CHICAGO and LAKE OSWEGO, Ore. — Eclipse Senior Living has announced plans to cease operations in early 2022 as its main landlord, Chicago-based Ventas, moves its 90 Eclipse-managed communities to other operators. Ventas cited a desire to move to more regional, middle-market operators with local expertise. The 20-state portfolio will be managed by eight different operators moving forward. “The transitions are designed to execute on the company’s seniors housing strategy that matches the right asset with the right market and the right operator,” a press release from Ventas stated. “The …
DENVER — Anthology Senior Living, a senior living owner, developer and operator based in Denver, has partnered with Harrison Street, one of the leading investment management firms exclusively focused on alternative real assets, and Peninsula Investments Group, a private equity firm, to develop three new senior living communities in Boynton Beach, Florida; Millis, Massachusetts; and Natick, Massachusetts that include a total of 321 units. Anthology of Boynton Beach, located on 5.3 acres in Boynton Beach, will offer 130 apartments with assisted living and memory care options. Anthology of Millis, situated …
WADSWORTH, Ill. — Live Oak Bank has provided a $5 million SBA 7a construction loan with a $3.4 million conventional pari-passu loan for Lotus Senior Living. The funds will be used for the conversion of an existing hotel into a 74-unit assisted living and memory care facility. Located in Wadsworth near the Wisconsin border, and originally built in 1999 as an extended stay hotel, the three-story building consists of 60,066 square feet situated on 1.4 acres overlooking a golf course. Ashbury Healthcare, a regional operator with a current portfolio of …
NEW YORK CITY — Bellwether Enterprise Real Estate Capital LLC, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc., has hired Kim Huffstutler as senior vice president of seniors housing and care. Huffstutler will be responsible for executing debt and equity placements for the New York-based company’s National Seniors Housing Group, including bank and debt fund executions, Fannie Mae, Freddie Mac, Life Insurance and HUD loans. She will be based in the Mobile, Alabama, office. Huffstutler brings 12 years of commercial mortgage banking experience. Before joining Bellwether …
LEAGUE CITY, Texas — Ryan Cos., Grand Living Management and Bow River Capital have formed a joint venture for construction of Grand Living at Tuscan Lakes in League City. The 186-unit, luxury senior living community will be part of Tuscan Lakes, a Johnson Development master-planned community located in the southeast area of greater Houston. The 75 and older demographic is expected to grow 26.6%, more than triple the total population growth in the area between 2019 and 2024, according to Moore Diversified Services. “Grand Living at Tuscan Lakes will be …
VERO BEACH, Fla. — Acts Retirement-Life Communities has started the $13 million expansion at Indian River Estates, a 100-acre seniors housing community in Vero Beach. The project will add 16 new units to the community, with most already pre-leased. Proctor Construction is the general contractor for the new units, which range from 2,662 to 2,873 square feet. The project is scheduled for completion in 2022.
COLUMBUS, Ohio —Homestead Cos. has launched Homestead Living, bringing its multifamily, student housing and seniors housing divisions under one company umbrella. Homestead Living will encompass the in-house management team that oversees the day-to-day operations and performance of student housing company Homestead U (HU), multifamily company Homestead America (HA) and the newest venture of active 55+ Homestead Senior Living (HSL). The company is based in Columbus. Laura Formica, former vice president of operations who led the student housing division for five years from 2012 to 2017 and rejoined the company as …
PLAINFIELD, Conn. — Senior Living Investment Brokerage has arranged the sale of Villa Maria Nursing and Rehab, a 62-bed skilled nursing facility in Plainfield. The seller was a private owner looking to divest ownership of the asset, while remaining employed within the industry. The buyer is a New England-based owner-operator. Villa Maria represents its third community in Connecticut and is also strategically located within its current Connecticut footprint. The price was not disclosed. Dave Balow of SLIB handled the transaction.
TRACY, Calif. — Blueprint Healthcare Real Estate Advisors has arranged an undisclosed amount of construction financing for Cadence Tracy, a seniors housing development in the Bay Area city of Tracy. The borrower is a joint venture between Summit Senior Life, a Newport Beach-based developer, and Cadence Living, a Scottsdale, Arizona-based operator. The capital providers were Link Development and Medcore Partners. Cadence Tracy will sit on a 2.8-acre parcel of land and consist of 77 assisted living and 24 memory care units. The site is adjacent to Lennar at Tracy Hills, …
NEW JERSEY — BHI’s Healthcare Group has provided $31.1 million to Lionstone Care for the acquisition of an assisted living and memory care facility in Southern New Jersey. The facility has 110 units and is licensed for 130 beds. “Almost completely occupied, [the facility] has historically yielded impressive results,” says Tami Antebi, head of BHI’s Healthcare Group.