WILLIAMSBURG, Va. — Berkadia has arranged the sale of Edgeworth Park at New Town, an 83-unit, 95-bed senior living community in Williamsburg, for an undisclosed price. Tim Cobb and Brooks Minford of Berkadia Seniors Housing & Healthcare completed the transaction on behalf of the seller, Virginia-based Robertson Liebler. The buyer was Connecticut-based Wheelock Street Capital. Solera Senior Living will serve as the new operator. Built in 2017, Edgeworth Park at New Town is a Class A assisted living and memory care community.
CHICAGO —Chicago Pacific Founders has promoted Guy Geller to the position of president of CPF Living, one of its subsidiaries. Geller will continue to serve in his role as president of Grace Management Inc. Geller previously joined both organizations in 2016 and has served in a dual role as the chief operating officer of CPF Living and president of Grace Management. Geller is a graduate of Cornell University and maintains affiliations with the American Seniors Housing Association (ASHA), Alzheimer’s Association, Future Care Home Commission Group, and the Alzheimer’s Society in …
TOLDEO, Ohio — Welltower Inc. (NYSE: WELL), a Toldeo-based REIT and the largest owner of seniors housing in the United States, has extended its 2021 spending spree by agreeing to acquire four seniors housing portfolios for a combined total of $1.3 billion. Welltower has invested $5.6 billion in acquisitions and developments since October 2020. Highlights include the acquisition of 86 Holiday Retirement communities for $1.6 billion and the acquisition of 22 properties in Ohio and Illinois totaling over 1,000 units. “Since pivoting to offense 13 months ago, Welltower is pleased …
HOUSTON — Although the seniors housing industry as a whole suffered big setbacks throughout the COVID-19 pandemic, hitting record-low occupancy rates across the board, one sub-segment was an exception to the rule. “During COVID there were clear winners and losers in commercial real estate,” said Aron Will, vice chairman of debt and structured finance at CBRE, where he is also co-head of CBRE Senior Housing. “Industrial, life sciences, medical office and multifamily were very clear winners. But one asset class that’s been overlooked is active adult, as it was also …
ENGLEWOOD, Colo. — Ziegler has arranged $32.5 million in bond financing for Christian Living Neighborhoods, a nonprofit owner-operator based in Englewood. The borrower comprises three communities in Colorado — Holly Creek, Someren Glen and Clermont Park — and is one of the largest senior living systems in Colorado with a total of 782 units, according to Ziegler. Bond proceeds, along with other available funds, will refinance bonds from 2011 and 2012, fund $11.8 million of capital expenditures at Someren Glen, fund a deposit to the reserve fund and pay cost …
MEMPHIS, Tenn. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Tranquility at Hickory Hill, a 150-unit active adult community in Memphis. The property offers the opportunity to rebuild 10 units that were previously damaged by fire. The community was originally built in 1985, totaling 161,990 square feet on a 13-acre plot. A regional owner sold the asset to a Southern California-based multifamily group looking to increase its footprint in active adult. The price was not disclosed. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the …
HENDERSONVILLE, Tenn. — Evans Senior Investments (ESI) has arranged the sale of Main Street Senior Living, a 58-unit assisted living and memory care community in the Nashville suburb of Hendersonville. A private equity company sold the asset a Southeast-based regional owner-operator for $4.9 million. The community is licensed for 99 beds and the resident base is 100 percent private pay. At the time of marketing, the community was averaging 62 percent occupancy on total revenue of $1.5 million. Due to the low census the community was not profitable and was …
GREENSBORO, N.C. — Blackford Capital has acquired ID Collaborative Inc. (IDC), an interior design firm that specializes in continuing care retirement communities. Terms of the deal were not disclosed. The deal is Blackford’s third in the commercial interior design industry in 2021, following the acquisition of Georgia-based Design Environments and the merger of Vertically Integrated Projects and Boston Trade Interior Solutions. “We are aggressively executing against our strategic plan to address the highly fragmented interior design and procurement industries to better serve our customers and the industry as a whole,” …
LONG BEACH and WEST CARSON, Calif. — R.D. Olson Construction has broken ground on two affordable housing communities in Los Angeles County: Anaheim and Walnut in Long Beach and West Carson Villas in West Carson. The projects are slated for completion by summer 2023. Developed by Bridge Housing in partnership with the City of Long Beach and the Long Beach Housing Authority, Anaheim and Walnut will feature 207,000 square feet of mixed-use space at 1500 E. Anaheim St. in Long Beach. The $44 million project will offer 88 housing units …
DALLAS— Capital Senior Living Corp. (NYSE: CSU), an owner-operator of senior living communities across the United States, has closed the previously announced financing transactions with Conversant Capital and has raised a total of $154.8 million, including aggregate gross proceeds of approximately $34 million from a common stock rights offering. With the closing of the transaction, the company’s board of directors has been reconstituted. Noah Beren, Benjamin Harris, Dave Johnson, Max Levy, Shmuel Lieberman and Elliot Zibel will join the board, effective immediately. Philip Brooks, Jill Krueger and company CEO Kimberly …