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Assisted LivingDevelopmentFloridaNews

CIP Group, Linkvest Capital to Build 120-Bed Assisted Living Facility in Dadeland, Florida

by Jeff Shaw

DADELAND, Fla. — Sunset Point ALF, an affiliate of Miami-based real estate development firm CIP Group, and LV Development, an affiliate of Miami-based Linkvest Capital, have formed a joint venture to develop a 40,000-square-foot, 120-bed assisted living facility in an unincorporated area near Dadeland. The partners acquired the vacant site for $3.7 million from the Stupp Family Partnership. The developers are expected to break ground on the project in the first quarter of 2022 CIP Group and Linkvest Capital, through its LV Lending affiliate, are also developing Miami Springs Town …

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AcquisitionsFinanceMarylandNews

MidCap Financial Provides $46M First Mortgage Loan for Sonata Senior Living Portfolio in South Florida

by Jeff Shaw

BETHESDA, Md. — MidCap Financial has provided a $46 million, floating-rate, first mortgage loan for Fortress Investment Group. The funds will facilitate the acquisition of a portfolio of five senior housing communities totaling 444 units across South Florida. Sonata Senior Living is the operator of the portfolio Allison Holland at Jones Lang LaSalle arranged the financing.

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AcquisitionsMichiganNewsSkilled Nursing

Blueprint Brokers Sale of Advantage Living Center Battle Creek in Michigan

by Jeff Shaw

BATTLE CREEK, Mich. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Advantage Living Center Battle Creek, an 82-bed skilled nursing facility in Battle Creek. The property was built in 1967 and renovated 1985. The seller elected to pursue an exit of its Battle Creek location as it was an underperforming, geographic outlier compared to the owner-operator’s network of facilities in and around metro Detroit. The buyer was a New York-based company looking to expand in the Midwest with a new operating partner.

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NewsPeople

Cadence Living Hires Caitlin Van Der Schaaf as Regional Vice President of Operations for the Northwest Region

by Jeff Shaw

SCOTTSDALE, Ariz. — Cadence Living has hired Caitlin Van der Schaaf as vice president of operations for the Northwest region. Van der Schaaf will have principal responsibility over operations of the Cadence Living managed communities in the Pacific Northwest. Van der Schaaf has been in senior living for over 20 years, starting in the industry as a server and caregiver and working her way up the ranks to executive director and regional vice president of operations. Before Joining Cadence, she served in a regional operations role with Frontier Management. She …

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Assisted LivingDevelopmentIllinoisNews

ISL Ventures Completes 88-Unit Mount Prospect Senior Living in Illinois

by Jeff Shaw

MOUNT PROSPECT, Ill. — ISL Ventures has completed construction on Mount Prospect Senior Living, an assisted living and memory care community in Mount Prospect, approximately 20 miles northwest of Chicago. The 78,000 square-foot building features 56 assisted living units and 32 memory care units. Partners on the project include Leading Light Development, Pi Architects, Charles Hall Construction, Manhard Engineering, TDi and EEA Consulting Engineers. Integral Senior Living is the operator.

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Affordable HousingFinanceNew YorkNews

Berkadia Provides $22.6M HUD-Insured Loan for Affordable Senior Living Property in Queens

by Jeff Shaw

NEW YORK CITY — Berkadia has provided a $22.6 million HUD-insured loan for Seagirt Seniors Housing, an affordable housing property located in the Far Rockaway neighborhood of Queens. The 12-story, 120,278-square-foot building was built in 1985 with 151 Section 8 apartment units and one employee unit. Laura Smith of Berkadia originated the financing, which was structured with a 35-year term and a 71 percent loan-to-value ratio, through HUD’s 223(f) program. The borrower, New York-based operator JASA, will use a portion of the proceeds to fund capital improvements. Planned upgrades include …

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AcquisitionsCaliforniaIndependent LivingNews

TMG Negotiates $7.2M Sale of Bernardine Senior Independent Living in San Bernardino, California

by Jeff Shaw

SAN BERNARDINO, Calif. — The Mogharebi Group (TMG) has arranged the sale of Bernardine Senior Independent Living in San Bernardino, approximately 57 miles east of downtown Los Angeles. A Los Angeles-based private investment group sold the community for $7.2 million, which equates to $102,000 per unit and $206 per square foot. The buyer was a private investment group based in the San Gabriel Valley. Bryan LaBar and Otto Ozen of TMG represented the seller. “Due to the low price per unit and high-quality construction, the buyer pool was large,” says …

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AcquisitionsAssisted LivingNewsSouth Carolina

Blueprint Brokers Sale of 72-Unit Community in Columbia, South Carolina

by Jeff Shaw

COLUMBIA, S.C. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 72-unit assisted living community in Columbia. The property recently underwent a $1 million renovation and is located less than a mile from one of the area’s largest hospitals, the 557-bed Lexington Medical Center. An owner-operator acquired the property in an all-cash deal. The price and seller were not disclosed.

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CaliforniaFinanceKeyBankNewsSkilled Nursing

KeyBank Provides $10.2M HUD Financing for Livermore Healthcare Skilled Nursing Facility in California

by Jeff Shaw

LIVERMORE, Calif. — KeyBank Real Estate Capital secured a $10.2 million fixed-rate loan to refinance debt on Livermore Healthcare, a skilled nursing facility in Livermore, located east of San Francisco Bay. KeyBank provided the funds through the Federal Housing Authority (FHA) 232/223(f) mortgage insurance program for Eagle Arc Partners, a health care real estate investment firm. The loan is structured with a fully amortizing, 35-year term. FHA loan proceeds were used to pay down an interim bridge loan. A KeyBank-led bank syndicate provided the original acquisition financing for a portfolio …

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FeaturesNews

CBRE Survey: Investors Expect Full Pandemic Recovery in 2022

by Jeff Shaw

DALLAS — Seniors housing has shown strong resilience to the adverse impacts of the COVID-19 pandemic, with the vast majority of operators reporting pent-up investment demand and positive leasing trends in the first half of 2021, according to the CBRE U.S. Seniors Housing & Care Investor Survey. The Dallas-based firm sends out the survey twice a year to investors, developers, lenders and brokers throughout the United States. Responses closed in February, and the number of respondents was not disclosed. Investors responding to the survey indicate significant investment growth is likely …

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