Virginia

Welltower, Retirement Unlimited Partner to Launch Luxury Elancé Brand

by Jeff Shaw February 20, 2023

TOLEDO, Ohio and ROANOKE, Va. — Welltower Inc (NYSE: WELL) and Retirement Unlimited Inc. (RUI) have formed a partnership under which RUI will operate luxury seniors housing communities under a newly launched Elancé brand. Welltower, a Toledo-based REIT, installed Roanoke-based RUI as the operator of Fountains at Washington House in Alexandria, Virginia in November. Following the change, the property was renamed Elancé at Alexandria and became the first community under the new banner. The two companies have planned a “significant expansion in the programmatic relationship between Welltower and RUI” in …

February 20, 2023

Active Adult Development Finance News Virginia

Northmarq Arranges $38.1M Construction Financing for 176-Unit Active Adult Community in Midlothian, Virginia

by Jeff Shaw February 13, 2023

MIDLOTHIAN, Va. — Northmarq’s debt and equity team of Keith Wells, Hunter Wood, Reina Abboud, and Mike Lowry have arranged a $38.1 million loan for the construction of Lake Forest at Swift Creek in Midlothian, approximately 15 miles west of Richmond. The Holladay Corp. is developing the four-story, 176-unit active adult community on 11.7 acres. Sandy Spring Bank provided the funds. The development is scheduled for completion in 2024.

February 13, 2023

Acquisitions News Virginia

Blueprint Brokers Sale of Five-Property Portfolio in Virginia

by Jeff Shaw January 17, 2023

VIRGINIA — Blueprint Healthcare Real Estate Advisors has negotiated the sale of five seniors housing communities located in the Blue Ridge Mountains of Virginia. The properties total approximately 250 units. Three of the assets were constructed between 1997 and 2002, one was built in the early 1980s, and the last is a historic landmark dating back to 1916. A publicly traded REIT sold the assets to a family office experienced in turnaround projects. The price was not disclosed.

January 17, 2023

Acquisitions Assisted Living News Virginia

CBRE Negotiates Sale of HarborChase of Prince William Commons in Woodbridge, Virginia

by Jeff Shaw January 13, 2023

WOODBRIDGE, Va. — CBRE National Senior Housing’s investment properties team has arranged the sale of HarborChase of Prince William Commons, a Class A seniors housing community in Woodbridge, a suburb of Washington D.C. Built in 2018, HarborChase of Prince William Commons is a three-story building with 127 units of assisted living, transitional memory care and memory care units. John Sweeny, Aron Will, Garrett Sacco and Scott Bray represented the sellers, Silverstone Senior Living and Lionstone Investments. Although the price was not disclosed, CBRE National Senior Housing’s debt and structured finance …

January 13, 2023

Acquisitions News Virginia

CareTrust REIT Sells Five Communities in Virginia for $13M

by Jeff Shaw January 5, 2023

VIRGINIA — CareTrust REIT Inc. (NYSE: CTRE) has sold five seniors housing facilities in Virginia for $13 million. The facilities total approximately 240 units. In connection with the completion of the sale, the facilities were removed from the company’s applicable master lease with affiliates of Noble Senior Services. The buyer was a regional owner-operator of assisted living and memory care facilities. “The sale of these five facilities continues our plan to de-risk the portfolio,” says Dave Sedgwick, president and CEO of CareTrust. “We continue to move forward towards selling or …

January 5, 2023

Assisted Living Development News Virginia

Watercrest, Harbert Complete 98-Unit Community in Richmond, Virginia

by Jeff Shaw January 4, 2023

RICHMOND, Va. — Watercrest Senior Living Group and joint venture partner Harbert Seniors Housing Fund II have completed Watercrest Richmond Assisted Living and Memory Care. The community features 76 assisted living units and 22 memory care units in Richmond. EMJ Corp. was the builder, while Trustmark Bank provided financing. This is the first senior living development project that Watercrest and Harbert Seniors Housing Fund II have jointly developed.

January 4, 2023

Acquisitions Finance News Texas Virginia

NHI Provides $42.5M Senior Loan, Acquires 60-Unit Community in Virginia Beach

by Jeff Shaw November 28, 2022

VIRGINIA BEACH, Va. — National Health Investors Inc. (NYSE: NHI) has funded a $42.5 million senior loan to refinance a portfolio of skilled nursing facilities located in Texas. The borrower is Capital Funding Group and the properties are leased by subsidiaries of The Ensign Group Inc. The five-year loan has an annual interest rate of 7.25 percent with two one-year extensions. NHI also announced that it has exercised its purchase option to acquire Bickford of Virginia Beach, a 60-unit assisted living and memory care community in Virginia Beach. The acquisition …

November 28, 2022

Acquisitions Affordable Housing News Virginia

Cushman & Wakefield Brokers $25.7M Sale of Guardian Place Affordable Community in Richmond

by Jeff Shaw November 14, 2022

RICHMOND, Va. — Cushman & Wakefield has brokered the sale of Guardian Place, a 236-unit affordable seniors housing portfolio spanning two buildings located at 1620 N. Hamilton St. in Richmond. Fairfield Residential purchased the properties, known as Guardian Place I (121 units) and Guardian Place II (115 units), for $25.7 million. Jorge Rosa and T.J. Liberto of Cushman & Wakefield represented the seller, United Methodists Family Services, in the transaction.

November 14, 2022

CCRC Development News Virginia

Erickson Opens $500M Avery Point CCRC in Short Pump, Virginia

by Jeff Shaw October 12, 2022

SHORT PUMP, Va. — Erickson Senior Living has opened the doors on Avery Point, a continuing care retirement community in Short Pump, a suburb of Richmond. The community is situated on a 94-acre campus and currently features 216 units of independent living. A second phase currently under construction will add 107 more independent living units. Upon full build-out, plans call for 1,160 independent living units in addition to an on-site continuing care neighborhood offering assisted living, memory care and skilled nursing services. The property is Erickson Senior Living’s third in …

October 12, 2022

Affordable Housing Development News Virginia

Partnership Plans Redevelopment of The Ladrey Affordable High Rise in Alexandria, Virginia

by Jeff Shaw September 23, 2022

ALEXANDRIA, Va. — The Alexandria Redevelopment and Housing Authority (ARHA) has partnered with WinnCompanies and IBF Development to redevelop The Ladrey, an 11-story affordable seniors housing community in Alexandria. The proposed development plan will replace all the current Ladrey units and increase the number of apartments available to working households. The Ladrey sits on an approximately two-acre site in the Old Town North Small Area. The community features 170 units and primarily serves seniors and residents with disabilities. ARHA is combining and adjacent plot, which it also owns, with The …

September 23, 2022

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