ALEXANDRIA, Va. — Experiencing the headwinds of the pandemic and the enormous changes brought to the senior living industry, the Argentum board of directors has launched an industry and association visioning and strategic planning process to meet the challenges and opportunities ahead. To ensure objectivity and inclusiveness in the process, Argentum selected THRUUE Inc., a strategy and culture consulting agency, whose former clients have included AARP and LeadingAge. THRUUE was selected due to its team’s deep knowledge and experience in strategic planning processes and a differentiated approach to aligning an …
GEORGETOWN, S.C. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Georgetown Assisted Living & Memory Care in Georgetown, a small town located along the coast. An owner-operator and a group of investors purchased a 24-unit hospice facility from the local hospital. The group then did a gut rehab on the existing structure and added a two-story, 38-unit addition. The investor group decided to sell the asset prior to opening the property. The buyer and price were not disclosed. Patrick Burke, Bradley Clousing and Dan Geraghty of SLIB …
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 …
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 …
FRESNO, Calif. — JCH has arranged the $6.4 million sale of a skilled nursing facility in Fresno. The seller was an owner-operator that needed assistance to continue operating. The buyer was a regional owner-operator. Further details were not disclosed.
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.
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 …
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.
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 …
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.