CINCINNATI — Blueprint Healthcare Real Estate Advisors has arranged the sale of a skilled nursing facility in Cincinnati. A local owner-operator looking to focus on other asset classes sold the property to another owner-operator. The price was not disclosed. The facility opened in 2013 featuring a large rehabilitation center and state-of-the-art aquatic therapy room, in addition to all-private resident rooms. Connor Doherty and Ryan Kelly led the Blueprint team.
ANN ARBOR, Mich. — Arrow Senior Living has assumed management of University Senior Living, expanding its Midwest reach. Located near the University of Michigan campus in Ann Arbor, University Senior Living features 63 assisted living units and 12 memory care apartments. Arrow Senior Living’s portfolio includes 37 communities, with several in development, across the Midwest. The addition of University Senior Living marks Arrow’s expansion into the Michigan market.
DALLAS — In standard senior living, the selling points tend to be the care and amenities offered for an ailing parent. In active adult properties, though, it’s the tenants themselves that make the community a draw. That’s according to a panel of seniors living in age-restricted communities throughout metro Dallas. The residents were the highlight of the closing panel at InterFace Active Adult, held April 18 at The Westin Las Colinas in Dallas. The panel was titled “Live Interview of Active Adult Residents: What Motivated Them to Move in?” All …
OHIO — Capital Funding Group (CFG) has arranged a bridge-to-HUD loan totaling $13.5 million for a skilled nursing facility in Ohio. The property features 120 beds. Further details were not disclosed. Tim Eberhardt and Ava Julio originated the transaction for CFG.
VERO BEACH, Fla. — Watercrest Senior Living Group, a Vero Beach-based operator, has promoted James Brassard to a new executive leadership role as director of Market Street operations. Market Street Memory Care Residences are luxury communities that Watercrest designed and operates. Brassard joined the Watercrest family in 2019 with extensive experience in senior living start-ups and turnaround communities. He successfully led the acquisition and turnaround of the company’s Palm Bay Memory Care community before advancing to executive director of Pelican Landing Assisted Living and Memory Care. In his new role, …
HASLETT, Mich. — REDICO has opened American House Meridian, a seniors housing community in Haslett, which is located within Meridian Township just east of Lansing and Michigan State University. The community rises four stories and features 132 units of independent living, 50 of which were pre-leased prior to opening. Cunningham-Limp Development Co. built the community, with Banko Design as architect. The site is located near highways I-96 and I-69, five premier golf courses and two major hospital systems: McLaren and Sparrow.
SAN ANTONIO — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Franklin Park TPC Parkway, a 269-unit seniors housing community in San Antonio. The Class A community was constructed in two phases from 2011 to 2017. It offers independent living, assisted living and memory care services. Following the completion of the six-year freeway expansion that affected leasing, access to the community had dramatically improved at the time of marketing, according to Blueprint. The refreshed curb appeal provided an opportunity for an incoming investor to capitalize on existing move-in …
WICKLIFFE, Ohio — Phorcys Capital Partners, the investment advisor to Phorcys Senior Housing Recovery Fund LP, has acquired Prosper at Wickliffe, a 160-unit assisted living facility in Wickliffe, approximately 15 miles northeast of Cleveland. Phorcys made the purchase through a trustee-directed short sale for $13 million. Prosper Life Care will take over management of the property.
ATLANTA — The Benoit Group, in partnership with Atlanta Housing, has received financing for the development of Englewood Senior in Atlanta. The 160-unit affordable senior living project marks the first redevelopment phase of a master-planned, mixed-use, multi-phase community on the 30-acre site of the former Englewood Manor public housing site. Originally built in 1971 on approximately 30 acres, Englewood Manor offered 324 public housing units before the residents were relocated in 2007, followed by the property’s demolition in 2009 with HUD approval. The site is located in southeast Atlanta approximately …
ALGONQUIN, Ill. — Cambridge Realty Capital Cos. has provided a $15.5 million HUD Lean loan to refinance The Pointe at Eastgate in Algonquin, approximately 45 miles northwest of Chicago. The borrower is a limited liability company in Illinois. The community is an assisted living community that specializes in the transition between independent living and skilled nursing. The undisclosed number of units are all private. Brent Holman-Gomez led the financing for Cambridge. The loan features a fully amortizing, 35-year term.
