STEVENS POINT, Wis. — Marcus & Millichap has brokered the sale of Portage County Health Care Center, a skilled nursing and rehabilitation facility located in Stevens Point in central Wisconsin. An undisclosed buyer acquired the property for $2.7 million. Ray Giannini of The Giannini Group at Marcus & Millichap arranged the sale on behalf of the seller, Portage County. Situated on 16 acres, the facility comprises 81,562 square feet and 48 beds. The property was originally built in 1965 and expanded in 1985 and 1994.
UNION CITY, Ga. — McShane Construction Co. has completed work on Crossing Pointe, a new affordable seniors housing community located in Union City, roughly 20 miles southwest of downtown Atlanta. McShane served as the general contractor on behalf of the developer, National Church Residences. Residences at the four-story property will be reserved for senior households earning at or below 50 to 60 percent of the area median income. Financing for the project included a $1 million loan from the GoATL Fund through the Community Foundation for Greater Atlanta. The Georgia Department …
NEW YORK CITY — MonticelloAM, a New York City-based seniors housing and multifamily bridge lending platform, has, with firm affiliates, provided $80 million in financing for a skilled nursing portfolio in Pennsylvania. The portfolio includes four facilities totaling more than 520 licensed beds. In addition to a $75 million bridge loan, the financing includes a $5 million working capital line of credit. Loan proceeds will be used by the borrower to acquire the facilities, fund the interest reserve and complete renovations at the properties. The financing features a 36-month initial term …
JACKSONVILLE, Fla. — Berkadia has brokered the sale of a 130-unit seniors housing community located near Jacksonville. Built in 2015, the property offers independent living, assisted living and memory care. A Maryland-based private equity investment firm sold the community to an undisclosed buyer. Ross Sanders, Dave Fasano, Cody Tremper and Mike Garbers of Berkadia represented the seller in the transaction.
BLOOMINGTON and FRIDLEY, Minn. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a seniors housing portfolio totaling 229 units in Minnesota. The portfolio includes Nine Mile Creek Senior Living in Bloomington and Willows Bend Senior Living in Fridley. Together, the buildings comprise 304,258 square feet and feature independent living, assisted living and memory care residences. A national REIT acquired the communities from a partnership of regional developers for an undisclosed price. Jake Anderson, Jason Punzel, Vince Viverito and Taylor Graham of SLIB brokered the transaction. “The Twin Cities …
NEW YORK CITY — Marathon Asset Management has provided a $235 million senior mortgage loan for the refinancing of a seniors housing portfolio totaling 11 properties. An affiliate of Lone Star Real Estate Fund VI is the borrower. Of the 11 communities, 10 are located in Florida, with one situated in the Dallas-Fort Worth metro in Texas. Together, the properties comprise 1,564 units. Lone Star Funds acquired the communities, which are operated by Discovery Senior Living, in 2021. The company has invested in strategic capital upgrades to the properties since acquisition. …
NEW YORK CITY — Morgan Stanley Investment Management, through funds managed by Morgan Stanley Real Estate Investing (MSREI), and Foundry Commercial have completed the sale of a portfolio of 11 communities within the Spring Arbor Senior Living collection. An undisclosed buyer purchased the communities for $296 million. Located in Maryland and Virginia, the properties total 795 assisted living and memory care units. According to Morgan Stanley, the communities surpassed 90 percent occupancy in recent years. Foundry will continue to operate the properties through its affiliated Allegro Living platform. This marks the …
By Hayden Spiess LOS ANGELES — What’s in a name? Crystal Dillard, chief marketing officer of Oakmont Senior Living, might say “a lot.” According to Dillard, one crucial component of marketing to prospective senior living residents is not only understanding each unique customer base, but tailoring marketing materials and a community’s online presence accordingly — down to the very language used. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, …
CLERMONT and TAVARES, Fla. — Foundry Commercial and Fortress Investment Group have acquired two senior living communities located in Central Florida. The acquisition was completed by Foundry Commercial and funds managed by affiliates of Fortress Investment Group. Totaling 252 assisted living and memory care units, the communities include Alto Clermont and Alto Tavares. Allegro Living, the affiliated management company of Foundry Commercial, manages the properties under its Alto brand. Alto Tavares was opened in 2012, and Alto Clermont opened in 2014. “We are pleased to continue our involvement with these two …
ROCHESTER, N.Y. — Lument has provided a $58.2 million Freddie Mac loan for the refinancing of a seniors housing campus located in Rochester in Upstate New York. Wegman Cos. is the borrower. Tyler Armstrong, Chris Cain and Taylor Russ of Lument arranged the financing. Totaling 332 units, the campus features The Village at Unity and The Hamlet and offers independent living, assisted living and memory care. The Village at Unity comprises 272 independent living units, and The Village at Hamlet comprises 40 assisted living and 20 memory care units. Originally built …