CORAL GABLES and WEST PALM BEACH, Fla. — ZOM Senior Living and Watermark Retirement Communities have acquired two seniors housing development sites in Coral Gables and West Palm Beach, both cities located on the Atlantic Coast of South Florida. The Watermark at Merrick Park in Coral Gables will comprise 196 units including independent living, assisted living and memory care, with 50,000 square feet of amenities. The site is adjacent to the Shops at Merrick Park and across the street from a train station. The Watermark at West Palm Beach will …
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MYRTLE BEACH, S.C. — Watercrest Senior Living Group and its equity partners, Peninsula U.S. Real Estate and Corecam Capital Partners, have broken ground on Watercrest Myrtle Beach Assisted Living and Memory Care in Myrtle Beach. The property will feature 76 assisted living units and 22 memory care units near the Atlantic Coast and many golf courses. Bank of Texas financed the construction, and Shiel Sexton is the builder. The project is scheduled for completion in late 2021.
SPRINGFIELD, Ore. — Senior Living Investment Brokerage has negotiated the sale of ElderHealth & Living Memory Care Village in Springfield. Built in 1988 and expanded in 1996, the memory care community features 95 beds across 59 units. The facility is approximately 30,215 square feet and is situated on approximately 5.1 acres of land. A regional operator with multiple West Coast communities acquired the property for an undisclosed price. The seller, a local owner-operator divesting its only seniors housing community, will stay on as a consultant. A local bank provided a …
WASHINGTON and OREGON — Blueprint Healthcare Real Estate Advisors has arranged the sale of eight private-pay assisted living assets in Oregon and Washington totaling 321 units. A joint venture between an Arizona-based private equity firm and an Oregon-based owner-operator acquired. The seller and price were not disclosed. The buyer intends to reposition the communities, possibly adding more memory care units.
HOLDEN, Mass. — Lancaster Pollard Mortgage Co. has arranged a HUD loan totaling $16.2 million to refinance Holden Rehabilitation and Skilled Nursing Center in the Worcester suburb of Holden. The borrower is Oriol Health Care, which build the 123-bed facility in 1965. The transaction allows Oriol to secure long-term financing consolidated with one lender and implement repairs at the facility. Aaron Becker and Adam Walter led the transaction for Lancaster Pollard.
Georgia Governor Signs Bill Requiring Licenses, Certifications for Assisted Living Communities
by Jeff Shaw
ATLANTA — Georgia Governor Brian Kemp has signed House Bill 987, adjusting the state laws for assisted living and personal care home residents amid the COVID-19 pandemic. Republican state representatives Sharon Cooper and Brian Strickland co-sponsored the bill. Under the new laws, seniors housing communities will be required to pass a slew of state certification and licensing requirements. The bill defines personal care homes as any community that provides housing, food service and personal services such as medication administration or assistance with activities of daily living. Assisted living and large …
MAYWOOD, Ill. — Evergreen Real Estate Group has completed $7 million in renovations to Garden House of Maywood, a 144-unit affordable seniors housing community in the western Chicago suburb of Maywood. Housing and Human Development Corporation (HHDC) acquired the 10-story building in 2018 using tax credits to help fund capital improvements. Evergreen has managed since 2017, and Evergreen Construction Co. managed the nine-month project. The phased renovations allowed residents to remain in their homes during construction. All residential units were updated with new windows and window treatments. Sinks, cabinetry, countertops, …
BOCA RATON, Fla. — Fairstead has acquired Gould House, a 101-unit Section 8 housing development for the elderly in Boca Raton. The property is located on the 100+ acre Jewish Federation of South Palm Beach County Campus. While the seller and price were not disclosed, Fairstead did unveil plans for a $6 million rehabilitation of the entire complex. The project will include new kitchens, baths, lighting, HVAC, flooring and windows for all apartments, as well as common area improvements to the physical plant, security systems, grounds, lobbies, community room and …
KNOXVILLE, Tenn. — Propel Insurance, a leading retail insurance agency and a portfolio company of Flexpoint Ford, has acquired HealthCare Services (HCS), a boutique risk management and insurance consulting firm based in Knoxville. HCS specializes in serving senior care organizations. The combined agency expects to generate more than $120 million of annual revenue in 2020 and will have seven offices across the country. The acquisition will expand Propel’s existing senior living practice, as well as the Charlotte, North Carolina-based company’s geographic spread. Ed Sims and Taylor Preston, senior partners at …
Ziegler Places $53M Bank Financing for Pleasant View Communities Expansion in Pennsylvania
by Jeff Shaw
MANHEIM, Pa. — Ziegler has arranged $53 million in financing for Pleasant View Communities, which operates a continuing care retirement community in the South Central Pennsylvania borough of Manheim. Originally built in 1954, the community currently features 152 independent living apartments and cottages, 95 personal care units and 115 skilled nursing beds. The loans will fund two expansions. The first project, West Lawn Apartments, will consist of two buildings containing 18 independent living units located on Pleasant View’s existing campus. The second project, the Lofts at Lititz, will consist of …