GREEN SPRINGS, Ohio — Evans Senior Investments (ESI) has arranged the sale of Eden Springs Nursing & Rehabilitation, a 167-bed skilled nursing and assisted living community, for $3.5 million. Built in 1963 and 1993 in Green Springs, the facility consists of an east campus (31 skilled nursing beds and 20 assisted living units) and a west campus (120 skilled nursing beds). At the time of the sale, the community was 44 percent occupied and was losing just under $500,000 a year in net operating income. This sale, which comes to …
CONNECTICUT — Carnegie Capital has arranged $24.5 million in financing for the construction of a 130-bed assisted living and memory care community in Connecticut. The lenders are a national, healthcare-focused bank and a participating regional bank. The borrower is a national healthcare development fund and its national operating partner. Further details on the community were not disclosed. JD Stettin of Carnegie Capital sourced and structured the loan, which features a 4 percent interest rate.
COLUMBUS and REYNOLDSBURG, Ohio — Ziegler has arranged $69.5 million in bond financing for The Methodist Retirement Center of Central Ohio, a nonprofit corporation doing business as The Wesley Communities. Incorporated in 1965 as a faith-based provider, The Wesley Communities comprises three senior living properties totaling 668 units: Wesley Glen in Columbus, Wesley Ridge in Reynoldsburg and Wesley Woods at New Albany in Columbus. Additionally, Wesley Hospice provides hospice services throughout the communities. The assisted living, memory care and skilled nursing units in Wesley Glen and the assisted living and …
ELLICOTT CITY, Md. — An affiliate of Livingston Street Capital, a private equity firm, has acquired Alta at Regency Crest, a 150-unit active adult multifamily community in the greater Baltimore submarket of Ellicott City. Situated near healthcare, retail and transportation, Alta at Regency Crest rises four stories and offers one-, two- and three-bedroom floor plans. Livingston Street Capital’s affiliate acquired the asset from a private multifamily developer. The price was not disclosed. This acquisition comes on the heels of three recent active adult living property acquisitions by Livingston affiliates, including …
NEW BRAUNFELS, Texas — A joint venture between Imprint Property Group (IPG) and Batson-Cook Development Co. (BCDC) has broken ground on Larkspur at Creekside, an active adult community in the San Antonio suburb of New Braunfels. The 184-unit project marks the first partnership between boutique developer IPG and BCDC, an Atlanta-based subsidiary of Japanese construction company Kajima Corp. The nine-acre development will be an anchor of the master-planned New Braunfels Town Centre, a 400-acre community located 32 miles northeast of San Antonio and 48 miles southwest of Austin. Larkspur at …
AUSTINTOWN, Ohio — Blueprint Healthcare Real Estate Advisors has arranged the sale of Victoria House in Austintown, approximately 10 minutes west of downtown Youngstown. The property features 64 units, totaling 84 licensed beds and 72 operational beds. The community opened in December 2005 and features a secured specialty care wing for residents with Alzheimer’s disease and dementia. Blueprint successfully negotiated a lease of the community several years ago to a regional operator, Continuing Healthcare Solutions, which has now successfully exercised its purchase option to acquire the community.
IRVINE, Calif. — Sabra Health Care REIT Inc. (NASDAQ: SBRA) has appointed Ann Kono to its board of directors. Kono currently serves as the chief executive officer of Leda Advisory Group, a management consulting firm she founded in January 2019 that partners with startup companies to advise on growth and scale. Prior to founding Leda, she spent 11 years at Ares Management Corp., where she held the position of chief information and risk officer overseeing operational, investment and enterprise risks. Kono also serves on the board of directors of Stable …
PHILADELPHIA — Pennrose, a Philadelphia-based developer, has promoted Amon Martin to regional vice president of the Southeast, following the recent announcement of the retirement of Mark Straub. Martin joined Pennrose in 2016 as senior developer. He has led the Atlanta office for Pennrose and contributed to the execution and growth of Pennrose’s development pipeline within the Southeastern U.S., including all aspects of the real estate development process from initial conception through construction, lease-up and stabilized occupancy or sale. Martin brings over 20 years of experience in market-rate and affordable apartments, …
With two approved vaccines to combat COVID-19, the end of the pandemic is visible on the horizon. However, some seniors housing experts say it may be the third quarter of 2021 before the sector starts to see the turnaround take hold. “We have a much clearer picture of what the post-COVID world will look like,” said Adam Heavenrich, managing director of Heavenrich & Company. “The COVID world of 2020 will hopefully look drastically different from the post-COVID world of 2021.” The comments came during a panel titled “Investment Update: Should …
CHICAGO and RICHARDSON, Texas — Chicago-based private equity firm Thoma Bravo has acquired RealPage (NASDAQ: RP), the Richardson, Texas-based provider of property management software, in a deal valued at $10.2 billion. The price tag includes the assumption of the debt of RealPage, which was founded in 1998 and serves owners worldwide, including seniors housing. Under the terms of the agreement, RealPage stockholders will receive $88.75 in cash per share of RealPage common stock upon closing of the transaction. The purchase price represents a premium of 30.8 percent over RealPage’s closing stock …