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AcquisitionsActive AdultCaliforniaNews

IPA Brokers $23.9M Sale of Zen Diamond Valley Senior Living Apartments in Hemet, California

by Jeff Shaw

HEMET, Calif. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Zen Diamond Valley Senior Living Apartments, a 177-unit active adult community in the Inland Empire city of Hemet. Investment Concepts acquired the property for $23.9 million. “One of the fastest-growing submarkets in Southern California, the Inland Empire is well suited to meet demands for seniors housing,” says Bill Roblero, vice president of investments in Marcus & Millichap’s Ontario office. “Supported by the area’s strong economic fundamentals and demographics, Zen Diamond Valley Senior …

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AcquisitionsAssisted LivingMichiganNews

Blueprint Negotiates Sale of Two-Property Maplewood Portfolio in Michigan

by Jeff Shaw

MARSHALL and MT. PLEASANT, Mich. — Blueprint Healthcare Real Estate Advisors has brokered the sale of Maplewood of Marshall and Maplewood of Mt. Pleasant, located approximately 100 miles away from each other in Central Michigan. The assets feature a combined total of 93 assisted living units. Built in the late 1980s and 1990s with renovations in the early 2000s, the communities were well maintained with over 95 percent occupancy prior to the onset of the global pandemic. The operator ultimately decided to exit its only assisted living communities to concentrate …

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AcquisitionsAssisted LivingFloridaNews

SLIB Arranges Sale of 64-Unit Canopy on Berryhill in Pace, Florida

by Jeff Shaw

PACE, Fla. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Canopy on Berryhill, a seniors housing community in the Pensacola suburb of Pace. The community offers assisted living and memory care and consists of 64 units and 80 beds. The property opened in late December 2019. The first resident move-ins occurred in late December 2019 and early January 2020. Despite the challenges of COVID-19, the property achieved 95 percent occupancy in less than a year. A partnership led by Florida-based developer Rimrock Cos. sold the asset. The buyer …

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DevelopmentFloridaNews

Belmont Village, Baptist Health Break Ground on 232-Unit Community in Coral Gables, Florida

by Jeff Shaw

CORAL GABLES, Fla. — Belmont Village Senior Living and Baptist Health South Florida have broken ground on Belmont Village Coral Gables, a 232-unit seniors housing community in the Miami suburb of Coral Gables. The 10-story property will total 350,000 square feet, including 18,388 square feet of ground-floor retail and commercial space. The community will offer independent living, assisted living and memory care services. A health and wellness center on the ground floor, Healthy Living by Baptist Health, will be open to both residents and area seniors. This is Belmont Village’s …

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DevelopmentMinnesotaNews

New Perspective Starts Construction of 146-Unit Community in Arden Hills, Minnesota

by Jeff Shaw

ARDEN HILLS, Minn. — New Perspective has broken ground on New Perspective-Arden Hills, a 192,000-square-foot seniors housing community in the Minneapolis suburb of Arden Hills. The property will offer 146 units of independent living, assisted living and memory care. It is scheduled for completion in early 2023. Co-developers on the project include Boldt, and New Perspective will operate the community upon completion.

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FinanceNews

Dwight Capital Provides $171.7M in Seniors Housing Financings in Third Quarter

by Jeff Shaw

NEW YORK CITY — Dwight Capital has provided $171.7 million in seniors housing and healthcare financings during the third quarter of 2021. In highlights from the transactions, the company funded a $23.3 million bridge loan for the acquisition of Lackawanna Health and Rehabilitation Center, a 272-bed skilled nursing facility in Peckville, Pennsylvania. Additionally, Adam Offman originated a $22.2 million bridge refinancing for a portfolio of three skilled nursing facilitiies located across Wisconsin: Edenbrook of Oshkosh, Edenbrook of Wisconsin Rapids and Edenbrook of Edina. Together, the facilities comprise 285 beds across …

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DevelopmentFinanceNewsWisconsin

Ziegler Arranges $38.7M Financing for Construction of Stair Crest in Muskego, Wisconsin

by Jeff Shaw

MUSKEGO, Wis. — Ziegler has arranged $38.7 million in bond financing for PHW Muskego, an affiliate of Presbyterian Homes and Services. The funds will be used for the construction of a new senior living community, Stair Crest  in Muskego, approximately 16 miles southwest of downtown Milwaukee. The bonds are non-rated, tax-exempt, fixed-rate serial and term bonds with a 40-year maturity. The community will feature 80 independent living apartments, 40 assisted living apartments (20 of which are designated for memory care) and a town center. Upon construction completion, the borrower expects …

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ColoradoNewsPeople

Cadence Living Hires Ronnie Brown as Vice President of Operations for the Mountain Region

by Jeff Shaw

SCOTTSDALE, Ariz. — Cadence Living has hired Ronnie Brown as vice president of operations for the Mountain Region. Brown will have principal responsibility over operations of the Cadence Living managed communities in Colorado. She brings over 22 years of senior living sales and operations experience to Cadence, including more than 15 years oversight for communities in Colorado. Prior to joining Cadence, Brown was regional director of operations supporting communities in Arizona, Ohio and South Carolina. Over her 22-year career in the senior living industry, she has worked for Brookdale Senior …

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Affordable HousingAssisted LivingDevelopmentIndianaNews

Evergreen to Develop $30M Affordable Assisted Living Community in Goshen, Indiana

by Jeff Shaw

GOSHEN, Ind. — Evergreen Real Estate Group has secured financing and started preliminary site work for Green Oaks of Goshen, a four-story, 120-unit assisted living community for low-income seniors in Goshen. Evergreen Construction Company, a division of Evergreen Real Estate Group, is serving as general contractor on the development and plans to officially break ground on Oct. 28. Completion is scheduled for early 2023. The $30 million project will replace a vacant three-acre lot on the city’s north side, near an existing Salvation Army building and retail along Main Street. …

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DevelopmentIndependent LivingMichiganNews

American House, MHT Housing Plan 150-Unit Community in Bloomfield, Michigan

by Jeff Shaw

BLOOMFIELD, Mich. — American House Senior Living Communities and MHT Housing Inc. have unveiled plans for American House Village at Bloomfield, an independent living community in Bloomfield, a suburb of Detroit. The property will feature 150 units within Village at Bloomfield, a mixed-use development that includes apartment, fitness, medical, hotel, grocery, retail and office uses. American House Senior Living Communities will operate the community upon completion.

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