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AcquisitionsAssisted LivingFinanceNew JerseyNews

Cushman & Wakefield Arranges Acquisition Financing for Three-Property Portfolio in New Jersey

by Jeff Shaw

CHERRY HILL, VOORHEES and STAFFORD TOWNSHIP, N.J. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged an undisclosed amount of financing for the acquisition of three seniors housing communities in New Jersey. The borrower is a joint venture between Harrison Street and LCB Senior Living. The communities, all under the Atria brand, total 263 units of assisted living and memory care. Two properties are located in the Philadelphia suburbs of Cherry Hill and Voorhees, while the third is in Stafford Township near the Jersey Shore. Cushman & Wakefield …

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Assisted LivingDevelopmentIllinoisNews

Premier Senior Living Announces Plans for Revela of O’Fallon Near St. Louis

by Jeff Shaw

O’FALLON, Ill. — Premier Senior Living has unveiled plans to bring its new Revela brand to the St. Louis, Missouri, suburb of O’Fallon. Revela of O’Fallon will feature 60 units of assisted living and 32 units of memory care in an 89,000-square-foot building. Groundbreaking is scheduled for February 2021, for completion in April 2022. Revela of O’Fallon will anchor new development on the eastern edge of O’Fallon as part of a 26-acre, mixed-use project featuring office and residential uses. “This project already addresses a goal frequently discussed within our 2040 …

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DevelopmentFinanceGeorgiaNews

Live Oak Funds $13M Construction Loan for Phoenix Senior Living Project in Dallas, Georgia

by Jeff Shaw

DALLAS, Ga. — Live Oak Bank has provided a $13 million loan for the construction of The Phoenix at Dallas, located approximately 30 miles northwest of Atlanta. Phoenix Senior Living is developing the 56-unit independent living project, which will consist of 14 quadplex cottages. The Phoenix at Dallas is Phase II of a three-phase campus build-out. The cottages, walking trails, pool, and cabana, will be built across a 15-acre parcel adjacent to the Pearl at Dallas, a memory care community also operated by Phoenix Senior Living. Ten additional acres of …

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IndianaMichiganNewsOhioOperationsTennessee

Rose Senior Living Selects Life Care Services to Manage Six Communities in the Midwest

by Jeff Shaw

BLOOMFIELD HILLS, Mich. — Rose Senior Living, a Bloomfield Hills-based owner, has selected Life Care Services to operate Rose’s entire portfolio of seniors housing communities. The portfolio includes: Heritage at Irene Woods, Memphis, Tennessee; Rose Senior Living and Rose Villas, Avon, Ohio; Rose Senior Living, Beachwood, Ohio; Rose Senior Living, Carmel, Indiana; Rose Senior Living, Clinton Township, Michigan; and Rose Senior Living at Providence Park, Novi, Michigan. Included in the agreement is management of a seventh community, Rose Senior Living, Farmington Hills, Michigan, which is scheduled for groundbreaking in 2021.

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DevelopmentFeaturesNews

InterFace Panel: Development Pushes Forward Despite Many COVID Delays

by Jeff Shaw

Seniors housing construction has continued during the COVID-19 pandemic — but perhaps not on the developers’ original timelines. “We have seen just about every obstacle thrown at us, from government shutdowns to disruptions in the supply chain to subcontractors contracting COVID to inspectors not showing up,” said Charlie Jennings, chief development officer, Harbor Retirement Associates. “Every time I start to think the worst is behind us, there’s something waiting around the corner. Unfortunately, I don’t think we’ve gotten past that hump yet.” Harbor’s current seniors project under construction is now …

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FeaturesNews

Occupancy Hits New Record Low in Fourth Quarter, Says NIC

by Jeff Shaw

ANNAPOLIS, Md. — Private-pay seniors housing occupancy in the United States decreased 130 basis points in the fourth quarter of 2020 from 82.0 percent to 80.7 percent, a record low. Since the first quarter of 2020, occupancy fell by 680 basis percentage points. That’s according to new data from the National Investment Center for Seniors Housing & Care (NIC), an Annapolis-based nonprofit firm that tracks industry data gathered from 31 primary metropolitan markets. Private-pay seniors housing comprises independent living, assisted living and memory care. “Seniors housing occupancy declines were less pronounced …

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Assisted LivingConnecticutDevelopmentFinanceNews

Live Oak Funds $24.9M Construction Loan for Community in Brookfield, Connecticut

by Jeff Shaw

BROOKFIELD, Conn. — Live Oak Bank has provided a $24.9 million loan for the construction of an assisted living and memory care community in Brookfield, approximately midway between Hartford and New York City. Columbia Pacific Real Estate Fund III is the borrower. Situated on 4.1 acres, the community will feature 91 assisted living units and 36 memory care units in a 105,000-square-foot building. Leisure Care will be the operator upon opening.

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AcquisitionsArkansasNewsSkilled Nursing

SLIB Negotiates Sale of West Memphis Health & Rehabilitation in Arkansas

by Jeff Shaw

WEST MEMPHIS, Ark. — Senior Living Investment Brokerage (SLIB) has arranged the sale of West Memphis Health & Rehabilitation, a skilled nursing facility in West Memphis, just across the Mississippi River from Memphis, Tennessee. The property features 85 beds. An Arkansas-based regional owner-operator sold the community to another regional owner-operator looking to expand in the state. The price was not disclosed. Bradley Clousing and Daniel Geraghty of SLIB handled the transaction.

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AcquisitionsMassachusettsNews

Grandbridge Brokers $19M Sale of Seniors Housing Community in Springfield, Massachusetts

by Jeff Shaw

SPRINGFIELD, Mass. — Grandbridge Real Estate Capital’s Tampa-based Senior Housing Investment Sales team has arranged the $19 million sale of a senior living community in Springfield, located 25 miles north of Hartford, Connecticut. The community features a mix of independent living cottages, independent living apartments and assisted living units on a 40-acre campus. Allen McMurtry, Dave Kliewer and Jay Jordan represented the seller, a West Coast-based senior living investor. Qualified bidders were invited to participate in a virtual live auction of the community in late September 2020. Following more than …

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DevelopmentMarylandNewsPeople

Pennrose Promotes Patrick Stewart to Lead Development in Maryland

by Jeff Shaw

PHILADELPHIA — Pennrose, a Philadelphia-based developer developer of multifamily properties including seniors housing, has promoted Patrick Stewart to regional vice president of the Maryland region. Stewart will assume responsibilities for the region following the recently announced promotion of Ivy Dench-Carter to senior vice president for development. Stewart joined Pennrose in 2013 and has since served in Pennrose’s Baltimore office, most recently as a senior developer. He has been active in all facets of the real estate development process, including financial analysis; feasibility; assembling and leading the development team; securing entitlements; …

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