TOLEDO, Ohio, and CHICAGO — Pathway to Living, the seniors housing platform of Chicago-based real estate investor and operator Waterton, has partnered with giant healthcare giant Welltower (NYSE: WELL) to manage and modernize a 22-property seniors housing portfolio across Illinois and Ohio. Pathway to Living will operate the communities, which Toledo-based Welltower will own. The portfolio totals 1,105 units. “This new alliance with Welltower, the industry’s leading healthcare real estate entity, is a testament to our reputation as a specialist in middle-market senior housing operations,” says Jerry Finis, CEO of …
HARWICH, Mass. — Cushman & Wakefield has brokered the sale of Wingate at Harwich, a 135-bed skilled nursing facility located in the Cape Cod city of Harwich. Richard Swartz, Jay Wagner, Dan Baker and Jack Griffin of Cushman & Wakefield represented the seller, an undisclosed institutional investor that is exiting the skilled nursing space, in the transaction. The buyer, a regional operator, plans to upgrade the community.
ASHLAND, Ore. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Skylark, an assisted living and memory care community in Ashland, located near the California border. Totaling 95 units, the community was built in 1997 with a renovation project in 2015. The facility is approximately 66,169 square feet and is situated on approximately 2.85 acres of land. The seller was regional owner-operator looking to exit the Oregon market. The buyer is a regional investor that will use a third-party operator. The price was not disclosed. Jason Punzel, Vince …
The seniors housing industry has been through the wringer as a result of the pandemic, setting and then resetting its own record-low occupancy rates as expenses increased for infection control, staffing and construction materials. However, many in the industry are now starting to see the light at the end of the tunnel. The skilled nursing sector has undergone two straight months of rising occupancy rates, and industry experts are seeing the effects of the COVID-19 vaccine taking hold on the industry. “It’s not back to where it was, and it …
ORANGEBURG, N.Y. — Grandbridge Real Estate Capital’s Atlanta-based Seniors Housing and Healthcare Finance team has closed a $49.2 million refinancing for Brightview Lake Tappan. The 143-unit seniors housing community in located in Orangeburg, approximately 15 miles north of New York City. Funding for the loan was arranged through Fannie Mae.
LINCOLN, Neb., and DES MOINES, Iowa — Immanuel Communities has acquired two continuing care retirement community (CCRC) campuses in Lincoln and Des Moines. Lifespace Communities, also a nonprofit owner-operator, was the seller. Terms of the transaction were not disclosed. Deerfield and Grand Lodge at the Preserve will join Immanuel’s portfolio in third-quarter 2021. The campuses comprise 349 apartments with a mix of independent living, assisted living, memory care, residential care, and skilled-nursing and long-term care. The acquisitions are part of Immanuel’s plans to expand its Midwest presence.
ANDERSON, Ind. — Evans Senior Investments (ESI) has arranged the sale of Providence Anderson, a 204-bed skilled nursing community, for $17.5 million, or $97,000 per functional bed. Built in three phases in 1964, 1978 and 1998, the property is located in Anderson, approximately 35 miles northeast of Indianapolis. The seller was an owner-operator of skilled nursing communities with locations primarily on the West Coast. Providence Anderson represented the seller’s only community in Indiana with the nearest community in the seller’s portfolio being 122 miles away. The buyer was a regional …
WHITTIER, Calif. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Posada, a 77-unit assisted living and memory care community in Whittier, a suburb of Los Angeles. The facility was built in 1984 with a renovation in 2017. It totals 41,658 square feet on approximately 0.72 acres of land. The seller was a regional owner-operator looking to divest from the senior care space. The buyer is a local owner-operator that plans on making some renovations to the property. Brad Goodsell, Jason Punzel and Vince Viverito of SLIB handled …
TOLEDO, Ohio — Welltower Inc. (NYSE: WELL) has hired John Burkart as executive vice president and chief operating officer. Upon joining the Toldeo-based REIT on July 19, Burkart will assume leadership responsibilities including platform-wide operations, asset and portfolio management, data analytics, research, and joint venture partnerships. Burkart will utilize a data-driven approach to drive platform efficiencies, capital allocation decisions, and technological innovation, according to Welltower. He will serve on the company’s executive team and investment committee, and will report to Shankh Mitra, CEO and CIO. Prior to joining Welltower, Burkart …
LOPATCONG, N.J. — Larken Associates has completed construction of Autumn Ridge, a 198-unit multigenerational community in Lopatcong, located along the Pennsylvania border from Allentown. The 10-building community features 148 garden- and garage-style multifamily units alongside Horizons at Autumn Ridge, an age-restricted building with 50 units reserved for the active adult community. Construction began in 2019, and the project is Larken Associates’ largest to date. The community was 100 percent occupied upon opening. “Our multifamily development philosophy is based on a recognition that today’s apartment residents increasingly represent a broad cross-generational …