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AcquisitionsMemory CareMinnesotaNews

SLIB Negotiates Sale of 65-Unit Memory Care Community in St. Paul, Minnesota

by Jeff Shaw

ST. PAUL, Minn. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Alton, a 65-unit memory care community in St. Paul. The community was built in 2008. It totals 52,516 square feet on approximately 0.88 acres of land. The seller was a multifamily owner/developer looking to focus on its market-rate portfolio. The buyer was an experienced home health operator in the Minnesota market looking to grow its presence in traditional senior living real estate investments. The price was not disclosed. Jason Punzel, Jake Anderson, Brad Goodsell and …

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IllinoisNewsOperationsPeople

Lifespace Communities Names Elijah Heyboer as Executive Director at GreenFields of Geneva 

by Jeff Shaw

GENEVA, Ill. — Lifespace Communities has promoted Elijah Heyboer to executive director at GreenFields of Geneva, a senior living community in Geneva, approximately 40 miles west of Chicago.  Heyboer originally joined Lifespace as administrator of the GreenFields’ health center in March before becoming interim executive director in September.  Prior to joining Lifespace, Heyboer served as human resources director at Park Place of Elmhurst, a Providence Life Services senior living community, before becoming healthcare administrator, where he oversaw subacute rehab, long-term care, assisted living and memory care.  Heyboer earned a bachelor’s …

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AcquisitionsDevelopmentFeaturesNews

Acquisitions Make More Sense Than Development in Today’s Market, Says Benchmark CEO Tom Grape

by Jeff Shaw

The dearth of new supply in the seniors housing space is a double-edged sword, says Tom Grape, founder, chairman and CEO of regional operator Benchmark Senior Living. While the lack of new product has provided a much-needed lift to operators of existing communities seeking to boost occupancy, it’s also a missed opportunity for developers chomping at the bit to start new projects.  The year-over-year (YOY) inventory growth in seniors housing was 1.3 percent in the third quarter, nearly the smallest YOY growth since 2012, according to NIC MAP. Grape foresees …

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Active AdultDevelopmentMassachusettsNews

United Group Receives $35M Construction Financing for The Arbella at Bramble Hill in Worcester, Massachusetts 

by Jeff Shaw

WORCESTER, Mass. — The United Group of Cos. Inc. has received $35 million in construction financing for The Arbella at Bramble Hill, an active adult development in Worcester. The Washington Trust Co. provided the capital with the assistance of JLL Capital.  The Arbella will span 17 acres and offer 123 one- and two-bedroom apartments across three elevator-serviced buildings. The community will also feature an 8,5000-square-foot clubhouse. United Group plans to complete construction by the beginning of 2025. Project partners include Marchionda & Associates, Syvertsen Rigosu Architects and Campanelli Associates Construction …

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FinanceFloridaNewsOregon

Berkadia Provides $56.6M in HUD Financing for Four-Community Portfolio in Florida, Oregon

by Jeff Shaw

FLORIDA and OREGON — Berkadia Seniors Housing & Healthcare has provided four loans totaling $56.6 million in volume through HUD’s 232/223(f) program, all of which feature the program’s maximum loan term of 35 years. In the first transaction, Ed Williams of Berkadia Seniors Housing & Healthcare closed a $14.5 million 232/223(f) HUD loan secured by a 139-bed skilled nursing facility located in South Florida for a Florida-based client. The loan refinanced a bridge loan Williams placed in 2019 and a subsequent cash-out, borrow-up originated by the senior lender in August …

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AcquisitionsIndianaNewsOhio

SLIB Negotiates Sale of Five-Community Portfolio in Ohio, Indiana

by Jeff Shaw

OHIO and INDIANA — Senior Living Investment Brokerage (SLIB) has arranged the sale of a five-property portfolio located in Ohio and Indiana. The five communities total 400 units and were built between 1983 and 2001.  The Ohio communities are all located within 250 miles of each other, and the Indiana communities are located within 75 miles of each other. The portfolio is well maintained and underwent significant capex over the last few years, according to SLIB. The seller was a Northeast-based private REIT that divested the portfolio to focus on …

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Affordable HousingDevelopmentFinanceMassachusettsNews

MassDevelopment Issues $17.8M in Bond Financing for Leland House Affordable Community in Waltham, Massachusetts

by Jeff Shaw

WALTHAM, Mass. — MassDevelopment has issued $17.8 million in tax-exempt bond financing on behalf of 2Life Leland LLC, an affiliate of 2Life Communities. The borrower will use bond proceeds to demolish a vacant former rest home at 21 Newton St. in downtown Waltham and build a three-story, 68-unit affordable rental housing facility for seniors in its place.  Built in 1891, the existing building operated as The Leland Home before its closing in 2020. The new building, which will be known as Leland House, will include 66 one-bedroom apartments and two …

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AcquisitionsNewsWashington

Blueprint Brokers Sale of Community in Bremerton, Washington

by Jeff Shaw

BREMERTON, Wash. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a seniors housing asset in Bremerton, across the Puget Sound from Seattle. The seller was a national healthcare REIT. Further details on the property were not disclosed. The existing asset was identified as an ideal candidate for either a behavioral healthcare provider, based on strong demand and reimbursement in the state, or a strategic regional seniors housing operator that had economies of scale in the region. Ultimately, a regional seniors housing operator, which Blueprint has worked with …

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DevelopmentIllinoisIndependent LivingNews

Covenant Breaks Ground on $66.5M Expansion Project in Northbrook, Illinois

by Jeff Shaw

NORTHBROOK, Ill. — Covenant Living Communities and Services has broken ground on an expansion project at Covenant Living of Northbrook in Northbrook, a suburb north of Chicago. The $66.5 million expansion includes three new three-story carriage homes. This will add 36 new one- and two-bedroom apartments, each with a large patio or balcony and private garage. The overall project also includes a reimagined town center, adding another 9,000 square feet with upgraded dining venues — both indoors and outdoors. The outdoor spaces will incorporate a fit pit. The development team …

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DevelopmentFloridaNews

Lawson Group Architects Completes Phase One of 81 Oaks Senior Living in Sarasota, Florida

by Jeff Shaw

SARASOTA, Fla. — Lawson Group Architects (LGA) has completed Phase One of 81 Oaks Senior Living in Sarasota. N21 Group, a related partner of LGA, co-developed the project. The 108,000-square-foot property is situated on a 20-acre site, which features intergenerational aspects due to the campus including a church and a public charter school.  Phase One offers independent living, assisted living and memory care residences featuring studios, one- and two-bedroom floorplans. Future phases include independent living apartments and a neighborhood of one-story villas with attached garages. JP Wiseman Construction built the …

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