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Seniors Housing

DevelopmentSeniors HousingSoutheastVirginia

LifeSpire Plans $80M Expansion of Seniors Housing Campus in Lynchburg, Virginia

by John Nelson

LYNCHBURG, VA. — LifeSpire of Virginia has announced plans for an $80 million expansion of The Summit, a continuing care retirement community in Lynchburg, about 55 miles east of Roanoke, Va. Although the number of units was not disclosed, the company says the project will “create dozens of new residences” via 18 cottage homes and multiple villa options, as well as a new memory care neighborhood. The nonprofit LifeSpire of Virginia, which acquired The Summit in late 2021, plans to complete the expansion over the next 24 months. The Summit sits on a 125-acre campus, which comprises scenic trails; a 10-acre lake for fishing, kayaking and canoeing; and forested areas.

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AcquisitionsIllinoisIowaMidwestMissouriMultifamilySeniors Housing

Arrow Senior Living Acquires Eight Communities in Midwest Region

by Kristin Harlow

ILLINOIS, IOWA, MISSOURI AND ARKANSAS — St. Charles, Mo.-based Arrow Senior Living has acquired eight seniors housing communities across Illinois, Iowa, Missouri and Arkansas. Acquired in June, CedarStone Senior Living and PrairieStone Senior Living, both located in Cedar Falls, Iowa, were developed by Nelson Construction and Development. CedarStone consists of 120 units, including 88 assisted living apartments and 32 memory care residences. PrairieStone consists of 111 units, including 79 assisted living apartments and 32 memory care residences. Arrow also acquired six independent living communities in partnership with Welltower in early July, adding 654 units to its portfolio. The Cambridge Senior Living in Springfield, Mo., features 115 units. The Gardens at Arkanshire in Springdale, Ark., consists of 80 units. The Montvale Senior Living in Springfield, Ill., features 121 apartments. Curtis Creek Senior Living in Quincy, Ill., totals 120 units. Lastly, Mallard Point Senior Living in Cedar Falls, Iowa, features 114 units, while Walden Place Senior Living in Iowa City totals 104 units.

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Affordable HousingDevelopmentFloridaMixed-UseMultifamilySeniors HousingSoutheast

SG Holdings Delivers 578-Unit Affordable Seniors Housing Community in Miami’s Overtown Neighborhood

by John Nelson

MIAMI — SG Holdings, a partnership between Swerdlow Group, SJM Partners and Alben Duffie, has completed the housing component of Sawyer’s Walk, marking the delivery of the largest affordable senior living community in the United States within the last decade, according to the developer. The studio, one- and two-bedroom housing units, which are designated for seniors earning at or below an average of 60 percent of the area median income (AMI), sit atop Sawyer’s Walk’s shops and parking garage. Sawyer’s Walk, a $350 million mixed-use development, is underway in the Overtown neighborhood of Miami. Upon full build-out it will total 1.5 million square feet, including the 578 residential units completed that will be home to low-income seniors; 175,000 square feet of retail space committed to tenants including Target (50,000 square feet) and Aldi (25,000 square feet); a 25,000-square-foot public plaza; and 130,000 square feet of office space acquired by MSC Group that will anchor its North American cruise division headquarters. The retail component is slated to open this fall. SG Holdings broke ground on the 3.4-acre, mixed-use development in June 2021. The public-private partnership was made possible through a collaboration with the City of Miami’s Southeast Overtown/Park West Community Redevelopment …

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CaliforniaLoansLumentMultifamilySeniors HousingWestern

Lument Provides $38.8M Freddie Mac Refinancing for Carlton Senior Living Portfolio in California

by Amy Works

FREMONT AND SAN JOSE, CALIF. — Lument has provided $38.8 million in Freddie Mac refinancing loans for Carlton Senior Living, one of Northern California’s largest senior living providers with 11 independent living, assisted living, and memory care communities in operation.  The loans are spread across two separate properties — $13.5 million to refinance a 123-unit senior living property in Fremont and $25.3 million to refinance a 126-unit senior living property in San Jose. Both loans feature a fixed interest rate, 10-year term and 30-year amortization. One loan also provides funds for renovations to improve the San Jose property.   Lument’s Nick Hamilton and Casey Moore, both based in San Diego, led the transaction.

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DevelopmentNorth CarolinaSeniors HousingSoutheast

PruittHealth Breaks Ground on $385.5M Redevelopment of Seniors Housing Campus in Raleigh

by John Nelson

RALEIGH, N.C. — PruittHealth has broken ground on a $385.5 million redevelopment project at The Oaks at Whitaker Glen, a seniors housing property in Raleigh. Upon completion, the continuing care retirement community (CCRC) property will comprise 246 independent living units in studio, one-, two- and three-bedroom layouts; 82 assisted living apartments; and a new, 106-bed skilled nursing center. The campus, which spans 20 acres, will also feature public-facing retail stores and healthcare space. The Oaks at Whitaker Glen is accepting preconstruction reservations now. A construction timeline was not released.

