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AcquisitionsIndependent LivingNewsOhio

Blueprint Arranges Sale of 136-Unit Polaris Retirement Community in Columbus, Ohio

by Jeff Shaw

COLUMBUS, Ohio — Blueprint Healthcare Real Estate Advisors has arranged the sale of Polaris Retirement Community, a 136-unit independent living community in Columbus. The four-story community is directly adjacent to the POLARIS Commerce Center, Ohio’s largest mixed-use development. The top floor was built to assisted living licensing specifications for added options in the future. Developed in collaboration with Pittsburgh-based Graziano Construction and Development Company Inc. and Sweetbay Senior Living, Polaris Retirement Living Properties LP engaged Blueprint to market the property and facilitate the sale process. United Church Homes Inc. (UCH), …

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AcquisitionsNewsSkilled NursingTexas

Plains Commercial Brokers Sale of Benbrook Nursing & Rehab in Texas

by Jeff Shaw

BENBROOK, Texas — Plains Commercial has arranged the sale of Benbrook Nursing and Rehab in Benbrook, approximately 10 miles southwest of Fort Worth. Originally built in 1969 the facility is currently licensed for 115 beds. The seller is a regional owner-operator that decided to cull its portfolio and exit the Dallas-Fort Worth metroplex. The buyer was a regional owner-operator looking to expand its Texas portfolio via a 1031 exchange. The price was not disclosed. Daniel Morris with Plains Commercial handled the transaction.

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DevelopmentNewsVirginia

Trammell Crow to Develop 383,000 SF Seniors Housing, Medical Office Property in Metro D.C.

by Jeff Shaw

ALEXANDRIA, Va. — Trammell Crow Co. (TCC) plans to develop a 383,000-square-foot mixed-use development in Alexandria. Located at 765 John Carlyle St., the Class A project will include a 268,000-square-foot seniors housing property and a 115,000-square-foot medical office building. The buildings will be constructed above a common podium, offering a mix of retail uses and a 440-space parking garage. Construction is slated to begin in the third quarter of 2022 for completion by the end of 2024. The 18-story seniors housing building will include approximately 215 residences that will offer …

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Assisted LivingCaliforniaDevelopmentFinanceNews

Cushman & Wakefield Arranges $23M in Construction Financing for Seniors Housing Community in Rolling Hills Estates, California

by Jeff Shaw

ROLLING HILLS ESTATES, Calif. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged $23 million in construction financing for Peninsula Pointe, a to-be-built,  87-unit, assisted living and memory care community in Rolling Hills Estates on the Palo Verdes Peninsula. The borrower is a joint venture between Singerman Real Estate and Darnell Capital. The project includes the redevelopment of an existing, vacant office building into a luxury, three-story, 65,000-square-foot seniors housing community to be operated by Cadence Living. A large regional bank provided the financing.

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Active AdultNews

Despite Brand Ambiguity, Active Adult Properties Gain Favor With Investors, Says InterFace Panel

by Kristin Hiller

While the product’s definition and brand identity can be obscure and subjective and the amount of data available on it is limited, the asset class known as active adult is experiencing healthy growth in development and resident demand. In turn, those positive vital signs are making both institutional and private investors increasingly comfortable with the property type. This is particularly the case among investors with significant allocations of capital to the multifamily sector and who are seeking yield within that highly competitive space. While the available data on the asset …

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Active AdultDevelopmentFloridaIndependent LivingNews

CanAm Capital Provides $10M Construction Loan for South Florida Senior Living Facility

by Kristin Hiller

PORT ST. LUCIE, Fla. — CanAm Capital Partners, an affiliate of New York City-based investment bank CanAm Enterprises, has provided a $10 million mezzanine loan for the construction of a 159-unit active adult and independent living community in South Florida. The property will be situated on a 10-acre site in Port St. Lucie, located on the east coast of the Sunshine State. The borrower, Lloyd Jones LLC, will operate the property under its Aviva brand. An expected completion date was not disclosed.

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Independent LivingNew YorkNews

Axiom Capital Arranges $17.4M Loan for Refinancing of Independent Living Property in Upstate New York

by Kristin Hiller

SARATOGA SPRINGS, N.Y. — Axiom Capital LLC has arranged a $17.4 million loan for the refinancing of a 178-unit independent living community located in the Upstate New York city of Saratoga Springs. The nonrecourse loan was structured with a 10-year term and a fixed interest rate. The local borrower has owned and operated the facility since its construction. A life insurance company provided the loan.

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Affordable HousingDevelopmentFloridaNews

CREI Holdings Breaks Ground on 244-Unit Lil Abner Affordable Apartments in Sweetwater, Florida

by Jeff Shaw

SWEETWATER, Fla. — Consolidated Real Estate Investments Holdings LLC (CREI Holdings) has broken ground on Lil Abner Apartments II, a 244-unit affordable seniors housing community in the Miami-Dade County municipality of Sweetwater. Located on a 5.1-acre site, formerly home to Vann Academy, the project will feature an eight-story, 250,992-square-foot building with 197 parking spaces. Units will range from 588 to 940 square feet. There will be 106 one-bedroom units and 138 two-bedroom units. Forty percent of the apartments will be restricted to seniors earning no more than 60 percent of …

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CaliforniaDevelopmentMemory CareNews

Advocacy Development Partners, Frontier Management Open Memory Care Community in San Dimas, California

by Jeff Shaw

SAN DIMAS, Calif. — Advocacy Development Partners and Frontier Management have opened The Terraces of Via Verde, a memory care community in San Dimas, approximately 25 miles east of Los Angeles. Totaling 32 units on 1.2 acres, the developers claim the property to be the first memory care-only community in San Dimas. The location is near Via Verde Park and Via Verde Plaza, a grocery-anchored shopping plaza. The asset is separated into two separate, secured, 15,000-square-foot neighborhoods with 16 units each.

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CCRCDevelopmentLouisianaNews

HJ Sims Arranges $23.3M Financing for Poydras Home CCRC Renovations in New Orleans

by Jeff Shaw

NEW ORLEANS — HJ Sims has arranged $23.3 million in financing for Poydras Home, a continuing care retirement community (CCRC) in New Orleans. Opened in 1857, Poydras now consists of 10 independent living units, 22 assisted living units, 11 memory care units and 64 private nursing care beds. The community will replace all 64 nursing units with a small-house model and add 14 new assisted living units across two three-story buildings. Poydras will be the first certified Green House project in Louisiana, featuring an model of care where the resident’s …

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