MANCHESTER, BEDFORD and NASHUA, N.H. — Greystone has provided $23.8 million in HUD-insured loans to refinance a trio of assisted living facilities in New Hampshire. The borrower is The Courville Company, which owns the communities: Courville at Manchester in Manchester; Courville at Carlyle Place in Bedford; and Courville Nashua & Aynsley in Nashua. Lisa Fischman, vice president in Greystone’s New York office, originated the interest rate reduction (IRR) transaction. The IRR reduces the interest rate on an existing HUD-insured loan, maintaining the existing maturity and loan amount. “An IRR is …
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BREWSTER, Mass. — Elevation Financial Group, through its Elevation Real Property Fund VII, has acquired Wingate Residences at Brewster Place, a skilled nursing facility in the Cape Cod town of Brewster. Elevation paid $4 million for the 121,000-square-foot property. Initial construction of the facility began in 1973, with an expansion completed in 1995. The community operated as a nursing home and skilled nursing facility before ceasing operations in 2019. Elevation plans to reopen the property as an affordable senior living community, rebranded as Serenity Apartments at Brewster. “The need for …
The seniors housing industry continues to face new challenges as a result of the COVID-19 pandemic. But there are reasons for hope. A recent survey conducted by marketing and client acquisitions firm LeadingResponse showed that 90 percent of prospects are still considering moving into seniors housing. Over 60 percent felt they had a good understanding of the costs of seniors housing and the programs available to make it more affordable. The survey, sent out in September, polled more than 2,000 seniors and their adult children who had already expressed an …
Capital Senior Living to Turn 18 Communities Over to Fannie Mae to Reduce Debt by $217.7M
by Jeff Shaw
DEER PARK, Texas — Capital Senior Living Corp. (NYSE: CSU) has completed the transfer of its independent living community in the Houston suburb of Deer Park to Fannie Mae, the holder of the community’s non-recourse debt. The Deer Park community is the first of 18 properties the company will transition to Fannie Mae under a cooperative process initiated in August 2020. A Dallas-based operator, CSU plans to enhance liquidity and improve operating cash flow by eliminating underperforming operations and focusing on its core owned and managed portfolio. CSU expects all …
MCLEAN, Va. — Sunrise Senior Living has announced the departure of Chris Winkle, the company’s CEO for over six years. The company’s Board of Managers has started a search for a replacement, with Winkle assisting in the efforts. A reason for the move was not disclosed. “This is certainly a bittersweet announcement, but the board and I have mutually agreed the time is right for me to transition from this role,” says Winkle. “I have never had more pride in an organization than I have this past year, seeing Sunrise …
EVANSVILLE, Ind. — Evans Senior Investments (ESI) has brokered the sale of Pine Haven Health & Rehab Center, a 113-bed skilled nursing facility in Evansville, in the southwest corner of the state near the Kentucky border. An owner-operator focused on the Southeast sold the property, as it was the only asset the company had in the Midwest. An undisclosed buyer paid $7.8 million for the facility. Built in two phases in 1957 and 2001, Pine Haven was hit hard by the COVID-19 pandemic, accumulating a total of 66 positive cases …
PARK CITY, Utah — Blueprint Healthcare Real Estate Advisors has arranged the sale of an undisclosed assisted living and memory care community in Park City, approximately 35 miles southeast of Salt Lake City. The community was built in 1999 and features 32 units of assisted living and 10 units of memory care. The Pacific Northwest-based owner sought to divest the asset as a geographical outlier in its portfolio. A local owner-operator bought the property for an undisclosed price, taking on the existing HUD loan as part of the deal.
Joint Venture Starts Construction of Arista Riverstone Active Adult Project in Sugar Land, Texas
by Jeff Shaw
SUGAR LAND, Texas — A Houston-based joint venture between Buckhead Investment Partners and Zane Segal Projects has started construction of Arista Riverstone, a 142-unit active adult apartment community in the Houston suburb of Sugar Land. The project is located in Riverstone, a master-planned community along the Brazos River. The four-story building will be located on the last multifamily tract in Riverstone bordered by a lake, and will connect to Riverstone’s 20-mile fitness trail network Johnson Capital Multifamily Inc. provided an undisclosed amount of construction financing. Gonzalez Newell Bender Architects provided …
RIVERSIDE COUNTY, Calif. — JCH Senior Housing Investment Brokerage has arranged the sale of a seniors housing community featuring 64 skilled nursing beds and 49 assisted living beds in Riverside County, located east of Los Angeles. The facility was in escrow when COVID-19 hit with a first-time buyer who decided not to proceed. The seller, a family-owned owner-operator eventually sold the property to a first-time buyer. The sales price was $5.4 million, or $84,375 per bed at a 9 percent capitalization rate. JCH also assisted the buyer in setting up …
ELIZABETHTOWN, Pa. — Senior Living Investment Brokerage has negotiated the sale of Elizabethtown Health & Rehab, a skilled nursing and personal care community in Elizabethtown, a suburb of Harrisburg. The facility consists of 45 skilled nursing beds and 39 personal care beds. Most of the building is configured as semi-private rooms. The facility encountered COVID very early in the pandemic with almost all residents and several staff testing positive. With very few deaths, the facility continued to perform extremely well, benefited from higher rates, and was able to continue admitting …