BOSTON — Rockport Mortgage Corp. has arranged an $81.8 million loan for the refinancing of South Cove Plaza, a 231-unit seniors housing community in Boston. South Cove Plaza consists of a 142-unit building on Stuart Street and an 89-unit building on Tremont Street in the city’s Back Bay area. The buildings feature 193 one-bedroom units and 38 two-bedroom units, as well as a combined 10,200 square feet of ground-floor commercial space. The borrower, Weston Associates, will use some of the proceeds to renovate unit interiors, mechanical systems and amenity spaces.
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CHICO and OROVILLE, Calif. — Senior Living Investment Brokerage (SLIB) has arranged the sale of three Roseleaf-branded seniors housing communities totaling 85 units and 131 beds. Roseleaf Gardens and Roseleaf Senior Care are located in Chico, in the Northern Sacramento Valley. Roseleaf Oroville is located in Oroville, in Butte County. The facilities are approximately 20,000, 5,000 and 24,900 square feet, respectively. The seller is a local owner-operator with these being their only senior care communities. The buyer is a regional group making its first entrance to the senior care space. …
TACOMA, Wash. — Blueprint Healthcare Real Estate Advisors has brokered the sale of Northwest Retirement Assisted Living Community in Tacoma. The 110-unit community “provides an affordable option to the area’s growing senior population,” according to Blueprint. The long-time owner sold the property to a local owner-operator. Harvest Bank provided acquisition financing at 85 percent of the undisclosed purchase price.
Cadence Living Hires Jim Thiede as Vice President of Marketing and Strategic Planning in Mountain Region
by Jeff Shaw
SCOTTSDALE, Ariz. — Cadence Living has hired Jim Thiede as vice president of marketing and strategic planning in the Mountain Region. Thiede will have principal responsibility for strategic planning and census building for Cadence’s portfolio of communities in Arizona and Colorado. He has over 20 years of experience in sales and marketing including over 15 years in the healthcare industry and over five years in the technology sector. Prior to joining Cadence, Thiede held senior marketing and sales roles with Brookdale Senior Living, both in Arizona and at the corporate …
KALAMAZOO, Mich. — Ziegler has arranged $47.9 million in bond financing for an expansion project at Heritage Community of Kalamazoo. The nonprofit continuing care retirement community currently features 86 independent living units, 49 assisted living and memory care units, and 90 skilled nursing beds just south of downtown Kalamazoo. The four-story expansion, named Revel Creek, will add 60 independent living units. The building will also feature a new dining venue with commercial kitchen, a bar area, den, living room, library, outdoor terraces with seating spaces and a fitness room. There …
SLIB Brokers Sale of 130-Bed Cambridge House Skilled Nursing Facility in Bristol, Tennessee
by Jeff Shaw
BRISTOL, Tenn. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Cambridge House, a 130-bed skilled nursing facility in Bristol, located in the northeast corner of the state. A regional operator owned the 38,075-square-foot facility, but fell into bankruptcy. A mid-sized, Mid-Atlantic skilled nursing owner with operating partners in Tennessee acquired the property for an undisclosed price. Ryan Saul of SLIB facilitated the sale.
MURFREESBORO, Tenn. — CBRE has provided a $12.3 million Freddie Mac Optigo loan for The Rutherford Assisted Living & The Rutherford Memory Care in the Nashville suburb of Murfreesboro. The property features 68 units of assisted living and 26 units of memory care across two buildings. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the refinancing on behalf of a joint venture between Venue Capital LLC and Inspirit Senior Living, which acquired the asset in January 2018. Post-acquisition, the owners deployed more than $600,000 to …
Strawberry Fields REIT Acquires Hope Creek Skilled Nursing Facility in Illinois for $4M
by Jeff Shaw
EAST MOLINE, Ill. — Strawberry Fields REIT LLC has acquired Hope Creek Nursing and Rehabilitation Center in East Moline, located across the Mississippi River from Davenport, Iowa. The Indiana-based, non-traded REIT paid $4 million for the 245-bed skilled nursing facility, which is located on a 12-acre parcel. Built in 2007, is the newest skilled nursing facility in the Quad Cities, according to the buyer. The facility offers full inpatient rehabilitation, respite stays, hospice services, individualized care plans, restorative therapy programs, a secured memory care unit and a variety of activities …
TOLEDO, Ohio — Welltower Inc. (NYSE: WELL), a massive healthcare REIT based in Toledo, has added Philip Hawkins to its board of directors. Hawkins brings nearly 40 years of leadership experience in the real estate sector. He currently serves as executive chairman of Link Logistics Real Estate, Blackstone’s industrial real estate platform. Previously, Hawkins spent 12 years at DCT Industrial Trust (2006 to 2018), where he most recently served as president and CEO prior to its acquisition by Prologis Inc. Earlier, he served at CarrAmerica Realty Corp. from 1996 to …
NIC Panel: Simple Solutions Can Shorten Pandemic, But Seniors Housing Has Bright Long-Term Future Regardless
by Jeff Shaw
The COVID-19 pandemic has been an existential crisis for the seniors housing industry, where the people most susceptible to the disease are the same who live in the communities. But many still believe in long-term viability and success of the sector. That was the message of panelists in a discussion titled “Four Weeks Out from the General Election: A Policy Discussion” held at the 2020 NIC Fall Conference. Being held virtually this year due to the pandemic, the event is still going on this week. Panelists included moderator Soledad O’Brien, …