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 …
YORK, Pa. — IntegraCare Corp. has broken ground on a seniors housing community in York, approximately 90 miles west of Philadelphia and 50 miles north of Baltimore. The 124,000-square-foot community will feature 68 independent living, 42 assisted living and 20 memory care units. It has not yet been named. Warfel Construction is the general contractor, while Avenue Development is the development partner. The community is scheduled to open in early 2023. The community is located on the grounds of the former Fitz Farm and will offer a mix of studio, …
CHICAGO — Evans Senior Investments (ESI), a Chicago-based broker, has arranged three separate sales transactions totaling $150 million. The dispositions allow the seller, a Pennsylvania-based owner-operator, to fully exit the seniors housing industry. The first tranche of the portfolio consisted of four communities totaling 661 licensed skilled nursing beds and 88 independent living cottage units. At the time of marketing the average census was 74 percent with total portfolio revenue of $48 million and net operating income of $2.3 million. The buyer was a regional owner-operator looking to grow its …
GREENSBURG, Pa. — Ziegler has arranged $47.2 million in financing for Redstone Presbyterian SeniorCare, a nonprofit operator based in Greensburg. The borrower operates nearly 500 senior living units on three separate campuses, collectively referred to as Redstone Highlands. Redstone’s three campuses comprise 310 independent living units, 133 assisted living units and 77 skilled nursing beds. Redstone is also the parent company of multiple subsidiaries, including HHH Senior Specialist, which provides home health, home care and hospice services within Redstone Highlands and the surrounding community. Proceeds of the bond financing will …
PITTSBURGH — New Jersey-based Tryko Partners has announced plans for Cedarwood Homes, an age-restricted affordable housing project that will be located at the site of the former Fairywood School in Pittsburgh. The majority (39) of the units will be reserved for renters earning 60 percent or less of the area median income. The Pennsylvania Housing Finance Agency has awarded a 9 percent Low-Income Housing Tax Credit to fund the project. Completion is slated for late 2023.
LITITZ, Pa. — HJ Sims has arranged $25 million in financing for Landis Place on King (LPK) and $53 million for Landis Homes Retirement Community (LHRC), which operates a continuing care retirement community in Lititz, approximately midway between Philadelphia and Harrisburg. Landis Communities operates a home and community services subsidiary, Landis HCBS, and a middle-market housing subsidiary, Landis Quality Living. As of 2021, LHRC serves 850 residents on its campus with residential living (cottages, apartments, hybrid homes and suites), personal care, skilled nursing and memory support services. The first loan …
GLEN MILLS, Pa. — Erickson Senior Living has completed Evergreen Pointe, an expansion at Maris Grove, a continuing care retirement community in Glen Mills. Located approximately 25 miles west of Philadelphia, the project adds a 76,000-square-foot assisted living addition to the property. The expansion is part of a multi-year plan to grow and renovate the CCRC. Evergreen Pointe is located adjacent to the existing continuing care building, Rose Court, which is being renovated to include an expanded memory care neighborhood and redesigned lobby and bistro. The new neighborhood features 84 …
BRYN MAWR, Pa. — Lument Securities has advised the board of directors of Bryn Mawr Terrace, a continuing care retirement community (CCRC) in Bryn Mawr, on its sale to a private operator. Located roughly 10 miles from downtown Philadelphia and operated by Main Line Senior Care Alliance, Bryn Mawr Terrace is an independent, nonprofit organization providing skilled nursing, memory care and personal care services. As a standalone senior care provider without a Medicaid license, the board of directors at Bryn Mawr sought a strategic and confidential sale. The transaction closed …
