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Affordable HousingDevelopmentFinanceNewsTexas

Hunt Capital Partners Arranges $13.2M Financing for Oak Lofts Crossing Affordable Community in Stafford, Texas

by Jeff Shaw

STAFFORD, Texas — Hunt Capital Partners has arranged $13.2 million in Low-Income Housing Tax Credit financing for the construction of Oak Lofts Crossing for Seniors, a 60-unit affordable seniors housing community in the Houston suburb of Stafford. Oaklake Community Housing Development Corp. (OCHDC) is the borrower. Comprised of a four-story, elevator-serviced, mid-rise building, the development will offer a mix of one- and two-bedroom affordable homes for those who earn up to 30 percent, 50 percent and 60 percent of the area median income (AMI). Oak Lofts Crossing provides a much-needed …

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FeaturesNews

NIC: Private-Pay Occupancy Rises to 85.9 Percent in 12th Consecutive Quarterly Increase

by Jeff Shaw

ANNAPOLIS, Md. — The private-pay seniors housing occupancy rate for the 31 NIC MAP Primary Markets reached 85.9 percent in the second quarter of 2024, an increase of 50 basis points from the prior quarter, according to data released by NIC MAP Vision and analyzed by the National Investment Center for Seniors Housing & Care (NIC). The second quarter of 2024 represents the 12th consecutive quarter of occupancy gains, with an increase of 70 basis points in independent living occupancy and an increase of 50 basis points in assisted living …

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AcquisitionsAssisted LivingMichiganNews

JLL Negotiates Sale of Two-Property Portfolio in Metro Detroit

by Jeff Shaw

TROY and ROCHESTER HILLS, Mich. — JLL has arranged the sale of Anthology of Troy and Anthology of Rochester Hills, two seniors housing communities totaling 184 units in the Detroit metro area. A partnership between MedCore and American House acquired the assets for an undisclosed price. American House will operate both communities.  The now-renamed American House Somerset and American House Hampton Village are two-story assisted living and memory care communities with 93 and 91 units, respectively. They were completed in 2017 and 2018, respectively.  Jay Wagner, Rick Swartz and Jim …

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AcquisitionsNewsOhioSkilled Nursing

Blueprint Arranges Sale of 80-Bed Skilled Nursing Facility Near Akron, Ohio

by Jeff Shaw

AKRON, Ohio — Blueprint Healthcare Real Estate Advisors has arranged the sale of an 80-bed skilled nursing facility. Purpose-built in 2015 as a transitional care facility in a northeastern suburb of Akron, the facility presented numerous paths to stabilization with strong fundamentals and attractive in-place HUD financing, according to Blueprint. The buyer was a regional owner/operator with significant experience in Northeast Ohio, allowing for a quick HUD Transfer of Physical Assets approval. The seller and price were not disclosed. Connor Doherty and Ryan Kelly led the Blueprint team.

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AcquisitionsNewsPennsylvania

Walker & Dunlop Brokers Sale of 146-Unit Community in Bucks County, Pennsylvania

by Jeff Shaw

BUCKS COUNTY, Pa. — Walker & Dunlop has arranged the sale of a 146-unit independent living, assisted living and memory care community in Bucks County. Situated approximately 30 miles north of Philadelphia, this stabilized, Class A asset was developed in 2022.  The buyer was a public healthcare REIT. The seller and price were not disclosed. Joshua Jandris, Mark Myers and Brett Gardner led the Walker & Dunlop team.

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NewsPeople

Juniper Communities Promotes Chuck Hastings to President, Amy Purcell to Vice President of Sales

by Jeff Shaw

BLOOMFIELD, N.J. — Juniper Communities, a Bloomfield-based owner-operator, has promoted Chuck Hastings to president and Amy Purcell to vice president of sales. Hastings, formerly the CFO, assumes an expanded role in addition to his current responsibilities. In making the announcement, CEO Lynn Katzmann praised Hastings’ 27-year tenure at Juniper. Katzmann will continue as CEO to drive strategic and business development activities as Hastings focuses on day-to-day operations and financial success. Purcell has been with Juniper for three years. 

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AcquisitionsCCRCFinanceNew JerseyNews

Ziegler Arranges $42.5M Acquisition Financing for Applewood CCRC in Freehold, New Jersey

by Jeff Shaw

FREEHOLD, N.J. — Ziegler has arranged $42.5 million in bond financing for FellowshipLIFE, a nonprofit owner-operator of continuing care retirement communities (CCRCs) in New Jersey. The borrower will use the funds to acquire Applewood, a CCRC formerly owned by CentraState Healthcare System in the North Jersey town of Freehold.  Located on approximately 44 acres, Applewood opened in 1990 and offers a full continuum of care to its long-time residents. Applewood offers 300 independent living units, 37 assisted living units, 11 memory care units and 60 skilled nursing units. Ziegler facilitated …

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AcquisitionsNewsSkilled NursingTexas

SLIB Brokers Sale of 112-Bed Treemont Health Care Center in Houston

by Jeff Shaw

HOUSTON — Senior Living Investment Brokerage (SLIB) has arranged the sale of Treemont Health Care Center, a 112-bed assisted living and skilled nursing community in Houston. Built in 1974, the 39,058-square-foot community sits on approximately 1.3 acres. The bed mix is 42 assisted living and 70 skilled nursing. A regional owner-operator sought to exit the property due to the post-pandemic operating difficulties. The buyer was a local owner-operator looking to expand in Houston. The buyer assumed a HUD loan associated with the property. The price was not disclosed Vince Viverito, …

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AcquisitionsAssisted LivingNewsPennsylvania

Blueprint Negotiates Sale of 114-Unit Community Near Philadelphia

by Jeff Shaw

PHILADELPHIA — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 114-unit assisted living and memory care community in the suburbs of Philadelphia. Ownership acquired the 1988-built community in 2018 with a plan to execute an investment and repositioning strategy. Ownership subsequently invested significant capital to renovate and modernize the community. However, a subsequent influx of new competitive supply caused a persistent drag on occupancy and rate growth, according to Blueprint. The challenges were then exacerbated by the pandemic and its lasting inflationary impact on operating expenses. The …

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NewsPeople

Ascension Living Names Erin Shadbolt CEO

by Jeff Shaw

ST. LOUIS — Ascension Living, a faith-based operator based in St. Louis, has named Erin Shadbolt its new chief executive officer. She will provide strategic and operational leadership over Ascension’s diversified seniors housing services, including independent living, assisted living, memory support, skilled nursing and short-term rehabilitation.  In addition to serving as CEO, Shadbolt continues in the dual role of vice president of post-acute and at-home services. Shadbolt joined Ascension in 2022 and has held several key positions, including chief nursing officer of post-acute and at-home services and interim chief operating …

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