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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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DevelopmentFeaturesMassachusettsNewsTechnology

Communication, Cooperation Are Keys to Successful Occupied Renovation Projects

by Jeff Shaw

There are many ways to renovate an existing seniors housing property, but one of the most complicated may be expanding and renovating a community while it’s still occupied. That was the challenge faced by Volunteers of America (VoA) Massachusetts when it wanted to add a third floor to its Concord Park Senior Living community in Concord, Massachusetts, while also renovating all existing units and common areas and completely replacing the heating and cooling system. Representatives from VoA were joined by several project partners on June 4 for a webinar titled …

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AlabamaDevelopmentNews

SRI Management Opens 135-Unit Seagrass Village of Daphne in Alabama

by Jeff Shaw

DAPHNE, Ala. — SRI Management has opened the doors on Seagrass Village of Daphne, an independent living and assisted living community in the Gulf Coast city of Daphne. The property offers 45 independent living apartments, 45 independent living villas and 45 assisted living apartments across a 184,000-square-foot building. Project partners include Sage Development Group, Arrive Architecture Group, Lori Bates Interiors and EMJ Construction.

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AcquisitionsIndianaKentuckyNewsOhio

Walker & Dunlop Negotiates Sale of 700-Unit Midwestern Portfolio

by Jeff Shaw

OHIO, KENTUCKY and INDIANA — Walker & Dunlop Investment Sales has arranged the sale of the Magnolia Springs Portfolio, consisting of seven communities and nearly 700 units across Ohio, Kentucky and Indiana. The seller was an institutional owner-operator while the buyer was a publicly traded REIT. The communities are 10 years old on average. The buyer plans to strategically invest capital into the physical plant of each community to take advantage of strong submarket supply and demand fundamentals. Josh Jandris, Brett Gardner and Alex Vice led the Walker & Dunlop …

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DevelopmentNew JerseyNewsSkilled Nursing

Marquis Health Consulting Services Opens Florham Park Rehabilitation & Healthcare Center in New Jersey

by Jeff Shaw

FLORHAM PARK, N.J. — Marquis Health Consulting Services has opened Florham Park Rehabilitation & Healthcare Center, a skilled nursing facility in Florham Park, approximately 30 miles west of New York City. The 101-bed facility is located on the former Lutheran Ministries healthcare campus. The only skilled nursing center in Florham Park, the three-story, 43,000-square-foot building (formerly The Villa at Florham Park) is undergoing a top-to-bottom, multi-phase renovation and modernization following an ownership change. Phase I focused on the updating and remodeling of patient areas and has been completed. Phase II …

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AcquisitionsAssisted LivingNewsTennessee

Blueprint Arranges Sale of Vacant Community for Behavioral Health Conversion in Tennessee

by Jeff Shaw

TENNESSEE ­— Blueprint Healthcare Real Estate Advisors has brokered the sale of a vacant assisted living community in Tennessee. The buyer plans to convert the asset into a behavioral health facility. Upon the seller securing the specialized zoning entitlements for inpatient behavioral use, Blueprint’s team took the asset to market and procured an offer from a behavioral healthcare owner-operator that originally planned to purchase the asset, deploy capital improvements, and license the building as an inpatient substance abuse facility. However, during escrow, Blueprint was approached by an adolescent mental healthcare …

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AcquisitionsColoradoNewsSkilled Nursing

ESI Negotiates Sale of 110-Bed Summit Rehabilitation in Aurora, Colorado

by Jeff Shaw

AURORA, Colo. — Evans Senior Investments (ESI) has arranged the sale of Summit Rehabilitation & Care Community, a 110-bed skilled nursing facility in the Denver suburb of Aurora.  The seller was an independent owner-operator. An East Coast-based real estate holding company acquired the asset for an undisclosed price. ESI also helped arrange a new tenant for the property. Built in 1972 with a 2018 renovation, Summit Rehabilitation & Care Community maintained a 95 percent occupancy rate, generating over $11.9 million in annual revenue.

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