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AcquisitionsFeaturesInvestmentNews

Active Investors Say Now’s the Perfect Time to Buy Seniors Housing

by Jeff Shaw

Increased interest rates have made the cost of capital high, slowing both acquisitions and new development in the seniors housing space.  “Since interest rates took the bubbles out of our champagne in 2022, many in our industry have been hunkering down as valuations have been challenged, exit plans have been destroyed and carrying costs of non-cash-flowing properties have spiked,” said JP LoMonaco, executive vice president at CBRE. But for those able to make acquisitions work, now may be the perfect time to buy. “We’re past the COVID recovery now,” said …

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CCRCDevelopmentFinanceNewsNorth Carolina

Ziegler Arranges $76.2M Bond Financing for Carolina Meadows CCRC in Chapel Hill, North Carolina

by Jeff Shaw

CHAPEL HILL, N.C. — Ziegler has arranged $76.2 million in bond financing for Carolina Meadows, a continuing care retirement community (CCRC) in Chapel Hill, part of the Raleigh-Durham metro area. Carolina Meadows was formed in 1983 to develop, own and manage the community. The property features 476 independent living units, 78 assisted living units (95 beds in operation) and 78 skilled nursing units (86 beds in operation). This ranks Carolina Meadows as the 20th largest nonprofit, single-site CCRC in the country, according to the 2023 LeadingAge-Ziegler 200. Carolina Meadows plans to …

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AcquisitionsIndianaNewsSkilled Nursing

ESI Brokers Sale of Two Skilled Nursing Facilities in Indiana

by Jeff Shaw

PLYMOUTH and LOGANSPORT, Ind. — Evans Senior Investments (ESI) has arranged the sale of two skilled nursing communities that were family-owned and operated in Northern Indiana.  Pilgrim Manor, located in Plymouth, was built in 1969, with a significant renovation in 2012. The facility offers 78 skilled nursing beds, including 40 private rooms. Despite experiencing financial challenges and a 73 percent occupancy rate at the time of sale, the facility maintained an four-star CMS rating. Chase Center, situated in Logansport, opened in 1978. The facility offers a total of 101 skilled …

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IllinoisMemory CareNewsPeople

Anthem Memory Care Appoints Laporsha Chavers as Executive Director for Community in Tinley Park, Illinois

by Jeff Shaw

TINLEY PARK, Ill. — Anthem Memory Care has promoted Laporsha Chavers to executive director for Porter Place in Tinley Park, approximately 25 miles southwest of Chicago.  Chavers previously was associate executive director for Porter Place. She also served as associate executive director for Grace Point Place, an Anthem community in nearby Oak Lawn. The certified dementia care practitioner brings over 18 years of senior living experience to this position. She earned a bachelor’s degree in business administration from Governors State University and an MBA from Purdue University.

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DevelopmentIndependent LivingNewsWashington

Watermark, Alliance Complete Independent Living Expansion at Watermark at Bellevue

by Jeff Shaw

BELLEVUE, Wash. — Watermark Retirement Communities and Alliance Residential Co. have completed construction of a new independent living tower at Watermark at Bellevue in the Seattle suburb of Bellevue. The community now offers a continuum of care, with its existing assisted living and memory care spaces. The property features 110 assisted living apartments and 26 memory care units. The expanded Watermark at Bellevue, now totaling 360,000 square feet, spans an entire city block. The 155-unit, 22-story independent living tower features studios, one-bedroom and two-bedroom apartments.  Watermark at Bellevue is adjacent …

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FinanceNewsVirginia

BWE Arranges $47M Refinancing for Discovery Village at the West End in Richmond, Virginia

by Jeff Shaw

RICHMOND, Va. — BWE has arranged a $47 million loan to refinance Discovery Village at the West End, a 219-unit, Class A independent living, assisted living and memory care community in Richmond. Ryan Stoll and Taylor Mokris arranged the financing on behalf of a large private equity investor. Mesa West Capital provided the funds. Discovery Village at the West End comprises a 124-unit independent living building and a 95-unit assisted living and memory care building. The property is located on 37 acres and was built between 2011 and 2015 Discovery Senior …

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AcquisitionsAssisted LivingNewsTexas

LifeCare Properties Sells 112-Unit Blake at New Braunfels in Texas to Inspired Healthcare Capital

by Jeff Shaw

NEW BRAUNFELS, Texas ­— LifeCare Properties (LCP) has sold The Blake at New Braunfels to Inspired Healthcare Capital for an undisclosed price.  The Blake at New Braunfels is a 112-unit assisted living and memory care community in New Braunfels, northeast of San Antonio in the heart of Texas Hill Country. Built in 2021, the Class A property features 71 assisted living units and 41 memory care units. Blake Management Group will continue to operate the property under the new ownership. Cody Tremper and his team at Berkadia Seniors Housing & …

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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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