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The-Orion-Orange-CA
Affordable HousingCaliforniaDevelopmentMultifamilySeniors HousingWestern

USA Properties, Riverside Charitable Corp. Start Construction of 166-Unit The Orion Affordable Seniors Housing Project in Orange, California

by Amy Works

ORANGE, CALIF. — USA Properties Fund and Riverside Charitable Corp. have started construction of The Orion, an affordable seniors housing community in Orange. Located at 1800 E. La Veta Ave., The Orion will offer 166 affordable one- and two-bedroom apartments with energy-efficient appliances, lighting insulations and windows, as well as low-flow faucets, shower and toilets. Additionally, some apartments will include a balcony. Community amenities will include a clubroom, dog park, fitness center, computer workstations, a community garden with some elevated planters, a courtyard and shaded patio, and secured parking. Residents will also have access to LifeSTEPS, a social-services provider. The Orion will be available to seniors age 55 years and older who earn 30 percent to 70 percent of the area median income for Orange County. USA Properties Fund will manage the community. The City of Orange, County of Orange and Orange County Housing Finance Trust provided financial support for the $64 million project. The California Tax Credit Allocation Committee awarded bond funding for the development. Bank of America offered construction and tax credit equity financing, while Citibank served as the permanent lender.

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Sterling-Ridge-Living-Las-Vegas-NV
AcquisitionsMultifamilyNevadaSeniors HousingWestern

SLIB Brokers Sale of 122-Unit Sterling Ridge Seniors Housing Property in Las Vegas 

by Amy Works

LAS VEGAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of Sterling Ridge Living, a 122-unit independent living, assisted living and memory care facility in Las Vegas, Nevada.  The community was built in 1974 and was most recently renovated in 2023. The asset totals 89,719 square feet on 2.37 acres.  The property offers 22 independent living units, 74 assisted living units 26 memory care units totaling 152 beds. The seller is a private equity firm that sought to exit its fund and the senior living industry. The buyer is a private owner-operator that divested its Midwest skilled nursing portfolio is now building up a private-pay portfolio in the West. Vince Viverito and Nick Cacciabando of SLIB managed the transaction. The price was not disclosed.

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AcquisitionsIdahoMultifamilySeniors HousingWestern

Zett Group Negotiates Sale of 79-Unit Streamside Assisted Living in Nampa, Idaho

by Amy Works

NAMPA, IDAHO — The Zett Group, led by Blake Bozett, has arranged the sale of Streamside Assisted Living and Memory Care in Nampa, approximately 20 miles west of Boise. The property features 79 total units. A regional owner-operator based out of Oregon sold the asset to a national owner-operator from California looking to expand its footprint in the state Idaho. The price was not disclosed.

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Ascension Resurrection Hospital, Chicago
AcquisitionsHealthcareIllinoisMidwestSeniors HousingTop Stories

Prime Healthcare Agrees to Acquire 14 Ascension Healthcare Properties in Metro Chicago, Plans $250M in Improvements

by Jeff Shaw

CHICAGO — Prime Healthcare has agreed to acquire nine hospitals and associated physician practices in Illinois, as well as five post-acute and senior living facilities, from St. Louis-based Ascension. The properties are largely located in Chicago and its surrounding suburbs. The transaction is expected to close in the first quarter of 2025, subject to standard regulatory and canonical approvals. The price was not disclosed. The acquisition includes the following Ascension hospitals: Prime Healthcare also acquired multiple post-acute and senior living facilities operated by Ascension Living: Fox Knoll Village in Aurora; Villa Franciscan Place in Joliet; Heritage Village and Heritage Lodge in Kankakee; and Resurrection Place in Park Ridge. Prime Healthcare plans to invest $250 million in facility upgrades, capital improvements, technology investments and system upgrades to the properties.  According to Prime Healthcare, the company has all available funding for the renovations. No debt will be put on the hospitals to complete the transaction. Additionally, the buyer has agreed to make offers of employment to substantially all associates. “Our agreement with Ascension reflects our decades-long mission of saving, improving and investing in community hospitals,” says Sunny Bhatia, president and chief medical officer of Prime Healthcare. Prime Healthcare is based in Ontario, …

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Affordable HousingDevelopmentMassachusettsMultifamilyNortheastSeniors Housing

MassDevelopment Provides $22.2M Bond Financing for Affordable Seniors Housing Project in Foxborough, Massachusetts

by Taylor Williams

FOXBOROUGH, MASS. — MassDevelopment has provided $22.2 million in tax-exempt bond financing for an 80-unit affordable seniors housing project in the southern Boston suburb of Foxborough. These units represent the first part of a multi-phase project that will add 200 affordable seniors housing units to the local supply. All of the one-bedroom units will be rented to households earning up to 60 percent of the area median income (AMI), though 20 units will also be available for households earning up to 30 percent of AMI. The developer, an entity doing business as Walnut Street Phase One 4 LLC, is a joint venture that includes Affordable Housing and Services Collaborative Inc., Peabody Properties Inc. and The Onyx Group. Citizens Bank purchased the bond.

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