LOS ANGELES — Panorama Senior Housing has released plans for an assisted living and memory care community on Holt Avenue, 200 feet south of Los Angeles’ Beverly Hills neighborhood. KTGY Architecture + Planning designed the 61,000-square-foot project. Construction is slated to start in early 2021, with delivery planned for late 2022. The community will have a total of 80 resident rooms, 62 for assisted living and 18 for memory care. The memory care units will be on the second floor of the five-story building, with a dedicated common area, dining …
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TEXAS — CBRE has arranges an undisclosed amount of financing for the acquisition of a 60-unit assisted living and memory care community in North Texas. The borrower is a joint venture between HJ Sims and Voralto Living. The financing is a four-year, floating-rate loan with 24 months of interest-only payments. A national bank provided the funds. CBRE’s Aron Will, Austin Sacco and Adam Mincberg arranged the financing. The name and specific location of the property were not disclosed.
DENVER — Blueprint Healthcare Real Estate Advisors has arranged the sale of two skilled nursing facilities in the Denver metro area and a third in Eastern Colorado. The portfolio totals 250 skilled nursing beds, as well as 25 assisted living units. LTC Properties sold the assets as part of its plan to divest all its Preferred Care-branded communities. The buyer is a private private company looking to expand its presence in Colorado, as well as its relationships with its third-party operators in the state. The price was not disclosed.
FLORIDA — Berkadia’s Seniors Housing & Healthcare Group has provided $5.1 million in financing for a 165-bed skilled nursing facility in Florida. The facility was constructed in 2010 and offers a mix of skilled nursing and assisted living. “HUD financing enabled our client to take advantage of this value-add opportunity and expand the property,” said Ed Williams, senior director with Berkadia. Williams arranged the HUD 241(a) supplemental loan for an Indiana-based borrower. The loan proceeds, representing 90 percent of project cost, will be used for construction of a new skilled …
LOS ANGELES — Cadence Living has been appointed manager at Nikkei Senior Gardens, a 78-unit independent living, assisted living and memory community in the Arleta neighborhood of Los Angeles. The property is affiliated with the San Fernando Valley Japanese American Community Center. Although the community is open to everyone, it was designed to appeal specifically to Japanese-American seniors. Staff members are multilingual and programming includes cultural activities. “Nikkei Senior Gardens is a great testament to the Japanese-American culture with beautiful Japanese gardens on site and culinary menus that cater to …
Michigan Strategic Fund Approves $256M Mixed-Use Development in Lansing to Include Seniors Housing
by Jeff Shaw
LANSING, Mich. — The Michigan Strategic Fund (MSF) has voted to approve the brownfield and tax-increment financing (TIF) plan for the Red Cedar project, a $256 million mixed-use development along Michigan Avenue in Lansing. The approval gives the developer, Continental/Ferguson Lansing LLC, the green light to move forward with construction. The developer expects to break ground on 181 market-rate apartments as well as an assisted living and memory care facility late this summer. A 792-bed student housing component is scheduled for completion in fall 2021. Construction of two dual-brand hotels, …
ANNAPOLIS, Md. — Seniors housing occupancy experienced a 110-basis-point decrease to 88.7 percent in the month of, while nursing care facility occupancy was down 220 basis points to 84.7 percent, according to the National Investment Center for Seniors Housing & Care (NIC). The data is featured in NIC’s Intra-Quarterly Snapshot, a new monthly publication developed to keep owners and operators better informed during the COVID-19 pandemic. The data, which comes from 15,000 stabilized seniors housing communities in 140 U.S. markets, was previously released on a quarterly basis. “Challenges in senior …
Survey Shows 96 Percent of Residents Agree with Social Distancing, Visitation Restrictions
by Jeff Shaw
DALLAS — A vast majority of residents in seniors housing communities — 96 percent of them — approve of the current visitation restrictions and social distancing rules to combat the COVID-19 pandemic, according to a survey by Dallas-based operator Buckner Retirement Services. The survey gathered 140 responses from residents across six different Buckner communities in Texas in early May. More than 75 percent of seniors surveyed listed family visits as something they miss most. Other top activities missed within the communities include going to church (56 percent) and group dining …
HOUSTON and DALLAS — Blueprint Healthcare Real Estate Advisors has brokered the sale of seven skilled nursing facilities in Texas for $23 million. The transaction was part of LTC Properties’ continuing divestment of its Preferred Care-branded properties. The portfolio totals 1,150 beds, with five of the communities located in major metros such as Houston and Dallas. A private company based in the Northeast was the buyer. The company was attracted to the immediate economies of scale with so many beds in a single state, according to Blueprint.
MACON, Ga. — Watercrest Senior Living Group and its equity partners, Peninsula Alternative Real Estate and Corecam Capital Partners, have broken ground on Watercrest Macon Assisted Living and Memory Care in Macon. The community will feature 76 assisted living and 22 memory care units. Renasant Bank provided financing, while EMJ Corp. is building the property. Watercrest Macon is located within the Providence at Bass development. The prosperous area offers high-end residential, retail and dining establishments, as well as diverse cultural and entertainment venues. Watercrest Macon is scheduled to welcome residents …