fund. The buyer is a Northwest-based owner-operator looking to expand its portfolio in Washington. The new owner plans to remodel the community Jason Punzel and Daniel Geraghty handled the transaction for SLIB.

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