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AcquisitionsCCRCNewsWisconsin

Lifespace Communities Acquires 257-Unit Newcastle Place CCRC in Metro Milwaukee

by Jeff Shaw

MEQUON, Wis. — Lifespace Communities has acquired Newcastle Place, a 257-unit continuing care retirement community (CCRC) in Mequon. The seller and price were not disclosed. The acquisition of Newcastle Place, located in a suburb of Milwaukee on Lake Michigan’s western shore, brings Lifespace’s family of continuing care communities to 16. Newcastle Place, which sits on 52 acres, joins six other Lifespace communities in the Midwest. Lifespace, based in West Des Moines, Iowa, is one of the nation’s largest nonprofit owners and operators of CCRCs.

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AcquisitionsActive AdultNewsWisconsin

SLIB Arranges $10.6M Sale of Olympic Village Active Adult Community in Sun Prairie, Wisconsin

by Jeff Shaw

SUN PRAIRIE, Wis. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Olympic Village, a 69-unit active adult community in the Madison suburb of Sun Prairie. SLIB represented the court-appointed receiver in the transaction. The residents of the community formed a new nonprofit organization to acquire the asset for $10.6 million. The campus sits on approximately 12.4 acres with units randing in size from 1,300 to 1,900 square feet. Occupancy was 99 percent at the time of sale. In addition to negotiating the transaction, SLIB also helped source …

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DevelopmentNewsWisconsin

Kraus-Anderson Begins Construction of $20M Senior Living Facility in Sparta, Wisconsin

by Jeff Shaw

SPARTA, Wis. — Kraus-Anderson has begun construction of Rolling Hills, a $20 million senior living and rehabilitation center located in the western Wisconsin community of Sparta. Designed by Community Living Solutions LLC, the 80,000-square-foot property will feature 50 skilled nursing beds, 24 CBRF assisted living units and 24 RCAC assisted living apartments. CBRF refers to community-based residential facility, which is a place where five or more unrelated people live together in a community setting and receive up to three hours of care per week. RCAC refers to residential care apartment …

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AcquisitionsAssisted LivingNewsWisconsin

LTC Sells Three Assisted Living Communities in Wisconsin for $35M

by Jeff Shaw

WESTLAKE VILLAGE, Calif. — LTC Properties Inc. (NYSE: LTC), a Westlake Village-based REIT, has sold three assisted living communities in Wisconsin that were part of LTC’s Senior Lifestyle portfolio for $35 million. The estimated gain from the sale of the properties, which include 263 assisted living units, is approximately $5.6 million. The net proceeds from the sale of approximately $34.0 million were used to paydown LTC’s unsecured revolving line of credit. “Transitioning the Senior Lifestyle portfolio has been a key focus for LTC, and the sale of these communities brings …

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FinanceNewsSkilled NursingWisconsin

Greystone Provides $35M in HUD-Insured Financing for Skilled Nursing Portfolio in Wisconsin

by Jeff Shaw

ANTIGO, BURLINGTON, MANITOWOC AND KENOSHA, Wis. — Greystone has provided $35 million in HUD-insured loans for the refinancing of a five-property, 558-bed skilled nursing portfolio across Southeast Wisconsin. The facilities are located in Antigo, Burlington, Manitowoc and Kenosha. Each of the nonrecourse loans features a fixed interest rate and is fully amortized over 30 years. The loans refinance the existing debt on the properties, which were purchased in 2017. The undisclosed borrower plans to continue ongoing property improvements. Fred Levine of Greystone originated the loans.

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AcquisitionsMinnesotaNewsOperationsWisconsin

Lifesprk to Acquire Tealwood Senior Living, Bill Thomas to Spearhead New Model

by Jeff Shaw

MINNEAPOLIS and BLOOMINGTON, Minn. — Lifesprk, a Minneapolis-based community-based services provider, has announced plans to acquire Tealwood Senior Living, a Bloomington-based operator with 35 seniors housing communities. “The current senior housing market, accelerated by the pandemic, created significant opportunity to provide a markedly different approach to senior living,” says Joel Theisen, Lifesprk CEO. “Both Lifesprk and Tealwood are well-positioned to seize that opportunity by joining forces to serve seniors more fully, connecting them to everything they need in one system to age magnificently and transform the way people experience senior …

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AcquisitionsAssisted LivingNewsWisconsin

SLIB Arranges Sale of 255-Unit Assisted Living Portfolio in Wisconsin

by Jeff Shaw

OSHKOSH and WAUKESHA, Wis. — Senior Living Investment Brokerage (SLIB) has arranged the sale of three assisted living communities in Wisconsin. A publicly traded REIT sold the assets to reduce the number of buildings leased to a specific tenant. The buyer was a private, regional owner with assets in the area. The price was not disclosed. The portfolio consists of Mission Creek in Waukesha, a suburb of Milwaukee, and Bella Vista and Lakeshore Manor, located one mile apart in Oshkosh, approximately 45 miles southwest of Green Bay. Mission Creek is …

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FinanceNewsSkilled NursingWisconsin

Ziegler Arranges $9.6M Refinancing for Eskay Real Estate

by Jeff Shaw

UNION GROVE and LOMIRA, Wis. — Ziegler has arranged $9.6 million in refinancing on behalf of Eskay Real Estate, a family-owned post-acute care provider in Southeastern Wisconsin. The refinancing funded the acquisition of a previous partner’s majority interest and refinanced SBA loans related to two post-acute care campuses located in Wisconsin. Both facilities provide skilled nursing care and assisted living accommodations in Union Grove and Lomira. Ziegler recommended refinancing outstanding SBA debt with FHA Section 232/223(f) program to allow Eskay to lower its debt service and eliminate bank-related financing risks …

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AcquisitionsAssisted LivingFinanceNewsWisconsin

Walker & Dunlop Arranges $9.1M Financing for Acquisition of Tender Hearts Assisted Living in Green Bay

by Jeff Shaw

GREEN BAY, Wis. — Walker & Dunlop has arranged $9.1 million in financing for the acquisition of Tender Hearts Assisted Living, a 50-unit community in Green Bay. The property was built in 2009 and renovated in 2019. The total price of the acquisition was $10.1 million. The seller was not disclosed. Walker & Dunlop structured the HUD-insured financing on behalf of Senior Opportunity Funds Holding Co. (SOF), a seniors housing developer that has historically developed Class A independent living, assisted living and memory care communities in the Southeast. As part …

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NewsOperationsWisconsin

Health Dimensions Group to Manage Two Former Brookdale Communities in Wisconsin

by Jeff Shaw

APPLETON and STEVENS POINT, Wis. — Health Dimensions Group (HDG) has taken over operations of two seniors housing communities in Wisconsin. The repositioning of Brookdale Appleton to Dimensions Living Appleton and Brookdale Stevens Point to Dimensions Living Stevens Point took place on March 1. Dimensions Living Appleton is an assisted living and memory care senior living community surrounded by woods and new walking paths yet still close proximity to shops, parks, theatres, and the Timber Rattlers baseball stadium. Dimensions Living Stevens Point, located in Stevens Point, provides independent and assisted …

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