REBusinessOnline

SQLC Completes $72M Expansion Project at Seniors Housing Community in Houston

HOUSTON — Senior Quality Lifestyles Corp. (SQLC), a developer and manager of seniors housing communities throughout Texas, has completed a $72 million expansion project at The Buckingham, a seniors housing community in Houston. The project delivered roughly 80 new assisted living, skilled nursing and memory support units, an augmented physical therapy gym and new rooms for speech and occupational therapies. The project, construction of which began in late 2015, also included the development …

Chicago Pacific Founders Acquires 100-Unit Seniors Housing Community in Central New York

LIVERPOOL, N.Y. - Chicago Pacific Founders (CPF) has acquired Parkrose Estates, a 100-unit independent living community in the Syracuse suburb of Liverpool, for an undisclosed price. CPF made the purchase along with its subsidiaries, Grace Management and CPF Living Communities. Grace Management will take over operations at the community. CPF plans to make improvements to the campus, but further details were not

Lancaster Pollard Secures $23.1M Refinancing for Seniors Housing Property in New Jersey

GALLOWAY, N.J. - Lancaster Pollard has arranged a $23.1 million refinancing for Seashore Gardens Living Center, a nonprofit seniors housing community in the Atlantic City suburb of Galloway. The community first opened in 1916 and has expanded to a 20-acre campus over the years. It offers assisted living, memory care, skilled nursing, rehabilitation, long-term care and home health services. The loan will convert the community's existing bond debt into FHA financing. The refinancing will save the …

Monticello Provides $45.3M Financing for Three-Property Seniors Housing Portfolio in New York

NESCONSET, N.Y. - Monticello Asset Management has provided $45.3 million in bridge-to-HUD financing to Nesconset Property NY LLC. The borrower will use the funds to acquire two adult daycare facilities and a 242-bed skilled nursing facility in New York State. Although the names and locations of the properties were not disclosed, the borrower is named for Nesconset, a town on Long Island. The adult daycare facilities can house up to 165 seniors and were built in 1993 and 1994. The skilled …

CBRE Arranges Sale of, Acquisition Financing for, 85-Unit Seniors Housing Community in Suburban Denver

LITTLETON, COLO. - CBRE has arranged the sale of MorningStar of Littleton, an 85-unit assisted living and memory care community in the Denver suburb of Littleton. A joint venture between Kayne Anderson Real Estate and MorningStar Senior Living acquired the property from an institutional investor for an undisclosed price. Lisa Widmier of CBRE's National Senior Housing team represented the seller. Aron Will, also with CBRE National Senior Housing group, arranged $20.5 million in acquisition …

InterFace Seniors Housing Midwest Conference Scheduled for June 7 in Chicago

Seniors Housing Business magazine and InterFace Conference Group will host the 4th annual InterFace Seniors Housing Midwest conference on June 7 at the Marriott Marquis Chicago. The conference will focus on the state of seniors housing investment, development, operations and financing across markets in the Midwest. It is designed to bring together the leading owners, operators, investors, developers and lenders/financial intermediaries active in the region. InterFace Seniors Housing …

BridgeWater Opens 140-Unit Affordable Seniors Community in Midtown Phoenix

PHOENIX - BridgeWater Assisted Living has opened BridgeWater Assisted Living Midtown, a 140-unit affordable seniors housing community in Phoenix. This is BridgeWater's second affordable community in the Phoenix metro. The property is seven stories tall and offers assisted living and memory care services using the Medicaid ALTCS program, which allows Medicaid to pay for services that are normally private pay. Veterans eligible for Wartime Pension may also qualify for supplemental aid and …

LCS Development to Lead $125M Expansion of Seniors Housing Community in Boca Raton

BOCA RATON, FLA. — LCS Development, an LCS Company, has been selected to develop and market the $125 million expansion of the Toby & Leon Cooperman Sinai Residences of Boca Raton. The not-for-profit continuing care retirement community (CCRC) opened in 2016 and includes 234 independent living homes, 48 assisted living units, 24 memory care units and 60 skilled nursing beds. The expansion will add an estimated 100 independent living residences, at least two additional themed dining …

Pathway to Living, Caddis Open 96-Unit Seniors Housing Community in Orland Park, Illinois

ORLAND PARK, ILL. — Pathway to Living and Caddis Healthcare Real Estate have opened Heartis Village of Orland Park, a 96-unit assisted living and memory care community. The 89,622-square-foot property is located at 7420 W. 159th St. The community’s 72 assisted living units range in size from 371 to 1,032 square feet, while the 24 memory care studios measure approximately 260 to 360 square feet. Amenities include a dining room, movie theater, chapel, salon and spa, fitness center, doctor’s …

Blueprint Brokers Sale of Two Skilled Nursing Facilities in Southern Illinois for $5.5M

EDWARDSVILLE, ILL. — Blueprint Healthcare Real Estate Advisors has brokered the sale of University Nursing and Rehabilitation Center and Edwardsville Nursing and Rehabilitation, both located in Edwardsville and totaling approximately 232 beds, for $5.5 million. The purchase price equates to approximately $24,000 per bed. The sale was prompted by the operator’s motivation to reduce its overall exposure to the state’s challenging reimbursement environment relating to delayed payments of …