REBusinessOnline

LCS Development Begins Construction of $75M Seniors Housing Expansion in Greensboro, North Carolina

GREENSBORO, N.C. — LCS Development, an LCS company, has started construction of a $75 million expansion at WhiteStone, a seniors housing community in Greensboro. The project includes the addition of 67 independent living units, a building with 36 private suites for assisted living and memory care residents and an extensive renovation of the existing skilled nursing facility. The 100-year-old community is located on a 43-acre campus. Life Care Services, also an LCS company, operates the …

Strawberry Fields REIT Acquires Skilled Nursing Facility in East Moline, Illinois for $4M

EAST MOLINE, ILL. — Strawberry Fields REIT LLC has acquired Hope Creek Nursing and Rehabilitation Center in East Moline within the Quad Cities for $4 million. The 245-bed skilled nursing facility sits on 12 acres on Kennedy Drive. Built in 2007, it is the newest skilled nursing facility in the Quad Cities, according to Strawberry Fields. The property offers full inpatient rehabilitation, respite stays, hospice services, individualized care plans, restorative therapy programs, a secured memory …

Taurus, Northbridge Acquire Boston-Area Seniors Housing Portfolio for $200M

BOSTON — A joint venture led by Taurus Investment Holdings and Northbridge Cos. has acquired six Class A seniors housing properties located in suburban Boston submarkets for approximately $200 million. The 507-unit portfolio consists of assisted living and memory care. Northbridge, a developer, owner, operator and asset manager of senior living communities, already manages the properties. The seller was Welltower, the largest REIT in the seniors housing space. The acquisition marks Taurus’ …

Brightview Opens 96-Unit Seniors Housing Community in Bethesda, Maryland

BETHESDA, MD. — Brightview Senior Living, an owner and operator of senior living communities, has opened Brightview Grosvenor, an assisted living and memory care community in Bethesda, approximately 10 miles north of downtown Washington, D.C. The community is situated on shares the land of Wild Acres, the former home of National Geographic president, editor and photojournalist Gilbert Grosvenor. Brightview Grosvenor features 58 assisted living, 26 memory care and 12 “enhanced care” …

Blueprint Brokers Sale of Three-Property Seniors Housing Portfolio in East Texas

CHICAGO — Blueprint Healthcare Real Estate Advisors has arranged the portfolio sale of three assisted living communities totaling 132 units in East Texas. Two of the communities were vacant at the time of sale. The other was operational and 90 percent occupied. Dallas-based owner-operator WindRiver Cos. acquired the properties. The seller and price were not

Pacific Western Bank Provides $60M Construction Financing for Student Housing Development Near University of Oregon

EUGENE, ORE. — Pacific Western Bank has provided $60 million in construction financing for Union on Broadway, a mixed-use student housing development located at 476 E. Broadway St. near the University of Oregon in Eugene.Charles Halladay, Jordan Angel, Chris Ross, Teddy Leatherman, Stewart Hayes and Taylor Gimian of JLL worked on behalf of the borrowers, Greystar and Star America, to secure the loan.The 338,130-square-foot community will offer 608 beds in fully furnished units with …

Rockport Arranges $81.8M Loan for Refinancing of Boston Seniors Housing Community

BOSTON — Rockport Mortgage Corp. has arranged an $81.8 million loan for the refinancing of South Cove Plaza, a 231-unit seniors housing community in Boston. South Cove Plaza consists of a 142-unit building on Stuart Street and an 89-unit building on Tremont Street in the city’s Back Bay area. The buildings feature 193 one-bedroom units and 38 two-bedroom units, as well as a combined 10,200 square feet of ground-floor commercial space. The borrower, Weston Associates, will use some of the …

Chicago Pacific Founders Acquires 118-Unit Seniors Housing Community in Southwest Florida

ENGLEWOOD, FLA. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired Heritage Oaks of Englewood, a 118-unit assisted living and memory care community in Englewood. Located along the state’s Gulf Coast between Tampa and Fort Myers, Heritage Oaks of Englewood is located near the Grove City shopping area, medical facilities and indoor and outdoor recreation. The acquisition includes approximately 50 acres adjacent to the …

Advocacy Development Completes Entitlements for 83-Unit Assisted Living Project in San Jose

SAN JOSE, CALIF. — Advocacy Development Partners (ADP) has received unanimous approval from the San Jose City Council for a new assisted living and memory care project in the city. The 1.2-acre project will include 73,000 square feet of living and common areas, comprisingf 83 units and 93 beds.“This facility underscores the need for assisted living and memory care for senior residents in San Jose,” says Pam Foled, Councilmember for District 9, where the community will be located. …

Ryan Cos. Breaks Ground on 248-Unit Clarendale Arcadia Seniors Housing Project in Phoenix

PHOENIX — Ryan Cos. has broken ground on Clarendale Arcadia, an independent living, assisted living and memory care community in Phoenix.The project is a joint venture between Harrison Street, LCS and Ryan. The partnership entered into a long-term ground lease with the landowner, LAKO.Located on six acres, the 347,346-square-foot community will feature 140 independent living apartments, 68 assisted living apartments and 40 memory care apartments. Independent living residences will …

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