ERIE, Pa. — Community Preservation Partners (CPP), a mission-driven affordable housing developer, has acquired Methodist Towers, a high-rise affordable seniors housing community in Erie. The 13-floor complex comprises 138 units, 57 of which receive subsidy under a Section 8 Housing Assistance Payments (HAP) contract. CPP plans to implement a tenant in-place rehabilitation with minimal displacement for residents. CPP received an issuance of tax-exempt bonds and Low-Income Housing Tax Credits (LIHTCs) from the Pennsylvania Housing Finance Agency (PHFA), with construction and permanent loans from Citibank as well as equity raised from …
PENNSYLVANIA — As part of a larger restructuring between a public REIT and its regional operator, Blueprint has arranged the re-tenanting of six skilled nursing facilities and an assisted living community in Pennsylvania. A regional operator was selected to manage the communities under a new master lease with the REIT owner. This is the first partnership between the two companies. Further details were not disclosed.
OHIIO and PENNSYLVANIA — Blueprint Healthcare Real Estate Advisors has brokered the sale of five skilled nursing facilities totaling 347 beds in Ohio and Pennsylvania. The seller was a public REIT and its operating partner. The seller and price were not disclosed.
LANCASTER, Pa. — Providence Place Senior Living has taken over leadership duties at the former Country Meadows of Lancaster in Lancaster. Providence Place is a sister company of Country Meadows, also owned by the George M. Leader Family. Like Country Meadows, the community serves seniors through independent living, assisted living and memory care at six additional campuses in Central and Eastern Pennsylvania.
NEW HOLLAND, Pa. — Three of Pennsylvania’s leading nonprofit, faith-based senior living organizations — Allegheny Lutheran Social Ministries of Altoona (ALSM), Liberty Lutheran Services of Ambler and Garden Spot Communities of New Holland — have announced plans to affiliate under the new parent company name Ilumin. The affiliation is subject to the receipt of certain regulatory approvals and consents, which the three organizations hope to receive by spring of 2022. The goal of Ilumin is to introduce innovative new services and programs to residents, offer employees more career opportunities, and …
LANGHORNE, Pa. — Tryko Partners has expanded its Greater Philadelphia real estate presence with the acquisition of the Attleboro Community, a continuing care retirement community in Langhorne. The 415-bed campus has been rebranded as Oxford Enhanced Senior Living. “Bucks County is a phenomenal market with a large senior population and strong hospital networks,” says Tryko’s Uri Kahanow, director of acquisitions. “The seller, Wilmac Corp., has done a fine job with this well-respected CCRC.” The campus’ skilled nursing facility, Oxford Rehabilitation & Healthcare Center, provides post-hospital care, short-term rehab and long-term …
MACUNGIE and ALLENTOWN, Pa. — Colliers has arranged the sale of two seniors housing communities in the Lehigh Valley region of Eastern Pennsylvania for $24 million. The first community was Victoria’s Place, located in Macungie. The 59,500-square-foot community features 80 licensed one-bedroom and studio units, with capacity to add 30 more. The second community was Mountain View in Allentown. The 54,693-square-foot property features 115 beds and was built in 1987. A new operator will be announced for the communities. The buyer and seller were not disclosed. Bob Gaines of the …
NORTHWEST PENNSYLVANIA — Senior Living Investment Brokerage (SLIB) has negotiated the sale of two skilled nursing facilities located in Northwest Pennsylvania. The seller deemed one of the communities, an 80-bed facility, to be a non-core asset. A larger, 180-bed facility was included in the offering to make it more attractive. The buyer is a New York-based investor in the skilled space with a growing presence Pennsylvania. Ryan Saul and Toby Siefert of SLIB handled the transaction.
BALA CYNWYD, Pa. — Ziegler has arranged $39.4 million in bond financing for Simpson, a nonprofit operator based in Bala Cynwyd, a suburb of Philadelphia. Formerly known as Methodist Episcopal Home for the Aged, the borrower operates three continuing care retirement communities in the region: Simpson House in Philadelphia, Simpson Meadows in Downington and Jenner’s Pond in West Grove. The portfolio totals 482 independent living units, 56 personal care units, 118 assisted living units and 178 skilled nursing units. Simpson’s entire capital structure comprises all public, fixed-rate bonds as a …
FORT WASHINGTON and LANCASTER, Pa. — Acts Retirement Services and Willow Valley Communities, two of the nation’s largest not-for-profit senior living organizations, have entered into a strategic alliance. Acts, which is based in Fort Washington, will serve as sole corporate sponsor and manager for Lancaster-based Willow Valley Communities. Both headquarters are in the greater Philadelphia area. Willow Valley Living CEO John Swanson will step aside from management oversight to focus entirely on future development of Willow Valley Communities properties. All other current Willow Valley Communities leadership will remain in place …