HENDERSON, NEV. — A joint venture between CREC Real Estate and The Calida Group has sold Coronado Ridge Skilled Nursing and Rehabilitation Center, a skilled nursing facility in the Las Vegas suburb of Henderson, for $33 million. JLL’s Seniors Housing Capital Markets team, in conjunction with Mark Wintner of JLL, represented the seller in the transaction. Completed in 2017, the facility totals 121 beds across 90 resident rooms. The 68,873-square-foot property is situated on 2.3 acres across from a 132-unit seniors housing community and a 62-unit memory care facility.
Seniors Housing
TOLEDO, OHIO AND HOUSTON — An affiliate of Welltower Inc. (NYSE: WELL) has entered into an agreement to acquire NorthStar Healthcare Income Inc., a non-listed REIT that owns a diversified portfolio of seniors housing properties throughout the United States, for roughly $900 million. Toledo-based Welltower will take ownership of NorthStar Healthcare’s portfolio of 40 seniors housing communities in the acquisition. Founded in 2010, Houston-based NorthStar Healthcare’s portfolio includes independent living, assisted living and memory care properties. “We expect that this portfolio will serve to further enhance our regional densification strategy through our existing geographic footprint and network of exceptional seniors housing operators,” says Nikhil Chaudhri, co-president and chief investment officer of Welltower, calling the agreement a “win-win outcome for shareholders of both companies.” NorthStar Healthcare stockholders will receive $3.03 per share according to the agreement, exceeding the net asset value per share of $2.96 as decided by NorthStar Healthcare’s board of directors in June 2024. Under terms of the agreement, the NorthStar board of directors and advisors may initiate, solicit and consider alternative acquisition proposals during a 40-day “go shop” period beginning from the date of the merger agreement. The all-cash transaction is scheduled to close within the first half …
Thoma-Holec to Design Interiors of Five Acanthus Senior Living Communities in Metro Phoenix
by Amy Works
PHOENIX — Thoma-Holec Design has been tapped to lead the interior design of five new Acanthus Senior Living developments. Each of the projects, all located throughout metro Phoenix, will be situated on a Catholic church property. The developments, which will comprise roughly 150 units each, will be located at St. Benedict Catholic Church in Ahwatukee, St. Clare of Assisi Catholic Church in Surprise, St. Raphael Catholic Church in Glendale, St. Gabriel Catholic Church in Cave Creek and St. Joesph Catholic Church in Phoenix. Open to individuals of all faiths, the communities will offer independent living, assisted living and memory care residences. Acanthus Development is scheduled to begin construction on the first of the communities, in Ahwatukee, in April of this year. “We are privileged to contribute to Acanthus’ innovative approach of integrating senior living communities within church grounds,” says LuAnn Thoma-Holec, principal of Thoma-Holec Design. “Our designs will reflect the unique cultural and spiritual essence of each parish, creating environments that support residents’ physical, emotional and spiritual well-being.”
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.
Partnership Breaks Ground on 254-Unit Affordable Seniors Housing Community in Nashville
by John Nelson
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.
JLL Arranges $40M in Acquisition Financing for Three Seniors Housing Communities in Oregon
by Amy Works
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.
Live Oak Bank Provides $40M in Construction Financing for Assisted Living, Memory Care Community in California
by Amy Works
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.