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.
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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 …
LOS ANGELES — Panorama Senior Housing has unveiled plans for Eagle Rock Assisted Living and Memory Care Center in the Eagle Rock neighborhood of Los Angeles. KTGY Architecture + Planning is the architect of the new community. Groundbreaking is scheduled for early 2021, with completion in late 2022. The property will feature 87 assisted living units and 22 memory care units in a five-story building and a four-story building with a rooftop deck. A ground-level courtyard and subterranean parking structure connect the two buildings. “This site was quite challenging because …
BEDFORD, N.H. — Single Digits, a wireless network provider serving multiple commercial real estate sectors including seniors housing, has acquired Inviacom, a provider of Wi-Fi and connectivity services for senior living communities across the U.S. Bedford-based Single Digits cites Inviacom’s specialty in the seniors housing sector as a reason for the purchase. The buyer plans to combine the software and service offerings of the two companies. “Inviacom has been providing exceptional managed Wi-Fi, VoIP, white glove training services and hands-on support to senior living communities since 2011,” says Stephen Singlar, …
ARNOLD, Mo. — Love Funding has provided a $12.9 million FHA loan for The Woodlands of Arnold, an assisted living, memory care and skilled nursing complex in Arnold. The loan will replace bridge financing on the property. The Woodlands of Arnold is part of a larger healthcare campus, offering a full continuum of care including independent living, assisted living, memory care and skilled nursing. The subject credit facility included financing for a 178-bed skilled nursing facility and a 24-unit assisted living facility that is being converted into a memory care …
HARLEYSVILLE, Pa. — CBRE has arranged an undisclosed amount of supplemental financing for Arbour Square of Harleysville, a 276-unit independent living community. Located approximately 35 miles north of downtown Philadelphia, the community was opened in two phases between 2006 and 2014. The borrower is Green Courte Partners, and the company’s wholly owned subsidiary True Connection Communities operates the property. Aron Will, Austin Sacco and Tim Root arranged the Freddie Mac loan. Further details of the transaction were not disclosed.
WEST DES MOINES, Iowa — Lifespace Communities, a West Des Moines-based owner-operator of 15 continuing care retirement communities, has hired Nicholas Harshfield as chief financial officer effective July 1. Harshfield brings more than 30 years of financial experience to the role, 15 years of which are in senior living. He will replace Larry Smith, who plans to retire after serving Lifespace for more than 17 years. Harshfield held executive leadership positions in four senior living organizations with a focus on developing and implementing strategic plans, integrating technology systems, securing financing …
TAMPA, Fla. — Private equity firm Twin Light Capital has acquired Hudson Manor Assisted Living, located in the Davis Islands neighborhood of Tampa. Hudson Manor is the only senior living property in Davis Islands, and one of two properties in the island community listed on the National Register of Historic Places. The seller and price were not disclosed. Miami architect Martin Hampton originally designed the property in 1926 as the Palmerin Hotel. The property was converted into seniors housing in 2004 and extensively renovated from 2016 to 2018. “Hudson Manor …
DES MOINES, Iowa — Blueprint Healthcare Real Estate Advisors has arranged the sale of seven skilled nursing homes in Iowa. Largely located in the Des Moines metro area, the properties total approximately 550 beds. LTC Properties sold the assets to a private owner-operator for an undisclosed price. The transaction was the third of five that Blueprint is brokering for LTC, which is divesting its entire portfolio of Preferred Care-branded properties.
ALEXANDRIA, Va. — Argentum has elected Pat Mulloy, managing director of Commodore Capital LLC, to serve as the new chairman of the Argentum Board of Directors. Most recently, he served as vice chairman on the board. Mulloy practiced law for 20 years before founding Atria Senior Living, where he was president and CEO from 1996 to 2000. He was CEO of LifeTrust America from 2001 to 2004 and CEO of Elmcroft Senior Living from 2006 to 2018. Randy Richardson, president of Vi, will continue to serve as vice chairman. New …