Tennessee

NASHVILLE, Tenn. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Grace Manor, a 42-unit assisted living community in Nashville. A local church built Grace Manor in 2010. The property struggled with occupancy and profitability during the COVID-19 pandemic. As a result of the performance, the property was voluntarily closed in November of 2021. The seller (which purchased the HUD note at auction) is a private investment firm that manages alternative assets for high-net-worth individuals and institutional investors. The buyer and price were not disclosed. Patrick Burke and …

0 FacebookTwitterLinkedinEmail

SMYRNA, Tenn. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Waterford in Smyrna. Located 25 miles southeast of Nashville, the facility features 68 units of assisted living and 24 units of memory care. Built in 2009, there is room for expansion on the 5.3-acre site. The property was 57 percent occupied at the start of the marketing. The seller is a local ownership group that developed and operated the property. The buyer is a Nashville-based owner-operator. The price was $10 million, or $108,695 per unit. Patrick …

0 FacebookTwitterLinkedinEmail

MADISON, Tenn., and MARIETTA and JONESBORO, Ga. — Senior Living Investment Brokerage (SLIB) has arranged the sale of three assisted living and memory care communities in the Southeast. Located in Madison, Marietta and Jonesboro, the portfolio totals 228 units built in 1999 and 2000. The properties are 46,483, 52,642, and 52,157 square feet, and are situated on approximately 3.69, 9.66, and 6.04 acres of land. The seller was a western US owner-operator divesting to focus on its core Western markets as these were outliers in their portfolio. The buyer is …

0 FacebookTwitterLinkedinEmail

EAST MEMPHIS, Tenn. — Liberty Senior Living has completed construction of Brightmore of East Memphis, an independent living, assisted living and memory care community in East Memphis. Liberty both owns and operates the community. Construction began in 2021. The development sits on an eight-acre site features 64,000 square feet of amenity space. The number of units was not disclosed.

0 FacebookTwitterLinkedinEmail

MEMPHIS, Tenn., and ORMOND BEACH, Fla. — Baker Barrios Architects completed Brightmore of East Memphis, a 180-unit seniors housing development in Memphis, as well as the start of construction on Aden Senior Living, a 131-unit development in Ormond Beach. Both developments include assisted living and memory care facilities, while Brightmore of East Memphis also features an independent living component. Brightmore of East Memphis spans 210,000 square feet and features 122 independent living units, 34 assisted living units and 24 memory care units. Baker Barrios provided architecture and landscape design services. …

0 FacebookTwitterLinkedinEmail

NASHVILLE, Tenn., and BALTIMORE and PIKESVILLE, Md. — Bellwether Enterprise Real Estate Capital LLC (BWE) has arranged three loan deals totaling nearly $25 million to refinance and preserve three affordable senior living communities in Nashville, Baltimore and Pikesville. Jon Killough and John Roberts originated the Nashville deal and Victor Agusta originated the Maryland loans. Bellwether arranged a $21 million bridge loan for Nashville Christian Towers. The loan will allow Envolve Communities to acquire and finance the 175-unit affordable seniors housing development. Envolve plans to redevelop the property utilizing proceeds from …

0 FacebookTwitterLinkedinEmail

MEMPHIS, Tenn. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a seniors housing community in Memphis. Built in the late 1960s, the community rises 11 stories and features 110 independent living units and 55 assisted living units. A publicly traded REIT sold the community as a non-core asset. The buyer was Elevation Financial Group, which plans to convert the community into an affordable housing community for seniors. The price was not disclosed.

0 FacebookTwitterLinkedinEmail

NASHVILLE, Tenn. — Blueprint Healthcare Real Estate Advisors has arranged the sale of two seniors housing communities totaling 115 units in Nashville. Built in 2010 and 2011, the communities experienced normal COVID-related headwinds, but rebounded in 2022 and were on a path towards stabilization. A Southeast-based owner-operator looking to expand its portfolio bought the properties. The seller, price and names of the assets were not disclosed.

0 FacebookTwitterLinkedinEmail

NASHVILLE, Tenn. — Lument has hired Justin Elshire as a managing director to lead its new office in Nashville. Elshire is responsible for originating and structuring commercial mortgage loans for seniors housing and healthcare clients across the country, focusing primarily on Fannie Mae, Freddie Mac, Federal Housing Administration (FHA) and U.S. Department of Agriculture loan programs, as well Lument’s proprietary lending products. He will report to Aaron Becker, Lument’s head of seniors housing and healthcare production. Elshire has over 20 years of financial and commercial real estate experience, most recently …

0 FacebookTwitterLinkedinEmail

NASHVILLE, Tenn. — CBRE has arranged an undisclosed amount of financing for construction of The Crestmoor at Green Hills in Nashville. A joint venture between Bridgewood Property Co. and Harrison Street are developing the property, which is slated to rise 12 stories on a one-acre plot in the Green Hills neighborhood. The development will feature 117 independent living units, 45 assisted living units and 29 memory care units. Aron Will and Tim Root of CBRE National Senior Housing arranged the five-year construction loan through a regional bank. Bridgewood’s wholly owned …

0 FacebookTwitterLinkedinEmail