Pennsylvania

Revelle-King-of-Prussia_King-of-Prussia-Pa

Legend Senior Living Takes Partial Ownership of Community Near Philadelphia

by Hayden Spiess February 17, 2025

KING OF PRUSSIA, Pa. — Legend Senior Living has taken partial ownership of Anthology Living, a seniors housing community located in King of Prussia, roughly 20 miles outside Philadelphia. Effective immediately, the community — which offers independent living, assisted living and memory care residences — will be known as Revelle King of Prussia. Legend will also operate community. This brings the Wichita, Kansas-based company’s portfolio to a total of 65 owned and/or operated communities in Florida, Colorado, Texas, Kansas, Oklahoma and Pennsylvania. Amenities at Revelle King of Prussia include a fitness …

February 17, 2025

Features News Pennsylvania

Boomers Prefer University Campus Setting Over an ‘Elderly Island,’ Says InterFace Keynote Speaker

by Hayden Spiess January 29, 2025

PHILADELPHIA — Andrew Carle believes that university retirement communities (URCs) represent a potential game-changing opportunity not only for the seniors housing industry but also for universities and retirees, if executed properly. Yet, URCs are also extraordinarily complicated to operate, cautions the founder of UniversityRetirementCommunities.com, the first directory and information resource of its kind, which lists more than 85 such communities nationwide. “It doesn’t get more difficult than trying to merge big, large, bureaucratic state universities that move very slowly and who live in a bubble of 20-year-olds with the senior living …

January 29, 2025

Acquisitions Illinois Maryland Massachusetts News Pennsylvania

Harrison Street Sells 1,186-Unit Seniors Housing Portfolio to Morgan Stanley

by Hayden Spiess December 30, 2024

CHICAGO — Investment management firm Harrison Street has sold a 1,186-unit seniors housing portfolio to Morgan Stanley Real Estate Investing (MSREI), the private real estate investment arm of Morgan Stanley Investment Management. Originally acquired by Harrison Street in a joint venture partnership with Brightview Senior Living in 2014, the portfolio comprises eight communities located in the Baltimore, Philadelphia and Boston-Providence metros. Jay Wagner, Rick Swartz, Aaron Rosenzweig, Tim Hosmer and Sean Kirk of JLL National Seniors Housing Capital Markets brokered the sale on behalf of Harrison Street. Allison Holland and Alex …

December 30, 2024

Acquisitions News Pennsylvania Skilled Nursing

SLIB Brokers $11M Sale of Skilled Nursing Facility Portfolio in Metro Pittsburgh

by Hayden Spiess December 20, 2024

PITTSBURGH, Pa. — Senior Living Investment Brokerage (SLIB) has brokered the $11 million sale of a skilled nursing facility portfolio located in Pennsylvania. Situated primarily within metro Pittsburgh, the portfolio comprises 299 beds across five properties. Originally built between 1964 and 1992, the portfolio was first marketed in fall 2023. Ryan Saul and Toby Siefert of SLIB represented the seller, Guardian Healthcare, in the transaction. According to SLIB, Guardian Healthcare is currently in bankruptcy proceedings, and the properties had struggled financially prior to the sale. A regional owner-operator was the buyer.

December 20, 2024

Keystone Villa at Douglassville in Douglassville, Pennsylvania

Assisted Living Finance Independent Living Memory Care News Pennsylvania

BWE Secures $57.8M Loan to Refinance Senior Living Community in Douglassville, Pennsylvania

by Channing Hamilton December 4, 2024

DOUGLASSVILLE, Pa. — BWE has arranged a $57.8 million loan to refinance Keystone Villa at Douglassville, a 247-unit, Class A independent living, assisted living and memory care community in Douglassville, located about 15 miles southeast of Reading, Pennsylvania. Ryan Stoll, national director of seniors housing and care at BWE, and Taylor Mokris, senior vice president of seniors housing and care, secured the loan from a national commercial bank. The borrower was a joint venture between privately held real estate investment trust ReNew REIT and operator Heritage Senior Living. The nonrecourse loan features …

