NEW YORK CITY — Marathon Asset Management has provided a $154.5 million loan for the refinancing of a senior living portfolio, dubbed The American House Florida Portfolio, located in Florida. A joint venture between Monarch Alternative Capital and REDICO is the borrower. Totaling 817 units, the portfolio comprises six communities offering 40 independent living, 306 assisted living and 102 memory care residences. The communities were built between 2015 and 2018. According to a press release issued by New York-based Marathon, each of the properties is located in a Florida market that is currently experiencing significant demographic growth. REDICO, which developed four of the communities, has been invested in the portfolio for roughly a decade. In 2017, REDICO expanded the portfolio through the acquisition of two additional communities. Monarch acquired the portfolio in 2021 through a recapitalization, wherein REDICO remained as a joint venture equity owner. REDICO manages the properties through its affiliate, American House SLC. Joseph Griffin of Marathon originated the loan. Aron Will and Adam Mincberg of CBRE secured the financing on behalf of the borrower.
DEERFIELD, ILL. — Skender has broken ground on Deerfield Supportive Living, a 147-unit supportive living development in the Chicago suburb of Deerfield. Developed by Celadon Partners, the four-story building will offer affordable senior living apartments at 1101 Lake Cook Road. The project will feature dining rooms, space for private dining and events, activity rooms, a library, salon and general store. Slated for completion in mid-2026, the project is pursuing Enterprise Green Communities Building certification, which was developed to align affordable housing investment strategies with environmentally friendly building practices. Deerfield Supportive Living will feature eco-friendly paint, coatings, plumbing fixtures, lighting, heating equipment and appliances. The project team includes Assemble Design Workshop as architect and SAS Architects & Planners as interior designer.
NASHVILLE, TENN. — A partnership between The Clear Blue Co., Urban Campus and Core and Born Again Church has broken ground on the Northview Housing Development, a 254-unit affordable housing project for seniors in Nashville. The 266,000-square-foot complex will be located at 876 W. Trinity Lane on Born Again Church’s campus in the city’s Haynes-Trinity neighborhood. Upon completion, which is slated for December 2026, Northview will feature a mix of one- and two-bedroom units reserved for seniors earning 40 percent to 80 percent of the area median income. Amenities will include a fitness center, rooftop deck, walking trails and recreational spaces. The design-build team includes STG Design, Thomas & Hutton and Bacar Constructors, and capital partners include the Urban League’s R.E.D. Academy, Amazon’s Housing Equity Fund, Regions Bank and Fannie Mae. Civic partners include the Tennessee Housing Development Agency and the Metropolitan Development and Housing Agency.
SAN CLEMENTE, CALIF. — CareTrust REIT has acquired 13 skilled nursing facilities in Tennessee for $176 million. California-based CareTrust purchased the properties through a joint venture arrangement with an unnamed, third-party healthcare real estate owner. Each of the 13 facilities will be operated by existing CareTrust tenants under new, long-term master lease agreements. Affiliates of the Ensign Group will operate six of the facilities, with affiliates of Links Healthcare Group operating the remaining seven. The acquisition is Phase II of a larger $421 million portfolio transaction that ultimately involves 27 facilities in Tennessee.
EUGENE AND SPRINGFIELD, ORE. — JLL Capital Markets has arranged $40 million in acquisition financing for a portfolio comprising three seniors housing communities in Oregon. Totaling 344 units, the properties are located in Eugene and Springfield. Built between 1996 and 2006 and renovated in 2021, the communities include Evergreen Senior Living in Eugene and Timber Pointe and Woodside Senior Living in Springfield. Together, the properties offer 43 independent living, 245 assisted living and 56 memory care residences. Amenities at the communities include onsite dining, complimentary transportation, television lounges, libraries, beauty salons and barber shops, game rooms, movie and theater rooms and a billiards lounge. Alanna Ellis and Alex Sheaffer of JLL secured the three-year, floating-rate bridge financing on behalf of the undisclosed borrower.
CALIFORNIA — Wilmington, N.C.-based Live Oak Bank has provided a $40 million loan to finance the ground-up construction of a new seniors housing community in California. Upon completion, the property will feature 140 assisted living and memory care units. Additional details about the property were not released. Live Oak Bank provided the financing, which features a five-year term and 42 months of interest-only payments, in conjunction with a $39.6 million C-PACE loan provided by Nuveen Green Capital. A joint venture between Harbert Seniors Housing Fund II and Harbert South Bay Partners was the borrower.
PROVIDENCE, R.I. — LRT Co., a developer of traditional multifamily and seniors housing properties, has acquired 12.4 acres in Providence for the development of a $65 million seniors housing project. Known as Tiffany Laurel Reserve, the property will total 157,000 square feet upon completion and feature 127 independent living residences and 77 assisted living and memory care units. Roughly 25 percent of the units will be reserved for low-income residents. The development will also feature 56 garage parking spaces. Construction is scheduled to begin this summer.
THE VILLAGES AND WINTER PARK, FLA. — Titan Development has sold a portfolio of three seniors housing communities in Central Florida. The properties include Watercrest Buena Vista and Watercrest Spanish Springs in The Villages and Watercrest Winter Park in Winter Park. AEW Capital Management acquired the 416-unit portfolio for an undisclosed price. JLL represented Titan in the sale. Additionally, JLL is arranging acquisition financing for two of the properties on behalf of the buyer. Built in 2018, Watercrest Buena Vista features 224 residences, with 118 independent living, 74 assisted living and 32 memory care units. Amenities at the community include underground parking, a heated pool, fitness center, salon, media room, bistro and bar and a golf cart charging station. Watercrest Spanish Springs, which opened in 2016, comprises 86 assisted living and memory care units. Amenities at the property include restaurant-style dining, gathering areas, salon services and wellness and exercise programs. Built in 2019, Watercrest Winter Park is an assisted living and memory community that totals 106 units. AEW Capital Management will retain the current, third-party operator of the properties, Watercrest Senior Living.
BRENTWOOD, TENN. — Brookdale Senior Living has obtained a $344.2 million Fannie Mae loan for the refinancing of a 47-property seniors housing portfolio. Allison Holland and Alex Sheaffer of JLL originated the seven-year, fixed-rate loan on behalf of the Brentwood-based borrower that will repay $312.5 million of variable-rate debt that was due September 2027. The portfolio comprises 5,102 independent living, assisted living and memory care units across 14 states, with properties ranging from 32 to more than 300 units.
SPOKANE, WASH. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Moran Vista Senior Living, a 131-unit seniors housing community located in Spokane. Originally built in 1997 and renovated and expanded in 2008, the property features independent living, assisted living and memory care residences. A regional owner-operator acquired the community from a Pacific Northwest-based seller. The buyer’s portfolio comprises roughly 20 properties throughout Washington and Arizona. Jason Punzel of SLIB brokered the transaction.
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