CHICAGO — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage firm, has arranged the sale of six seniors housing communities in three states. The seller, Invesque, was seeking an exit from its joint venture portfolio of Royal Senior Care properties. One community in Florida was sold to a third-party buyer, while a Georgia community was sold to Royal Senior Care. The remaining four communities, all located in South Carolina, went to an existing portfolio partner of Royal Senior Care with a strong presence in the state. The prices and specific …
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OREGON — Carnegie Capital has arranged $7.7 million in financing for four seniors housing communities located in small, tertiary markets throughout Oregon. The financing will help fund a conversion of 136 assisted living units to 60 assisted living and 85 memory care units across the communities. The borrower is a private, multi-state fund that has partnered with a local operator. “Debt markets are tighter than they have been in years,” says JD Stettin of Carnegie Capital, who originated the financing. “But we continue to see support and appetite in the …
FORT WORTH, Texas — Hunt Capital Partners, in collaboration with Saigebrook Development, has provided $12.9 million in federal low-income housing tax credit (LIHTC) equity financing for the new construction of Everly Plaza. Located in Fort Worth, the mixed-use development will provide 88 units comprised of nine market rate units and 79 affordable housing units. All units will be restricted to seniors who are 62 years and older, and the affordable units will be income restricted to households who earn up to 30, 50, and 60 percent of the area median …
HOUSTON — Colliers International has arranged the sale of a 15,610-square-foot assisted living facility in Houston. Ocean 4 LLC acquired the property from Best Personal Care for an undisclosed price. The three-story property features 46 beds in 26 units. It was built in 1976 and renovated in 2005 Richard Copeland of Keller Williams Commercial represented the buyer in the transaction. Elena Bakina of Colliers International represented the seller.
MASON CITY, Iowa — SVN Chicago Commercial has brokered the $2.8 million sale of Grant Village in Mason City in northern Iowa. The 64-unit affordable seniors housing property has a Section 8 contract with HUD, meaning tenants make a monthly contribution toward rent equal to 30 percent of their adjusted income. Cody Doran and Reid Bennett of SVN brokered the sale. A private buyer purchased the asset at the full asking price. The seller was not disclosed.
Bloom Senior Living Launches ‘Memory Making Stations’ for Safe, In-Person Visits During Pandemic
by Jeff Shaw
BIRMINGHAM, Mich. — Bloom Senior Living, a Birmingham-based owner-operator of nine communities in Indiana, Ohio, South Carolina and Florida, has launched “Memory Making Stations as a safe way to visit family and friends during the COVID-19 outbreak. The stations meet the six-foot separation protocol for social distancing. The resident, located inside the station, and family member, located outside the station, are separated by plexiglass. Bloom is still taking additional precautions including screening family members; requiring residents and family members to wear masks and wash hands before and after visits; and …
LA JOLLA, Calif. — Belmont Village Senior Living and Greystar have broken ground on Belmont Village Senior Living of La Jolla. The development is Belmont Village’s 32nd community and its third in San Diego County. The project is Belmont’s first in partnership with another developer. “A mutual colleague brought us together — Greystar had sourced a terrific location with an entitlement history that made it a perfect opportunity for licensed seniors housing,” says Patricia Will, Belmont Village founder and CEO. “We saw the potential of the site, and of bringing …
ANNAPOLIS, Md. — The National Investment Center for Seniors Housing & Care (NIC) has moved its fall conference to a virtual format in response to the ongoing COVID-19 pandemic. “The degree of uncertainty that exists and is likely to persist through the fall, along with the widespread current stay-at-home guidance across extensive geographies, reopening guidelines, and the potential for another outbreak has led us to this decision,” the organization said in its announcement. Registration will open in mid-July. The conference will be split into two events — an Educational Week …
Joseph J. Duffy Co. to Begin Conversion of Former School into Affordable Seniors Housing in Northern Illinois
by Jeff Shaw
JOHNSBURG, Ill. — Joseph J. Duffy Co. is set to begin the conversion of the former James C. Bush Elementary School into a 68-unit affordable seniors housing project in Johnsburg, about 60 miles northwest of Chicago. General Capital Group is the developer and Hooker DeJong Architects Inc. is the project architect. Oakbrook Corp. will manage the property, which is reserved for residents age 55 and older. Duffy will convert the administration and gym areas of the existing, one-story school into 14 apartment units, resident support facilities and office space. The …
Ziegler Survey: Most Communities Have at Least One COVID Case, No Plans to Loosen Restrictions Soon
by Jeff Shaw
CHICAGO — Nearly 70 percent of seniors housing communities are reporting at least one case of COVID-19 within their walls, while 60 percent say they have no immediate plans to loosen isolation restrictions, according to a survey undertaken by Chicago-based specialty investment bank Ziegler. The Ziegler CFO Hotline network survey was conducted between May 15 and May 22. Nearly 320 providers, largely nonprofit, participated, representing approximately 650 individual communities. Staff were notably more likely to have the virus than residents — 65 percent of communities had staff that tested positive, …