PALM BEACH COUNTY, Fla. — Berkadia has arranged the sale of an 80-unit assisted living and memory care community in Palm Beach County. The community sold to a Central Florida-based owner-operator looking to expand its operational footprint into South Florida. The price was not disclosed. The community is located in a densely populated Palm Beach County submarket less than a half mile from over 750,000 square feet of retail space occupied by tenants including Walmart Neighborhood Market, Marshall’s, and Phoenix Theaters. Brooks Minford of Berkadia Seniors Housing & Healthcare led …
QUINCY and CENTRALIA, Ill. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Cedarhurst of Quincy and Cedarhurst of Centralia, both located in the southern portion of Illinois. Quincy is licensed as a Supportive Living Program (SLP) community with 56 units and Centralia is an all-private-pay, 16-unit memory care community. The seller developed, owned and operated both properties. The buyer was an Illinois-based owner-operator with an existing presence in the state and familiarity with SLP. The price was not disclosed. Ryan Saul and Jeff Binder led the transaction …
SEATTLE — Ziegler has arranged $13.3 million in bond financing for Bayview Retirement Community in Seattle. The Washington State Housing Finance Commission issued the bonds. Bayview Manor Homes, which owns and operates Bayview Retirement Community, is a Washington nonprofit corporation and 501(c)(3) organization that was established in 1961 to care for the elderly residents of Seattle’s Queen Anne neighborhood and beyond. The community features 133 independent living apartments and 44 assisted living apartments (which includes 10 memory care units). Bayview also operates an intergenerational childcare center located at the community …
AUSTIN, Texas — Offerd has expanded into seniors housing with the addition of Scott McCorvie, a 20-year seniors housing investment veteran. McCorvie previously worked for a national seniors housing valuation and advisory firm, two national healthcare REIT and a national seniors housing consulting firm, in addition to launching two regional seniors housing owner-operator investment firms. Over his career, he has helped close over $1 billion dollars of seniors housing transactions in markets throughout the United States. Offerd integrates technology, data intelligence and customized services into one acquisition and transaction platform. …
WORCESTER, Mass. — WinnCompanies has started construction of Residences on Lincoln Square, a $51 million project to transform the historic Worcester Boys Club property into 80 affordable apartment homes for adults 55 and older. The historic structure hosted one of the first Boys Clubs in the nation in 1930 and later served as Worcester Vocational High School for decades before becoming vacant in 2006. The WinnDevelopment effort will employ adaptive reuse techniques to preserve and renovate the 94-year-old building as 16 apartment homes and a variety of community spaces, while …
HONDO and KERRVILLE, Texas — Senior Living Investment Brokerage (SLIB) has arranged the sale of two skilled nursing facilities in Hondo and Kerrville. Offering 232 total skilled nursing beds, the portfolio of communities are located within 60 miles of each other in Central Texas. The portfolio is approximately 55,500 square feet in total and is situated on approximately 4.1 acres of land. The seller is an owner-operator located in Texas, while the buyer is a publicly traded REIT that is leasing the properties to a new operator in the Texas …
MCKINNEY, Texas — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 48-unit assisted living and memory care community in McKinney, approximately 35 miles north of downtown Dallas. Originally built in 1993, prior ownership recently completed a $2.2 million renovation. At the time of marketing, the community featured strong in-place occupancy of 98 percent, as well as a recently implemented rate increase. A newly launched, privately traded REIT acquired the property for an undisclosed price. The undisclosed seller was divesting of its final seniors housing property. With this …
IDAHO — VIUM Capital has provided a $7 million bridge loan for the acquisition of a 79-unit assisted living and memory care community in Idaho. Representing 75 percent leverage, the initial advance was $6.4 million with a $510,000 earn-out that can be advanced at HUD submission. The borrower already owned three senior living communities in Idaho, and this project presented an opportunity to acquire at a solid basis and stabilize operations. The plan is to submit a HUD application 12 months post-closing. Further details were not disclosed.
KIRKLAND, Wash. — Ziegler has arranged $62.4 million in bond financing for Parkshore Juanita Bay, a 50-unit independent living community in the Seattle suburb of Kirkland. The borrower was originally founded in 1932 to provide housing and care for German seniors. In 1977, the organization constructed an assisted living retirement home known as The Gardens at Juanita Bay in Kirkland’s historic Juanita Bay neighborhood on the shores of Lake Washington. In December 2018, the community affiliated with Presbyterian Retirement Communities Northwest, now known as Transforming Age. In 2021, management announced …
SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NYSE: CTRE) has acquired two skilled nursing facilities in separate transactions with a total investment amount of $62.1 million. The company acquired a 125-bed skilled nursing facility in the Mid-Atlantic and a 134-bed skilled nursing facility on the West Coast. CareTrust’s investment in the Mid-Atlantic facility, inclusive of transaction costs, was approximately $37.7 million and will generate an initial annual base rent of approximately $3.4 million. The company has leased the facility pursuant to a new 15-year, triple-net lease that includes two five-year …