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Active AdultFeaturesNews

In Active Adult, Tenants Make the Community

by Jeff Shaw

DALLAS — In standard senior living, the selling points tend to be the care and amenities offered for an ailing parent. In active adult properties, though, it’s the tenants themselves that make the community a draw. That’s according to a panel of seniors living in age-restricted communities throughout metro Dallas. The residents were the highlight of the closing panel at InterFace Active Adult, held April 18 at The Westin Las Colinas in Dallas.  The panel was titled “Live Interview of Active Adult Residents: What Motivated Them to Move in?” All …

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Memory CareNewsPeople

Watercrest Senior Living Group Promotes James Brassard to Director of Market Street Operations

by Jeff Shaw

VERO BEACH, Fla. — Watercrest Senior Living Group, a Vero Beach-based operator, has promoted James Brassard to a new executive leadership role as director of Market Street operations.  Market Street Memory Care Residences are luxury communities that Watercrest designed and operates. Brassard joined the Watercrest family in 2019 with extensive experience in senior living start-ups and turnaround communities. He successfully led the acquisition and turnaround of the company’s Palm Bay Memory Care community before advancing to executive director of Pelican Landing Assisted Living and Memory Care. In his new role, …

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DevelopmentIndependent LivingMichiganNews

REDICO Opens 132-Unit American House Meridian in Michigan

by Jeff Shaw

HASLETT, Mich. — REDICO has opened American House Meridian, a seniors housing community in Haslett, which is located within Meridian Township just east of Lansing and Michigan State University. The community rises four stories and features 132 units of independent living, 50 of which were pre-leased prior to opening. Cunningham-Limp Development Co. built the community, with Banko Design as architect. The site is located near highways I-96 and I-69, five premier golf courses and two major hospital systems: McLaren and Sparrow.

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AcquisitionsNewsTexas

Blueprint Negotiates Sale of 269-Unit Franklin Park TPC Parkway in San Antonio

by Jeff Shaw

SAN ANTONIO — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Franklin Park TPC Parkway, a 269-unit seniors housing community in San Antonio. The Class A community was constructed in two phases from 2011 to 2017. It offers independent living, assisted living and memory care services. Following the completion of the six-year freeway expansion that affected leasing, access to the community had dramatically improved at the time of marketing, according to Blueprint. The refreshed curb appeal provided an opportunity for an incoming investor to capitalize on existing move-in …

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AcquisitionsAssisted LivingNewsOhio

Phorcys Capital Partners Acquires Prosper at Wickliffe in Ohio for $13M

by Jeff Shaw

WICKLIFFE, Ohio — Phorcys Capital Partners, the investment advisor to Phorcys Senior Housing Recovery Fund LP, has acquired Prosper at Wickliffe, a 160-unit assisted living facility in Wickliffe, approximately 15 miles northeast of Cleveland. Phorcys made the purchase through a trustee-directed short sale for $13 million. Prosper Life Care will take over management of the property.

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Affordable HousingDevelopmentGeorgiaNews

The Benoit Group, Atlanta Housing Receive Financing for $72M Englewood Affordable Development

by Jeff Shaw

ATLANTA — The Benoit Group, in partnership with Atlanta Housing, has received financing for the development of Englewood Senior in Atlanta.  The 160-unit affordable senior living project marks the first redevelopment phase of a master-planned, mixed-use, multi-phase community on the 30-acre site of the former Englewood Manor public housing site. Originally built in 1971 on approximately 30 acres, Englewood Manor offered 324 public housing units before the residents were relocated in 2007, followed by the property’s demolition in 2009 with HUD approval. The site is located in southeast Atlanta approximately …

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Assisted LivingFinanceIllinoisNews

Cambridge Provides $15.5M HUD Refinancing for The Pointe at Eastgate in Algonquin, Illinois

by Jeff Shaw

ALGONQUIN, Ill. — Cambridge Realty Capital Cos. has provided a $15.5 million HUD Lean loan to refinance The Pointe at Eastgate in Algonquin, approximately 45 miles northwest of Chicago.  The borrower is a limited liability company in Illinois. The community is an assisted living community that specializes in the transition between independent living and skilled nursing. The undisclosed number of units are all private. Brent Holman-Gomez led the financing for Cambridge. The loan features a fully amortizing, 35-year term.

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AcquisitionsNews

Ziegler Arranges Sale of 15-Community Seniors Housing Portfolio for $180.5M

by Jeff Shaw

CHICAGO — Ziegler, a Chicago-based specialty investment bank, has acted as sell-side advisor to Retirement Housing Foundation (RHF) on the sale of its 15-community senior living portfolio. The properties are located across six states: California (seven communities), Florida (three), Missouri (two), Indiana (one), Kentucky (one) and South Carolina (one). The properties collectively sold for $180.5 million. The portfolio consisted of 3,200 market-rate independent living, 850 assisted living and memory care, and 563 skilled nursing beds.  RHF is a California-based nonprofit organization. The portfolio represented the majority of RHF’s presence in …

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Affordable HousingFinanceMichiganNews

EBSC Lending Provides $26.2M Financing for a 41-Unit Affordable Community in Michigan

by Jeff Shaw

MICHIGAN — EBSC Lending has provided $26.2 million in financing for a 41-unit affordable seniors housing complex in Michigan.  The borrower, a nonprofit owner-operator, will use the proceeds to refinance existing debt and fund capital improvements. Specific upgrades will target unit interiors, building exteriors, elevators, common areas and building systems like security, backup electricity and medical alert. The community features a mix of predominantly one-bedroom units, with some studios and two-bedroom units. The redevelopment of the property will create new loft-style apartments. All 41 apartments will be reserved for low- …

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