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AcquisitionsDevelopmentMassachusettsNews

Cushman & Wakefield Negotiates $14.6M Sale of Two Entitled Development Sites in Massachusetts

by Jeff Shaw

NATICK and MILLIS, Mass. — Cushman & Wakefield has arranged the sales of two entitled seniors housing development sites in Natick and Millis, located approximately nine miles from each other between Boston and Worcester. Barberry Homes sold the assets to Anthology Senior Living for $14.6 million. The Natick site, when complete, will consist of 86 assisted living and memory care units on 5.5 acres and the Millis site will feature 105 independent living, assisted living and memory care units on 7.7 acres. The Cushman & Wakefield team that led the …

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AcquisitionsMemory CareNewsVirginia

Blueprint Brokers $31M Sale of Memory Care Portfolio in Virginia

by Jeff Shaw

RICHMOND and VIRGINIA BEACH, Va. — Blueprint Healthcare Real Estate Advisors has arranged the sale of two memory care communities in Richmond and Virginia Beach ProMedica acquired the assets with ownership partner Welltower for $31 million. The seller was not disclosed. The portfolio included two fully stabilized communities that boasted high occupancy and above-market rates. The Memory Center Richmond consists of 48 units and opened in 2015 while The Memory Center Virginia Beach consists of 48 units and opened in 2008.

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FinanceNewsOklahomaSkilled Nursing

Berkadia Arranges $5.6M HUD Refinancing for Skilled Nursing Facility in Oklahoma

by Jeff Shaw

TULSA, Okla. — Berkadia Seniors Housing & Healthcare has arranged $5.6 million in financing for a 54-unit, 111-bed skilled nursing facility located in Muskogee County, located southeast of Tulsa. Jay Healy of Berkadia Seniors Housing & Healthcare secured the loan on behalf of the undisclosed borrower. The loan was refinanced through HUD’s 232/223(f) program. The $50,100-per-bed, 35-year loan represented 50 percent of the property’s value. The project was originally constructed in 1974 and features 58 ventilator beds. Historical occupancy has averaged 75 percent. “The 232/223(f) Program presented the sponsor a …

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FinanceNewsPeople

VIUM Capital Hires NCAL Executive Director Scott Tittle

by Jeff Shaw

COLUMBUS, Ohio — VIUM Capital, a Columbus-based capital provider for seniors housing, has hired Scott Tittle as a managing director and the firm’s first head of government relations and external affairs. Tittle was most recently an executive director with The National Center for Assisted Living (NCAL), a position he served for six years. He will start in his new position on Sep. 7. A licensed attorney, Tittle brings over 15 years of experience guiding assisted living and skilled nursing operators with their regulatory, reimbursement and advocacy needs. Prior to his …

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Affordable HousingDevelopmentIllinoisNews

Evergreen, Synergy, Chicago Housing Authority Complete $81M Affordable Seniors Housing Community

by Jeff Shaw

CHICAGO — Evergreen Real Estate Group, Synergy Construction Group and the Chicago Housing Authority have completed construction of Ravenswood Senior Living, a 193-unit affordable seniors housing community in the Ravenswood neighborhood on the north side of Chicago. The property was previously the Ravenswood Hospital, which was built in 1974 and fell vacant in 2002. The redevelopment project cost $81 million and took a year-and-a-half to complete. Located between Damen and Ravenswood avenues, Ravenswood Senior Living is a 10-story building that is situated close to public transit, including the Damen and …

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Assisted LivingFinanceIllinoisKeyBankNewsTexas

KeyBank Arranges $105.9M Recapitalization for Six Properties in Texas, Illinois

by Jeff Shaw

ILLINOIS and TEXAS — KeyBank Real Estate Capital has arranged $105.9 million in financing to recapitalize a portfolio of six assisted living and memory care properties. The portfolio features 631 units operating under the Heartis brand. The borrower is Dallas-based Caddis Partners. The financing structure consisted of an $80 million syndicated senior credit facility and a $25.9 million mezzanine loan provided by an institutional partner. The portfolio includes: Heartis Clear Lake in Clear Lake Heartis Longview in Longview Heartis San Antonio in San Antonio Heartis Arlington in Arlington Heartis Waco …

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FloridaNewsPeople

Watercrest Senior Living Group Hires Alexander Powell as Executive Director of Community in East Lake, Florida

by Jeff Shaw

EAST LAKE, Fla. — Watercrest Senior Living Group has hired Alexander Powell as executive director of Market Street Memory Care Residence East Lake. Located in the Tampa suburb of East Lake, the community is a 64-unit memory care community. Powell has served as a sales director and executive director in The Villages in Central Florida. With an MBA from Saint Leo University, Powell had plans to pursue a legal career. But, as the eldest son of a pastor and nurse, he felt a passion for community service. After caring for …

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Assisted LivingDevelopmentNewsWashington

Alliance Residential Starts Construction of 136-Unit Holden of Bellevue in Washington

by Jeff Shaw

BELLEVUE, Wash. — Alliance Residential has started construction of Holden of Bellevue, the first piece of a three-phase multifamily project in downtown Bellevue. Holden will rise seven stories and feature 110 assisted living units and 26 memory care units. It is scheduled to open this fall. The second phase of the overall project will be an independent living building, followed by standard multifamily in the third phase. Its location is in close proximity to the city’s restaurants, boutiques, art galleries, public parks and museums. Milestone Retirement Communities will operate Holden …

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DevelopmentFloridaIndependent LivingNews

Joint Venture Unveils Plans for Watersound Fountains Independent Living in Panama City Beach, Florida

by Jeff Shaw

PANAMA CITY BEACH, Fla. — A joint venture between The St. Joe Company, Watermark Retirement Communities and BRW Origins LLC has released plans for Watersound Fountains, a 148-unit independent living community in Panama City Beach. The four-story property will be part of the Watersound Origins development in the waterfront vacation destination located on Florida’s panhandle. The planned community is currently under development adjacent to Watersound Town Center and a future Publix supermarket. Watermark will be the operator. “This extraordinary location will offer our residents easy access to natural coastal beauty, …

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AcquisitionsNewsSkilled NursingTexas

Blueprint Brokers Sale of Vacant Transitional Care Facility on Texas Panhandle

by Jeff Shaw

TEXAS — Blueprint Healthcare Real Estate Advisors has brokered the sale of a transitional care facility located on the Texas Panhandle. The specific name and location were not released. Mainstreet developed the 70-unit property, but never opened it. The result was a new, purpose-built care facility that is ready for an operator to come in. The vacant property is located within a large medical park and close to several major regional hospitals. A local real estate investor acquired the property with the intent of opening it as a post-acute hospital. …

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