LONGVIEW, Texas — MedCore Partners and The National Realty Group (TNRG) have acquired Parkview on Hollybrook, a 189-unit senior living community in Longview, approximately 60 miles west of Shreveport, Louisiana. The campus offers 126 independent living, 41 assisted living and 22 memory care residences. The buyers intend to develop land adjacent to the existing campus to add independent living cottages by early 2021. Integral Senior Living (ISL) will manage the community. JLL marketed the property on behalf of the seller, an Austin-based private equity group. The price was not disclosed. …
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LOS ANGELES — Seniors housing development costs are expected to rise modestly in 2020, with labor and land the primary drivers of higher expenditure, according to research from CBRE, a global real estate services and investment firm based in Los Angeles. Total cost for a seniors housing development rose by 6.4 percent in 2019 to an average of $317 per square foot. Average returns (stabilized net operating income as a percentage of overall development costs) rose to 9.5 percent, up approximately 60 basis points in 2019. This is attributable to …
MADERA, Calif. — Evans Senior Investments (ESI) has arranged the sale of Cedar Creek Senior Living, a 112-unit independent living, assisted living and memory care community. The property is located in Madera, approximately 25 miles northwest of Fresno. Originally built in 2005, the community averaged 87.6 percent occupancy in the year leading up to the sale. ESI represented the seller, an independent owner. A California-based REIT acquired the property for an undisclosed price.
Resort Lifestyle Communities Opens Deerfield Springs Independent Living Near Cincinnati
by Jeff Shaw
LOVELAND, Ohio. — Resort Lifestyle Communities has opened Deerfield Springs, an independent living community in the Cincinnati suburb of Loveland. The property features 128 apartments in studio, one-, two- and three-bedroom layouts. “From our research, we found that Cincinnati’s metro was in great need of additional independent senior living options,” says Phil Benjamson, COO of Resort Lifestyle Communities.
PORTLAND, Ore. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Senior Haven, an assisted living community in Portland, Oregon. The property features 47 units totaling 50 beds. The community was built in 2012 and expanded in 2018. The facility is approximately 19,337 square feet and is situated on approximately 1.29 acres of land. A local owner-operator sold the property for an undisclosed price, and will continue to serve as a consultant post-closing. Senior Haven is the seller’s only senior living community. The buyer is a regional operator …
Ziegler Closes $108.8M Bond Financing for Phase II of St. Ann’s Home Renovations in Rochester, New York
by Jeff Shaw
ROCHESTER, N.Y. — Ziegler, a specialty investment bank, has closed $108.8 million in bond financing for continued renovations at St. Ann’s Home in Rochester. St. Ann’s Community operates the community, along with four others. Phase I of the master-planned project is complete, which relocated 34 post-acute rehabilitation beds from the Wegman Care Center to the ninth floor of St. Ann’s Home, the largest of the company’s skilled nursing facilities. The new bond financing will fund Phase II of the project, which will renovate floors three through eight of St. Ann’s …
TORRANCE, Calif. — Oakmont Senior Living has opened a marketing information center at Oakmont of Torrance, the company’s seniors housing development in Torrance, just south of Los Angeles. Set to open this spring, Oakmont of Torrance will offer 55 assisted living and 32 memory care units in a 106,613-square-foot building situated on two acres.
PGIM Real Estate Finance Arranges $10.7M HUD Refinancing for St. Margaret’s Daughters Home in New Orleans
by Jeff Shaw
NEW ORLEANS — PGIM Real Estate Finance has arranged a $10.7 million HUD loan to refinance St. Margaret’s Daughters Home, a nonprofit skilled nursing facility located in the Mid-City neighborhood of New Orleans. St. Margaret’s Daughters Home was constructed in 2013 and sits on the site of the former Lindy Boggs Medical Center, which was devastated by Hurricane Katrina in 2005. The $33 million construction of the new facility was initially financed using a complex capital stack of New Market Tax Credits (NMTC), Historic Tax Credits (HTC), OCD Loan Funds, …
SCOTTSDALE, Ariz. — Cadence Living has taken over mangement at Andara Scottsdale, a luxury independent and assisted living community in North Scottsdale. Andara Scottsdale features 170 residences at the base of the McDowell Mountains. Reliant Group, an investment and ownership group that specializes in service-enriched residential communities, appointed Cadence as manager at Andara beginning Feb. 1, 2020. Cadence Living is currently developing, owns and/or operates communities throughout the South and West. Reliant Group and Cadence already partner on communities in California, but this is their first in Arizona.
Watercrest Appoints Joy Patterson as Executive Director of 107-Unit Community in South Carolina
by Jeff Shaw
INDIAN LAND, S.C. — Watercrest Senior Living Group has appointed Joy Patterson as executive director of Watercrest Fort Mill Assisted Living and Memory Care in Indian Land, just across the state border from Charlotte. Watercrest Fort Mill is a 107-unit resort-style senior living community currently under construction by Shiel Sexton and scheduled to welcome residents this spring. Patterson joined Watercrest Senior Living Group in early 2019, leading the pre-operational management of Watercrest Columbia Assisted Living and Memory Care, before transitioning to her new position. Patterson’s healthcare career began as a …