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South Carolina

CCRCDevelopmentFinanceNewsSouth Carolina

Ziegler Arranges $29.2M Financing for Bishop Gadsden Expansion in Charleston, South Carolina

by Jeff Shaw

CHARLESTON, S.C. — Ziegler has arranged $29.2 million in bond financing to fund a renovation project at Bishop Gadsden Episcopal Retirement Community in Charleston. The nonprofit continuing care retirement community is located on James Island, approximately six miles from downtown and six miles from Folly Beach. Founded in 1850 as a special ministry of the Episcopal Diocese of South Carolina, Bishop Gadsden has continuously expanded its mission to serve seniors for 173 years and remains affiliated with the Episcopal diocese. In 1987, Bishop Gadsden moved to its current location on …

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FinanceNewsSouth Carolina

Greystone Arranges $27.1M Financing for Merrill Gardens at Columbia in South Carolina

by Jeff Shaw

COLUMBIA, S.C. — Greystone has arranged $27.1 million in financing for Merrill Gardens at Columbia, a seniors housing community in Columbia. The regional bank loan for the 120-unit independent living and assisted living community was executed as a floating-rate financing carrying a five-year term and 30-year amortization. The loan featured three years of interest-only payments and a mid-200 basis point loan spread. Tyler Armstrong, managing director at Greystone, worked with the client in placing the bank loan for AEW Capital Management and Merrill Gardens.

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DevelopmentNewsSouth Carolina

SRI Opens 166-Unit Indigo Carolina Forest in Myrtle Beach, South Carolina

by Jeff Shaw

MYRTLE BEACH, S.C. — SRI Management LLC, in conjunction with ownership partners Compass Living and Bourne Financial Group, have opened Indigo Carolina Forest in Myrtle Beach. Situated on nearly nine acres in the heart of the Carolina Forest, the community features 166 units of independent living, assisted living and memory care. “This community is the second seniors housing development for our company, both poised within the thriving areas seniors want to call home,” says Bob Godard, chief executive officer, Compass Living. The community spans 189,500 square feet.

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AcquisitionsActive AdultNewsSouth Carolina

Hudson Capital Properties Sells Inspire Coastal Grand in Myrtle Beach for $53.2M

by Jeff Shaw

MYRTLE BEACH, S.C. — Hudson Capital Properties (HCP) has sold Inspire Coastal Grand, a 194-unit active adult community in Myrtle Beach. An undisclosed buyer acquired the property for $53.2 million. Tai Cohen of Cushman & Wakefield represented HCP in the transaction. Units are available in one-, two- and three-bedroom options. Cape Fear Commercial co-developed the project alongside HCP. The partnership broke ground on the community in 2019. Like many of the Southeastern markets where HCP invests, the greater Myrtle Beach area benefits from continued population growth that has strong potential …

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AcquisitionsNewsSkilled NursingSouth Carolina

Ensign Group Acquires 120-Bed Lila Doyle Post Acute in Seneca, South Carolina

by Jeff Shaw

SENECA, S.C. — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the operations of Lila Doyle Post Acute, a 120-bed skilled nursing facility located in Seneca, approximately midway between Atlanta and Charlotte. The real estate at Lila Doyle Post Acute is located on the campus of Prisma Health Oconee Memorial Hospital and was acquired by a subsidiary of Standard Bearer Healthcare REIT Inc., Ensign’s captive real estate company, pursuant to a 30-year ground lease with extension options. “This acquisition created a perfect opportunity for our continued growth in South Carolina,” …

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Active AdultDevelopmentNewsSouth Carolina

Aspens Senior Living Opens 159-Unit Active Adult Community in Greenville, South Carolina

by Jeff Shaw

GREENVILLE, S.C. — Aspens Senior Living has completed construction of The Aspens Verdae, a 159-unit active adult community in Greenville. The property totals 196,000 square feet and offers one-and two-bedroom options ranging from 607 square feet to 1,243 square feet. Aspens broke ground on the project in December 2020. It is the company’s second community in the Carolinas. The site is close to Legacy Park, The Preserve at Verdae Golf Club and the Prisma Health Swamp Rabbit Trail. Shiel Sexton served as general contractor for The Aspens Verdae, with Arrive …

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Assisted LivingFinanceNewsSouth Carolina

Live Oak, Locust Point Arrange $15.3M Financing for Phoenix Senior Living

by Jeff Shaw

BEAUFORT, S.C. — Live Oak Bank and Locust Point Capital have arranged a $15.2 million loan for Georgia-based Phoenix Senior Living. The financing retired the existing construction debt of a 75-unit assisted living and memory care community in Beaufort, South Carolina. Further details were not disclosed.

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AcquisitionsNew YorkNewsNorth CarolinaSouth Carolina

Bellwether Arranges $62M in Financing for Seniors Housing Communities in Carolinas, New York

by Jeff Shaw

GREENVILLE, S.C.; CHARLOTTE, N.C.; AND KENMORE, N.Y. — Bellwether Enterprise Real Estate Capital LLC has arranged three loan deals totaling more than $62 million to finance three assisted living and memory care communities in Greenville, one assisted living and memory care facility in Charlotte and a 150-unit affordable seniors housing development in the Buffalo suburb of Kenmore. The national seniors housing and care team at Bellwether originated the Carolina loans, led by Ryan Stoll, Taylor Mokris and Kim Huffstutler. Lundat Kassa and Anthea Martin originated the New York loan. The …

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AcquisitionsArizonaNewsSkilled NursingSouth CarolinaTexas

Ensign Group Buys Nine Skilled Nursing Facilities in Texas, South Carolina, Arizona Across Three Transactions

by Jeff Shaw

SAN JUAN CAPISTRANO, Calif. — The Ensign Group Inc. (NASDAQ: ENSG), an owner-operator based in San Juan Capistrano, has acquired nine skilled nursing facilities in Texas, South Carolina and Arizona across three separate transactions. In the first transaction, Ensign purchased six properties in Texas: Brodie Ranch Nursing and Rehabilitation, a 120-bed facility located in Austin; Onion Creek Nursing and Rehabilitation Center, a 125-bed facility in Austin; Riverside Nursing and Rehabilitation Center, a 122-bed facility in Austin; West Oaks Nursing and Rehabilitation Center, a 125-bed facility in Austin; Lakeside Nursing and …

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AcquisitionsAssisted LivingNewsSouth Carolina

ESI Negotiates Sale of 52-Unit Assisted Living Community in Greenville, South Carolina

by Jeff Shaw

GREENVILLE, S.C. — Evans Senior Investments (ESI) has arranged the sale of a 52-unit assisted living community in Greenville. A large, East Coast-based private equity firm sold the asset to regional owner-operator Windriver Cos. for an undisclosed price. Built in 2001, the community is 100 percent private pay. Having been all studios, the community was 40 percent occupied at the time of marketing and losing money. “The buyer plans on utilizing their existing resources in the state to oversee the community, begin construction on a refurbishment and add memory care …

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