CINNAMINSON TOWNSHIP, N.J. — Capitol Seniors Housing has completed construction of a new clubhouse and two of the remaining five residential buildings at Siena, an active adult community in Cinnaminson Township, a suburb of Philadelphia. Located on 15 acres, the community will feature 204 units upon full build-out. Capitol Seniors Housing acquired Siena in 2018. The owner is currently working to complete the community’s master plan that will total 12 buildings. The new residences range from 1,114 to 1,873 square feet. Cove Property Management operates the community.
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JACKSONVILLE and STUART, Fla. — CBRE National Senior Housing has brokered the sale of Inspired Living of Jacksonville and Inspired Living of Stuart, both located in Florida. The portfolio offers approximately 300 units and was in initial lease-up at the time of closing. Lisa Widmier of CBRE represented the seller, a privately held owner-developer. The buyer was a large public REIT in partnership with a national, leading management company. The price was not disclosed.
Dwight Capital Provides $50.8M Financing for Silver Healthcare Center in Cherry Hill, New Jersey
by Jeff Shaw
CHERRY HILL, N.J. — Dwight Capital has provided a $50.8 million loan for Silver Healthcare Center, a 246-bed skilled nursing facility in Cherry Hill, a suburb of Philadelphia. The 129,530-square-foot property was built on 7.9 acres in 2002. The use of the HUD loan was not disclosed.
IRVING and PLANO, Texas — Cushman & Wakefield Senior Housing Capital Markets has arranged the sale of two seniors housing communities in the Dallas Metroplex. A real estate investment company acquired the properties for an undisclosed price. The communities total 265 units and include MacArthur Hills in Irving and Prestonwood Court in Plano. Senior Lifestyle Corp. manages both assets. The two Class A, infill properties offer a combination of independent living, assisted living and memory care. MacArthur Hills was recently constructed, while Prestonwood Court has a long history of strong …
Aging-in-Place Technology Has Its Limits, Says a Reassuring InterFace Seniors Housing Panel
by Jeff Shaw
PHILADELPHIA — Will today’s emerging aging-in-place technologies, designed to help the elderly remain in their own home for a longer period of time, lead to significantly reduced demand for seniors housing? The question was a hot topic at the InterFace Seniors Housing Northeast conference last Thursday in Philadelphia following a recent front-page article in The Wall Street Journal under the following headline: “Boomers Want to Stay Home. Senior Housing Now Faces Budding Glut.” The piece argues that aging-in-place technology poses a challenge to builders of senior living communities, particularly at a …
JERICHO, N.Y. — Engel Burman has opened Encore Luxury Living, a seniors housing community in the Long Island hamlet of Jericho. The property offers active adult living, with rents starting at $8,400 per month. Housekeeping and maintenance are included in the rent. The location is across the street from a library and a Whole Foods-anchored shopping center. The community features 59 one-bedroom units, 42 two-bedroom units and one three-bedroom unit. Unit sizes range from 826 to 1,500 square feet. The property will share a campus with Engel Burman’s existing assisted …
WYNDMOOR, Pa. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Wyndmoor Hills, a 180-unit rental continuing care retirement community (CCRC). The community is located on 12 acres in Wyndmoor, an affluent suburb just north of Philadelphia. The building totals 214,288 square feet. Blueprint represented the court-appointed receiver for the sale of the financially distressed community. The receiver took over operational control and saw immediate improvement, allowing the property to be marketed as a value-add opportunity. A regional buyer with a track record for turnaround projects acquired the …
BREWSTER, Mass. — OREC Securities, the investment banking affiliate of Lancaster Pollard, has arranged the sale of Pleasant Bay Nursing and Rehabilitation Center in the Cape Cod town of Brewster. The community is a five-star rated facility with 135 skilled nursing beds and 59 assisted living units. Although the original plan was to split the community into two separate sales, a regional owner-operator bought the properties as a single asset. Laca Wong-Hammond, Chad Elliott, Kevin Laidlaw and Aaron Becker led the transaction for OREC. The seller and price were not …
NEW ALBANY, Ohio — Trilogy Health Services has Smith’s Mill Health Campus, a seniors housing community in New Albany, a suburb of Columbus. The assisted living and skilled nursing services will be offered on the first floor, with independent living on the second floor. A separate area named Legacy Lane will provide memory care services. The number of units was not disclosed. In addition to traditional skilled nursing, the health center will offer rehabilitation, outpatient therapy and adult daycare services. Paragon Rehabilitation will provide the team of physical therapists. Trilogy …
MONUMENT, Colo. — WellAge has named Dena Mackey as executive director of Jackson Creek Senior Living, a 137-unit independent living, assisted living and memory care community in Monument, located between Denver and Colorado Springs. Mackey has more than 16 years’ experience in the senior living industry. She started her career as a certified nursing assistant in an memory care unit and eventually worked at Poudre Valley Hospital on the medical floor and in the operating room. Mackey has also worked as an assisted living director, memory care director and hospice …