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Company NewsIllinoisNews

Ventas, Brookdale Reach Agreement on 120-Community Master Lease

by Hayden Spiess

CHICAGO — Real estate investment trust Ventas, which has a portfolio that features more than 800 seniors housing properties, has reached a new agreement with Brookdale Senior Living regarding the communities covered by the existing master lease between the two companies.  Previously set to expire Dec. 31, 2025, the master lease applies to 120 senior living communities. Earlier this month, Brookdale expressed its intent to allow the lease to expire.  Now, Brookdale will extend its lease on 65 of the communities for a 10-year term with a 38 percent cash rent …

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Skilled-Nursing-Portfolio_Pennsylvania
AcquisitionsNewsPennsylvaniaSkilled Nursing

SLIB Brokers $11M Sale of Skilled Nursing Facility Portfolio in Metro Pittsburgh

by Hayden Spiess

PITTSBURGH, Pa. — Senior Living Investment Brokerage (SLIB) has brokered the $11 million sale of a skilled nursing facility portfolio located in Pennsylvania. Situated primarily within metro Pittsburgh, the portfolio comprises 299 beds across five properties. Originally built between 1964 and 1992, the portfolio was first marketed in fall 2023.  Ryan Saul and Toby Siefert of SLIB represented the seller, Guardian Healthcare, in the transaction. According to SLIB, Guardian Healthcare is currently in bankruptcy proceedings, and the properties had struggled financially prior to the sale.  A regional owner-operator was the buyer. 

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AcquisitionsAssisted LivingColoradoMemory CareNews

IRA Capital Acquires Seniors Housing Community in Metro Denver for $40M

by Hayden Spiess

LOVELAND, Colo. — IRA Capital has acquired Capstone at Centerra, a seniors housing community located in Loveland, for $40 million.  The community is situated within the 3,000-acre Centerra master-planned development, roughly 50 miles north of Denver.  Developed in 2023 by Hunt Midwest, the property totals 102 units, with 56 assisted living apartments and 46 memory care residences. The community was 95 percent occupied at the time of acquisition.  The property features proximity to healthcare facilities including UCHealth Medical Center of the Rockies and Banner McKee Medical Center, which are roughly one …

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John-Rijos
FloridaMinnesotaNews

John Rijos, Guy Geller to Assume New Leadership Roles at CPF Living Communities, Grace Management 

by Hayden Spiess

MAPLE GROVE, Minn. AND SARASOTA, Fla. — John Rijos and Guy Geller will assume new leadership roles with CPF Living Communities and Grace Management Inc. (GMI), effective Jan. 1, 2025. Geller will take on the title of CEO of both organizations, with Rijos serving as founder and chairman. Rijos founded CPF Living Communities, a subsidiary of Chicago Pacific Founders (CPF), in 2014 and is also managing partner of CPF’s Healthcare Real Estate Fund.  Geller first joined CPF Living Communities and GMI in 2016. He previously served as chief operating officer and …

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Northwest-Pennsylvania-Portfolio
AcquisitionsIllinoisIndependent LivingNewsSkilled Nursing

SLIB Brokers Sale of 174,194 SF Seniors Housing Portfolio in Northwest Pennsylvania

by Hayden Spiess

WHEATON, Ill. — Senior Living Investment Brokerage (SLIB) has brokered the sale of a seniors housing portfolio totaling 174,194 square feet in northwest Pennsylvania.  Built between 1958 and 2017, the portfolio comprises 315 units across five properties, including independent living, personal care and skilled nursing facility residences.  The portfolio was in receivership at the time of sale. An affiliate of the existing operator acquired the property for an undisclosed price.  Ryan Saul and Toby Siefert of Illinois-based SLIB represented the receiver in the transaction. 

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Assisted LivingNewsWashington, D.C

Senate Passes Legislation With Assisted Living Provisions for Veterans

by Hayden Spiess

WASHINGTON, D.C. — The U.S. Senate has passed a bipartisan bill that includes provisions for more long-term care options, including assisted living, for military veterans.  Senators Jon Tester (D-Montana), Jerry Moran (R-Kansas), Elissa Slotkin (D-Michigan) and Bryan Steil (R-Wisconsin) led support of the legislation known as H.R. 8371, the Senator Elizabeth Dole 21st Century Veterans Healthcare and Benefits Act.  In addition to other proposals to enhance the delivery of services by the Department of Veterans Affairs (VA), the bill features the Expanding Veteran’s Options for Long Term Care Act, which includes …

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Assisted LivingCaliforniaFinanceNews

MonticelloAM Provides $87.2M Bridge Loan for Assisted Living Portfolio in Fresno, California

by Hayden Spiess

FRESNO, Calif. — MonticelloAM has provided an $87.2 million bridge loan for an assisted living portfolio in Fresno. The portfolio totals 39 communities. Proceeds from the loan will be used to refinance the existing debt on the properties, and the undisclosed borrower plans to secure long-term financing. 

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Assisted LivingDevelopmentIndependent LivingMemory CareNewsVirginia

NexCore Group, Experience Senior Living Break Ground on 215-Unit Senior Living Community in Metro D.C. 

by Hayden Spiess

Falls Church, Va. — NexCore Group and Experience Senior Living (ESL) have broken ground on The Reserve at Falls Church, a new, 215-unit senior living community in Falls Church, roughly 10 miles outside Washington, D.C.  Upon completion, the property will feature independent living, assisted living and memory care units across 15 stories. Amenities at the community will include multiple restaurants, an indoor saltwater pool, spa, fitness center and a “maker space” for creative endeavors.  Nuveen Real Estate is providing an undisclosed amount of capital for the project.  Scheduled to open in …

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Assisted LivingFinanceIndependent LivingMemory CareNewsNorth Carolina

Berkadia Arranges $71.3M Refinancing for Senior Living Community in Greensboro, North Carolina

by Hayden Spiess

Greensboro, N.C. — Berkadia has arranged a $71.3 million loan for the refinancing of Abbotswood at Irving Park, a senior living community located in Greensboro. KISCO Senior Living was the borrower.  Austin Sacco, Steve Muth, Garrett Sacco and Alec Rosenfeld of Berkadia Seniors Housing & Healthcare secured the financing through Freddie Mac.  Located at 3504 Flint St., Abbotswood at Irving Park offers cottages and independent living and assisted living units, as well as memory care suites. 

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Brookdale-Senior-Living
Company NewsNewsTennessee

Brookdale Declines to Renew 120-Community Master Lease with Ventas

by Hayden Spiess

BRENTWOOD, Tenn. — Brookdale Senior Living, the largest seniors housing operator in the United States, has declined to exercise its right to renew an existing master lease with real estate investment trust Ventas.  Covering 120 seniors housing communities, the lease will remain effective through its current term, which ends Dec. 31, 2025. Annual cash rent under the master lease will total $113.6 million in 2025.  In a press release, Brentwood-based Brookdale indicated the portfolio has “historically generated significant negative cash flows.” Additionally, Brookdale stated that it is open to continuing discussions …

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