December 4, 2024

Acquisitions News Pennsylvania Skilled Nursing

Blueprint Arranges Sale of Nine Skilled Nursing Facilities in Metro Pittsburgh

by Hayden Spiess November 15, 2024

PITTSBURGH — Blueprint has arranged the sale of nine skilled nursing facilities located in metro Pittsburgh. Kadima Healthcare Group acquired the properties from Comprehensive Healthcare Management Solutions, which is currently undergoing restructuring following a Chapter 11 bankruptcy filing this May. The chief restructuring officer for Comprehensive Healthcare Management Solutions engaged Blueprint to handle the divestiture. Operated under two brands — Maybrook and Consulate — the facilities together comprise 930 licensed skilled nursing beds, 19 personal care beds and 15 independent living units.

November 15, 2024

Affordable Housing Development Finance News Pennsylvania

Berkadia Secures $13.6M Financing for Affordable Seniors Housing Development in Philadelphia

by Channing Hamilton November 5, 2024

PHILADELPHIA — Berkadia has secured a $13.6 million Low-Income Housing Tax Credit (LIHTC) equity investment for the development of Clearfield Apartments, a 48-unit affordable seniors housing community in Philadelphia’s Allegheny West neighborhood. Chris McGraw, senior vice president based in Berkadia’s Charlotte, N.C. office, secured the equity investment on behalf of the sponsor, NewCourtland. When completed, Clearfield Apartments will consist of 48 one-bedroom units in one four-story, elevator-serviced building serving seniors age 62 and above. All 48 units will operate under a project-based rental subsidy through the Faircloth-to-Rental Assistance Demonstration (RAD) program. …

November 5, 2024

Assisted Living Finance Independent Living Maryland Memory Care News Pennsylvania Washington, D.C

Mesa West Provides $114M in First-Mortgage Debt to Refinance Two Seniors Housing Communities in suburbs of Philadelphia, Washington, D.C.

by Channing Hamilton October 4, 2024

MALVERN, Pa., and KENSINGTON, Md. — Mesa West Capital has provided AEW Capital Management LP with $114.6 million in first-mortgage debt across two loans to refinance the seniors housing communities of Echo Lake in Malvern and Modena Reserve at Kensington in Kensington. Terms of the loans were not disclosed. AEW delivered the 250-unit Echo Lake to the market in 2020 alongside joint venture partner Sage Senior Living Inc., which operates the community. Located about 27 miles northwest of Philadelphia in Malvern, Echo Lake offers a mix of independent and assisted …

October 4, 2024

Garden Spot Village in New Holland, Pennsylvania

Finance News Pennsylvania

Ziegler Closes $67.3M Tax-Exempt Bond Financing for Garden Spot Village in Southeast Pennsylvania

by Channing Hamilton September 13, 2024

NEW HOLLAND, Pa. — Specialty investment bank Ziegler has closed on an approximately $67.3 million tax-exempt bond financing for Garden Spot Village in New Holland, located about 14 miles northeast of Lancaster, Pa. Ziegler served as underwriter in the transaction. The obligated group consists of Garden Spot Village (the “Corporation”) and its subsidiary, GSV LLC. Garden Spot Village is a not-for-profit Pennsylvania corporation that owns and operates a life plan community, known as Garden Spot Village, located on an approximately 220-acre campus in New Holland. The community includes 621 independent living homes …

September 13, 2024

Acquisitions CCRC News Pennsylvania

ESI Arranges Sale of Continuing Care Retirement Community in Southwest Pennsylvania

by Channing Hamilton September 12, 2024

SOMERSET, Pa. — Evans Senior Investments (ESI) has arranged the sale of The Patriot, a continuing care retirement community (CCRC) in Somerset, located in southwest Pennsylvania. The transaction was executed on behalf of a non-profit organization. The sales price was not disclosed. The CCRC features a diversified unit mix, including 100 licensed skilled nursing beds, 47 personal care units, and two independent living units. At the time of marketing, the skilled nursing component of the community was 77 percent occupied while the personal care beds were 47 percent occupied. Financial …

September 12, 2024

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