ANNAPOLIS, Md. — The average occupancy rate for independent living and assisted living properties in the second quarter of 2016 dropped to 89.7 percent, as new inventory outpaced absorption of units, according to a quarterly report from the National Investment Center for Seniors Housing & Care (NIC).
News
CHICAGO — Giant seniors housing REIT Ventas (NYSE: VTR) has agreed to acquire all the life sciences and medical real estate assets of Wexford Science & Technology for $1.5 billion. Wexford will continue to operate the portfolio, which includes 25 Class A properties totaling 4.5 million square feet.
Cushman & Wakefield Arranges $15.1M Construction Financing for LCB Development in New Hampshire
by Jeff Shaw
DOVER, N.H. — Cushman & Wakefield has arranged $15.1 million in financing for LCB Senior Living, which will use the funds to help build Residence at Silver Square, a 76-unit independent living, assisted living and memory care community in Dover, approximately 70 miles north of Boston.
NEWTON, Mass. — Senior Housing Properties Trust (NYSE: SNH) has acquired seven seniors housing communities from Five Star Quality Care (NYSE: FVE) for $112.4 million. Five Star will continue to operate the communities as as part of the sale-leaseback deal.
HARTFORD, Conn. and PLANO, Texas — Cornerstone Real Estate Advisers has agreed to acquire ACRE Capital Holdings LLC, the agency lending subsidiary of Ares Commercial Real Estate Corp. (NYSE: ACRE). The $93 million transaction could close as early as the third quarter of this year.