PHILADELPHIA — Pennrose, Wynnefield Overbrook Revitalization Corporation (WORC) and other project partners have broken ground on Good Shepherd, a 55-unit, affordable seniors housing community at the site of the former Good Shepherd Presbyterian Church in the Overbrook neighborhood of Philadelphia. The project is slated to be completed in Fall 2025. The four story, 53,000 square foot affordable housing community will offer one-bedroom apartments for seniors earning between 20 percent and 60 percent of the area Mmdian income (AMI), about $430 to $1,290 for a one-person household. The sustainable building will …
Pennsylvania
DOYLESTOWN, Pa. — Walker & Dunlop Investment Sales has arranged the sale of Mercer Hill at Doylestown, a seniors housing community in Doylestown, approximately 30 miles north of Philadelphia. The property features 146 units of independent living, assisted living and memory care. It was constructed in 2022. The buyer was a public healthcare REIT. The seller and price were not disclosed. Joshua Jandris, Brett Gardner and Tom Falkenberg led the Walker & Dunlop team.
Ziegler Arranges $6.4M Acquisition Financing for Silver Springs at East Norriton in Pennsylvania
EAST NORRITON, Pa. — Ziegler has arranged $6.4 million in financing for the acquisition of a 114-unit assisted living and memory care community in East Norriton, a suburb northwest of Philadelphia. The buyer is Comprehensive Care Capital, which plans to rebrand the property from Brandywine Living at Senior Suites to Silver Springs at East Norriton. Christopher Utz of Ziegler Investment Banking arranged and negotiated the transaction. Cura Health will oversee daily operations.
ST. PETERS, Mo.; WEST CHESTER, Pa.; and FORT WORTH, Texas — Life Care Services, an LCS Company, has been selected as the management partner for three communities owned by affiliates of Longview Senior Housing. The announcement expands the total number of Longview communities managed by Life Care Services to seven. The properties include:
INDIANA, Pa. — Evans Senior Investments (ESI) has arranged the sale of Beacon Ridge, a skilled nursing community in the small borough of Indiana, approximately 50 miels east of Pittsburgh. Beacon Ridge opened its doors in the 1970s and has since completed two major renovation projects. The community is licensed for 118 skilled nursing beds and offers a unit mix, including private units, semi-private units, and three-bed wards. At the time of marketing, Beacon Ridge was 63% occupied and operating with a negative net operating income at the time of …
PITTSBURGH — Tryko Partners has opened Cedarwood Homes, a 46-unit affordable seniors housing community in Pittsburgh’s West End neighborhood. The community is already nearing full occupancy, according to the developer. The community features 39 apartments for those age 62 and over with incomes up to 60 percent of the area median income, as well as seven market-rate apartments with the same age criteria. The project is a redevelopment of Pittsburgh’s former Fairywood School site. Key agencies contributed to the project’s viability, including 9 percent Low-Income Housing Tax Credit awarded by …
PHILADELPHIA — Blueprint Healthcare Real Estate Advisors has brokered the sale of a Class A skilled nursing facility in the Philadelphia area. Built in the early 2000s, the facility underwent a significant renovation project in 2022. The property is a Medicare-only community. The seller was an institutional private equity firm. The incumbent operator was a seniors housing-focused manager also providing lower acuity senior care services on the adjacent campus. A regional owner-operator looking to expand in the region acquired the asset for an undisclosed price. Michael Segal, Jacob Gehl, Dillon …
BUCKS COUNTY, Pa. — Walker & Dunlop has arranged the sale of a 146-unit independent living, assisted living and memory care community in Bucks County. Situated approximately 30 miles north of Philadelphia, this stabilized, Class A asset was developed in 2022. The buyer was a public healthcare REIT. The seller and price were not disclosed. Joshua Jandris, Mark Myers and Brett Gardner led the Walker & Dunlop team.
PHILADELPHIA — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 114-unit assisted living and memory care community in the suburbs of Philadelphia. Ownership acquired the 1988-built community in 2018 with a plan to execute an investment and repositioning strategy. Ownership subsequently invested significant capital to renovate and modernize the community. However, a subsequent influx of new competitive supply caused a persistent drag on occupancy and rate growth, according to Blueprint. The challenges were then exacerbated by the pandemic and its lasting inflationary impact on operating expenses. The …
MILTON, Penn. — The Prestige Group Realty Advisors has brokered the sale of Rockwell Center, a 220-bed assisted living community in Milton, a small borough in Central Pennsylvania. In the early 1980s, a local real estate entrepreneur born and raised in Milton purchased a former Milton high school and repositioned the property into a 220-bed assisted living facility. The building, being a former high school, was equipped with an auditorium with ample seating and a full stage. For over 40 years the facility was run by the founder and then …