GARFIELD HEIGHTS, Ohio — Ziegler has arranged the sale of The Village at Marymount, a 246-unit senior living and skilled nursing retirement community in Garfield Heights, a suburb of Cleveland. Built in 1952, Marymount is a faith-based, nonprofit continuing care retirement community established by the Sisters of St. Joseph of the Third Order of St. Francis. The buyer, a privately held owner and operator based in Lakewood, New Jersey, took over operations on June 30. The new owner assumed approximately $16 million of HUD debt as part of the transaction. …
CLEVELAND HEIGHTS, Ohio — KeyBank Community Development Lending and Investment (CDLI) has provided $9.9 million in Low-Income Housing Tax Credit (LIHTC) equity to finance the conversion of the Margaret Wagner Senior Apartments in Cleveland Heights to 80 low-income seniors housing units. The development will create 20 new apartments through the adaptive re-use of the first floor of Margaret Wagner House and preserve 60 apartments on the upper floors. Built in 1960 as a nursing home by the Benjamin Rose Institute on Aging, the facility offers HUD 202 PRAC subsidy for …
STOW, Ohio — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Landing of Stow, a seniors housing community in Stow, approximately 27 miles southeast of Cleveland. The property was built in 2008 and offers 61 assisted living and 20 memory care units. The seller of the community chose to divest this asset to focus attention on communities that more closely align with its current footprint. The buyer is a Midwest-based owner-operator looking to strategically add to its existing footprint in Ohio. The price was not disclosed. Bradley …
UPPER SANDUSKY, Ohio — Blueprint Healthcare Real Estate Advisors has brokered the sale of The Fairhaven in Upper Sandusky, approximately midway between Columbus and Toledo. United Church Homes sold the community, which was originally built in 1920 and features 99 skilled nursing beds and six independent living units. The undisclosed buyer specialized in buying and maintaining faith-based communities. Marketed as a value-add opportunity, the new owner plans to built a state-of-the-art replacement facility on the property.
OHIO — LTC Properties Inc. (NYSE: LTC) has made a $45 million joint venture investment for the purchase of an independent living, assisted living and memory care campus in Ohio. The campus was built between 2019 and 2022, includes a total of 242 units, and is now operated by current LTC partner, Encore Senior Living. Additionally, the transaction includes a $2.1 million lease incentive. The lease term is 10 years at an initial yield of 8.25 percent, and includes a purchase option for the seller during the third and fourth …
LANSING, Mich., and BEAVERCREEK, Ohio — Senior Living Investment Brokerage (SLIB) has arranged the sale of two memory care communities totaling 100 units and 132 beds in the Midwest. Located in Lansing and Beavercreek, both communities were built in 2018 and each total approximately 34,500 square feet on 4.9 acres of land. The seller is a national owner and developer that is exiting the industry. The buyer was a REIT that will lease the communities to Ridgeline Management Co. The price was not disclosed. Jason Punzel, Brad Goodsell, Vince Viverito …
OHIO and INDIANA — Blueprint Healthcare Real Estate Advisors advised on the execution of an investor succession plan, involving the sale of an 11-asset, 1,400-unit portfolio in the Midwest. The portfolio, geographically clustered in Indiana and Ohio, featured run rate total revenue and EBITDAR of approximately $56 million and $12 million, respectively, at closing. The buyer was a company with existing Midwest expertise and infrastructure. No further details were disclosed.
MASON, Ohio — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Landing of Long Cove, an 81-unit assisted living and memory care community in Mason, approximately 25 miles northeast of Cincinnati. Built in 2011, the community features 61 assisted living units and 20 memory care units. The seller sought to divest this asset to focus attention on communities that more closely align with its current footprint. The buyer was looking to add to its existing footprint throughout the Midwest strategically. The price was not disclosed. Daniel Geraghty …
SHAKER HEIGHTS, Ohio — Confluent Senior Living and Harbor Retirement Associates (HRA) have completed HarborChase of Shaker Heights, a 106,698-square-foot assisted living and memory care community in the Cleveland suburb of Shaker Heights. Representing the first project of its kind to break ground in this city within the past 20 years, the three-story community features 80 assisted living units and 28 memory care units. HarborChase of Shaker Heights is the project partners’ second senior living property in Ohio and ninth joint venture across six states. Situated on nearly three acres, …
ANTWERP, Ohio — Blueprint Healthcare Real Estate Advisors has arranged the sale of Antwerp Manor, a 52-unit assisted living community in Antwerp, just across the state border from Fort Wayne, Indiana. Built in 1920, the community was originally constructed as an elementary school and redeveloped into seniors housing in 2007. The company that led the redevelopment took operational control of the community in 2018 after the previous operator declined its lease renewal. The buyer, an Ohio-based owner-operator, plans to take advantage of the proposed rent increase to the Ohio Assisted …