NAPLES, Fla. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management, have acquired Beach House, a 113-unit assisted living and memory care community in Naples. The community is located three miles from Naples’ Fifth Avenue District, close to shopping centers, medical facilities, recreation and entertainment venues. CPF plans to make investments to improve the campus. Grace Management will take over operations. The seller was not disclosed. Although the price was also not disclosed, KeyBank Real Estate Capital provided an $18.1 million bridge loan for the …
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ROANOKE, Va. — M&T Realty Capital Corp. has provided a $12.9 million Fannie Mae loan to refinance a 55-unit seniors housing property in Roanoke. The 10-year loan features a fixed rate of 3.75 percent and a 30-year amortization. Matthew Pipitone of M&T Realty Capital Baltimore office, in collaboration with Nick Gent of M&T Bank’s Washington, D.C. office, led the transaction. The borrower and name of the community were not disclosed.
TEXARKANA, Texas — Blueprint Healthcare Real Estate Advisors has arranged the sale of Christian Care Center of Texarkana, a 114-bed skilled nursing facility in Texarkana. A public REIT sold the property to a regional provider for an undisclosed sum. Originally constructed in 1972, Christian Care Center of Texarkana was designed with three resident wings to offer rehabilitation, skilled nursing, cognitive care and long-term care. In recent years, overall census and quality mix declined, leading the operator to temporarily close one of the resident wings for efficiency and expense management purposes. …
TUCSON, Ariz. — Watermark Retirement Communities, a Tucson-based operator, has hired Aras Erekul to the new position of national director of integrative well-being. Erekul was most recently the corporate director of experience development at the wellness lifestyle and luxury spa resort organization Canyon Ranch. He will be responsible for bringing together a wide range of practices and programs for Watermark residents and associates. “The senior living profession is evolving to embrace a deeper understanding of holistic approaches to health and wellness,” says Erekul. “I look forward to serving as the …
DURHAM, N.C. — CBRE has arranged an $18 million loan to refinance debt on Bartlett Reserve, a 100-unit independent living community in Durham. The borrower is Focus Healthcare Partners. CBRE also arranged the acquisition financing for Focus in 2017. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing originated the floating-rate loan through Fannie Mae.
DALLAS, GREENVILLE, S.C. and SANTA FE, N.M. — Dallas-based architecture firm “three” has completed design work on three seniors housing communities — expansions in Dallas and Greenville, and a ground-up development in Santa Fe. Locally, three is leading a $35 million repositioning effort for Presbyterian Village North, owned and operated by nonprofit Presbyterian Communities and Services. The project will add 112 independent living units and a 30,000-square-foot commons building at the campus core. In South Carolina, for the single-site Woodlands at Furman community in Greenville, the firm designed a $19 million …
Blueprint Brokers Sale of $7.3M Sale of Assisted Living Community in San Diego’s Mission Hill
by Jeff Shaw
SAN DIEGO — Blueprint has arranged the sale of the Cloisters of the Valley, an assisted living community in the hills of Mission Valley, an affluent northern submarket of San Diego. The seller was an owner-operator seeking to retire. Bayshire Senior Living, a growing regional owner-operator with three other communities in the greater San Diego area, acquired the property. The property consists of 70 beds in 35 units. The purchase price was $7.3 million, or just over $207,000 per unit. The Blueprint team consisted of Jacob Gehl, Humair Sabir and …
SCOTTSDALE, Ariz. — Cadence Living has hired Tom Stenger as regional sales rirector for the Southeast. Stenger will support Mike Dollander, vice president of operations for the Southeast, and Heather Thomas, vice president of operations for North Carolina). The team will manage the ten Southeastern communities in Cadence’s portfolio. Prior to joining Cadence, Stenger served in regional and community positions in sales and marketing for Erickson Living and Liberty Senior Living. He also served as the head of new business development for four different advertising agencies, most notably as a …
NOVATO, Calif. — Oakmont Senior Living has opened an information center at Oakmont of Novato, a seniors housing community currently under construction in Novato, approximately 30 miles north of San Francisco. The community will total 72,614 square feet on a three-acre plot, and feature 49 units of assisted living and 36 units of memory care. Construction is slated for completion in spring 2020. Melon Rivera will be executive director of the new community.
IRVINE, Calif. — Healthpeak Properties Inc. (NYSE: PEAK), the Irvine-based REIT formerly known as HCP, has signed an agreement with Oakmont Senior Living to buy up to 24 of its under-development communities for approximately $1.3 billion. The transaction is structured as a purchase option agreement, where Healthpeak may choose to buy the properties as construction is completed and Oakmont elects to sell. The developments are largely located in California, with planned completion dates between 2020 and 2023. Healthpeak expects $200 million of the transactions to occur during the first half …