GREENSBORO, N.C. — LCS Development has started construction of a $75 million expansion at WhiteStone, a Masonic and Eastern Star seniors housing community in Greensboro. The project includes the addition of 67 independent living units, a building with 36 private suites for assisted living/memory care, and an extensive renovation of the existing skilled nursing facility. “We’re looking forward to enhancing our services with this expansion,” says Mark Lewis, executive director of WhiteStone. “The addition of the assisted living suites will complete the continuum of care for residents and allow our …
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BOSTON — A joint venture led by Taurus Investment Holdings and Northbridge Cos. has acquired six Class A seniors housing properties located in suburban Boston submarkets for approximately $200 million. The 507-unit portfolio consists of assisted living and memory care. Northbridge, a developer, owner, operator and asset manager of senior living communities, already manages the properties. The seller was Welltower, the largest REIT in the seniors housing space. The acquisition marks Taurus’ first investment in the senior housing sector. The specific names and locations of the properties were not disclosed. …
ROCKY RIVER, Ohio — Evans Senior Investments (ESI) has brokered the sale of Rockport Senior Living, a 117-unit assisted living and memory care community in the Cleveland suburb of Rocky River. A local independent owner sold the property to an undisclosed buyer for $4.8 million, or $41,000 per unit. Built in 1967, Rockport Senior Living was originally a hotel that was converted into a senior living facility in 1986. Located less than 10 miles from downtown Cleveland, the facility has a unit mix of 108 assisted living units and nine …
COLUMBIA, S.C. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Amara Place, a seniors housing community in Columbia. The property features 38 independent living units, 32 assisted living units and 22 memory care units. The asset recently underwent a $2 million renovation project. Amara Place comprises seven buildings in 6.9 acres of land. An owner-operator looking to expand in the region acquired Amara Place from a private capital provider exiting the seniors housing industry. The price was not disclosed. Bradley Clousing and Jason Punzel of SLIB handled …
COLUMBUS, Ohio — Ziegler has arranged $27.9 million in bond financing Ohio Living Communities. The funds will be used for an expansion project at the company’s Westminster-Thurber campus in Columbus. Named Heritage Pointe, the 11-story building will add 56 independent living units to the community. The total project cost is approximately $39.2 million. A development timeline was not released. The bonds consist of tax-exempt, fixed-interest-rate serial term bonds with a final maturity in 2045. In addition to Heritage Pointe construction, the financing will fund $2.5 million of other capital projects …
Crest Pointe Breaks Ground on 3,000 SF Therapy Gym Expansion in Point Pleasant, New Jersey
by Jeff Shaw
POINT PLEASANT, N.J. —Crest Pointe Rehabilitation & Healthcare Center has broken ground on a 3,000-square-foot building expansion. The new therapy gym is part of a multi-million-dollar renovation project at the skilled nursing facility in Point Pleasant, approximately 50 miles south of New York City on the Jersey Shore. Crest Pointe is working with Marquis Health Services, a leading nursing home consulting firm, on the design and implementation of the renovation project. A timeline for completion was not released.
Lancaster Pollard Provides $11.5M Fannie Mae Financing for Providence Place Community in Chambersburg, Pennsylvania
by Jeff Shaw
CHAMBERSBURG, Pa. — Lancaster Pollard, a division of ORIX Real Estate Capital, has provided $11.5 million in financing for the Providence Place Senior Living campus in Chambersburg. Located in the southern portion of the state near the Maryland border, the funds will refinance existing debt. The loan features long-term, fixed-rate financing. Miles Kingston, Doug Harper and Casey Moore led the transaction for Lancaster Pollard.
CHICAGO — Draper and Kramer, a national full-service real estate firm based in Chicago, has hired Jeffrey Ross as senior vice president and chief underwriter for Federal Housing Administration/Housing and Urban Development financing in Draper and Kramer’s Commercial Finance Group. A 30-year veteran of the commercial real estate industry, Ross will be responsible for FHA/HUD loans for third-party clients acquiring multifamily, seniors housing and healthcare properties, as well as Draper and Kramer’s own multifamily acquisitions and developments. Before joining Draper and Kramer, Ross was senior vice president and chief FHA …
BETHESDA, Md. — Brightview Senior Living has opened Brightview Grosvenor an assisted living and memory care community in Bethesda, approximately 10 miles north of downtown Washington, D.C. The community shares the land of Wild Acres, the former home of National Geographic president, editor and photojournalist Gilbert Grosvenor. Brightview Grosvenor features 58 assisted living, 26 memory care and 12 “enhanced care” apartments on three acres. Enhanced care apartments are designed for residents with conditions that require special attention, such as Parkinson’s Disease or ALS.
Ryan Cos., Great Lakes Management Plan 200-Unit Talamore Senior Living in Woodbury, Minnesota
by Jeff Shaw
WOODBURY, Minn. — Ryan Cos. and Great Lakes Management have partnered to plan the joint venture’s third Talamore-branded seniors housing community, this one located in Woodbury, just east of the Twin Cities of Minneapolis and St. Paul. The companies acquired the site in mid-September. The planned project features 200 units of independent living, assisted living, memory care and “care suites.” Ryan Cos. will develop, design and build the project, while Great Lakes Management will operate the property upon completion. The companies expect to break ground by mid-2021, with the planned …