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FinanceMichiganNews

CBRE Arranges $20.8M in Financing for Cordia at Grand Traverse Commons Adaptive Reuse Property in Traverse City, Michigan

by Jeff Shaw

TRAVERSE CITY, Mich. — CBRE Senior Housing has arranged $20.8 million in financing for Cordia at Grand Traverse Commons, a 110-unit independent living and assisted living community in Traverse City. The community is located within the Village at Grand Traverse Commons, one of the largest historic preservation and adaptive reuse developments in the country. Initially built in 1883 as an asylum, a local company began redeveloping the campus into a mixed-use neighborhood development in 2003. Cordia Senior Living and Cypress Partners re-purposed and converted the last section of the campus …

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AcquisitionsLouisianaNewsSkilled Nursing

ESI Arranges $30M Sale of Maison de Lafayette Skilled Nursing in Louisiana

by Jeff Shaw

LAFAYETTE, La. — Evans Senior Investments (ESI) has arranged the sale of Maison de Lafayette, a 189-bed skilled nursing community in Lafayette. At a sales price of $30 million, or $159,000 price per bed, the transaction represents the highest price per bed ever sold in Louisiana for a skilled nursing community, according to ESI. Built in 1992 and expanded in 2009 and 2012, the community exhibited a modern physical plant with a unit configuration of 125 private rooms. The community had a history of stabilized performance with census averaging 93 …

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CaliforniaCCRCDevelopmentFinanceNews

Ziegler Arranges $120M Bond Financing for Nonprofit Owner-Operator HumanGood

by Jeff Shaw

PLEASANTON, Calif. — Ziegler has arranged $120 million in tax-exempt bond financing for HumanGood, a nonprofit owner-operator based in Pleasanton. HumanGood was formed with the merger of American Baptist Homes of the West and be.group in 2017. The company owns and operates 14 continuing care retirement communities (CCRCs throughout California, totaling 2,188 residential living apartments, 477 assisted living apartments, 161 memory support suites and 656 skilled nursing beds. The bonds will be used to fund capital projects and renovations at 13 of its 14 campuses. Projects will include upgrades to …

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DevelopmentNewsNorth Carolina

Spellman Brady Completes Interior Redesign of Croasdaile Village in Durham, North Carolina

by Jeff Shaw

DURHAM, N.C. — Spellman Brady & Co. has completed a full interior renovation at Croasdaile Village, a seniors housing community in Durham. Croasdaile Village sought to revitalize 147,635 square feet of its campus. Other project partners included architecture firm SFCS and LCS Development The goal was to add competitive amenities focused on health and wellness. This was accomplished by elevating the existing wellness program, providing more gathering spaces for residents to socialize, and expanding on-site dining venue options. The renovation and addition were phased over the course of six years. …

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FeaturesNewsSkilled Nursing

NIC: Skilled Nursing Occupancy Increases for Sixth Straight Month

by Jeff Shaw

ANNAPOLIS, Md. — Occupancy at U.S. skilled nursing facilities increased to 75 percent in July 2021 compared to 58 basis points from the previous month, according to NIC MAP data. This marks the sixth consecutive month of improved occupancy rates for the skilled nursing sector. Despite this improvement, occupancy remains below its pre-pandemic level of 85.5 percent in February 2020. The National Investment Center for Seniors Housing & Care (NIC), an Annapolis-based nonprofit data firm, gathers the data from approximately 1,300 individual skilled nursing facilities in 47 states.

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AcquisitionsDevelopmentFinanceNewsVirginia

HJ Sims Arranges $93.4M in Financing for LifeSpire Acquisition, Campus Improvements

by Jeff Shaw

GLEN ALLEN, Va. — HJ Sims has arranged $93.4 million in financing for LifeSpire of Virginia, a continuing care retirement owner-operator based in Glen Allen. LifeSpire currently owns and operates four life plan communities in Virginia: The Chesapeake, The Culpeper, The Glebe and Lakewood. The financing provided funds for the acquisition The Summit in Lynchburg, for capital projects Lakewood and The Culpeper, and to refinance existing bank debt with permanent bond debt. The seller in the Summit transaction is Centra Health System. The $30.3 millionsale also includes adjacent developable land …

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Assisted LivingDevelopmentNewsTexas

Cadence McShane Begins Construction on Anthology of Austin

by Jeff Shaw

AUSTIN, Texas — Cadence McShane Construction Co. has broken ground on the 128,000-square-foot Anthology of Austin, an assisted living and memory care facility in Austin. Anthology Senior Living is the developer. Designed by OZ Architecture, the five-story building will feature 130 units in studio, one-bedroom and two-bedroom configurations. The 2.2-acre site will boast two large courtyards and is across the street from The Domain, a large, outdoor shopping center. This will be the Cadence McShane’s third assisted living/memory care development with Anthology Senior Living. The project is slated for completion …

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AcquisitionsIdahoNewsOperationsSkilled NursingTexas

The Ensign Group Acquires Operations of Three Skilled Nursing Facilities in Texas, Idaho

by Jeff Shaw

BOISE, Idaho, and TRINITY and DE SOTO, Texas — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the operations of two skilled nursing facilities in Texas and one in Idaho. The portfolio includes: River Pointe of Trinity Healthcare and Rehabilitation Center, a 98-bed skilled nursing facility located in Trinity; Park Village Healthcare and Rehabilitation, a 150-bed skilled nursing facility in De Soto; Skyline Transitional Care Center, an 80-bed skilled nursing facility located in Boise. The acquisitions are subject to a long-term, triple-net lease. This acquisitions bring Ensign’s portfolio to 245 …

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AcquisitionsNewsOregon

SLIB Negotiates $17M Sale of Two-Property Portfolio in Oregon

by Jeff Shaw

GRANTS PASS and MEDFORD, Ore. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Bridge in Grants Pass and The Orchards in Medford. The properties are approximately 30 miles apart in the southwest corner of the state. The Bridge was constructed in 2001 and offers independent living and assisted living. The Orchards was built in 2000 and offers assisted living. The communities offer a total of 148 units in a combined 103,455 square feet across 3.6 acres of land. A local ownership group with only these two …

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FeaturesNews

Investors, Brokers See Transactions Increasing Amid Strong Economic Fundamentals, Says Webinar Panel

by Jeff Shaw

Especially when compared to the early days of the COVID-19 pandemic, the U.S. economy is showing some strong results, according to JP LoMonaco of Valuation & Information Group. There were 60 percent more new businesses started in the first half of 2021 than the same period of 2020, LoMonaco noted. Initial public offerings (IPOs), at 80 per month, are at nearly triple the pace of January 2020. Compared to the pandemic lows of March 2020, the Dow Jones Industrial Average is up 82 percent, the S&P 500 is up 93 …

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