Tuesday, June 17, 2025
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Seniors Housing

LoansMultifamilySeniors HousingSoutheastTennessee

CBRE Provides $12.3M Refinancing for Seniors Housing Community in Metro Nashville

by Alex Tostado

MURFREESBORO, TENN. — CBRE has provided a $12.3 million Freddie Mac loan for The Rutherford Assisted Living & The Rutherford Memory Care in the Nashville suburb of Murfreesboro. The seven-year, fixed-rate loan features 24 months of interest-only payments and includes cash-out proceeds. The property features 68 assisted living units and 26 memory care units across two buildings. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing originated the refinancing on behalf of a joint venture between Venue Capital LLC and Inspirit Senior Living, which acquired the asset in January 2018. Post-acquisition, the owners deployed more than $600,000 to renovate the property, driving occupancy from 73 percent to approximately 90 percent.

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DevelopmentMultifamilyNorth CarolinaSeniors HousingSoutheast

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

by Alex Tostado

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 complex. Todd Shaw, director of development services at LCS Development, will serve as project manager for the expansion. Cain Brothers, a division of KeyBanc Capital Markets, underwrote the bond financing for the project. The project team includes SFCS Architects, Frank L. Blum Construction Co. as general contractor and Stimmel Associates as civil engineer and land planner. A timeline for completion was not disclosed.

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AcquisitionsIllinoisMidwestMultifamilySeniors Housing

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

by Kristin Harlow

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 care unit and a variety of activities for socialization. Strawberry Fields worked with Infinity Healthcare Consultants to lease the property to an entity expected to improve overall performance. The seller was undisclosed. Strawberry Fields REIT is a non-traded real estate investment trust based in South Bend, Ind.

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AcquisitionsMassachusettsMultifamilyNortheastSeniors Housing

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

by Taylor Williams

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’ first investment in the seniors housing sector. The specific names and locations of the properties were not disclosed. Newmark Knight Frank represented Welltower in the transaction and also arranged acquisition financing for the buyer.

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DevelopmentMarylandMultifamilySeniors HousingSoutheast

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

by Alex Tostado

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” apartments on three acres. Enhanced care apartments are designed for residents with conditions that require special attention, such as Parkinson’s disease or ALS.

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AcquisitionsMultifamilySeniors HousingTexas

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

by Taylor Williams

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 disclosed.

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Union-Broadway-Eugene-OR
LoansMixed-UseMultifamilyOregonSeniors HousingWestern

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

by Amy Works

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 bed-to-bath parity. Shared amenities will include ground floor retail space, a fitness center, study lounges on every floor, courtyards, conference rooms, activity and game rooms and an outdoor rooftop with a pool, fire pits and grills. A timeline for the development was not announced.

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South-Cove-Plaza-Boston
LoansMassachusettsMultifamilyNortheastSeniors Housing

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

by Taylor Williams

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 proceeds to renovate unit interiors, mechanical systems and amenity spaces.

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AcquisitionsFloridaMultifamilySeniors HousingSoutheast

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

by Alex Tostado

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 community, which may be utilized for future development. Additional terms of the deal were not disclosed. Grace Management will take over operations at the community. Lisa Widmier of CBRE National Senior Housing represented the seller in the transaction. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged $20.8 million in acquisition financing for CPF. The 10-year, fixed-rate loan features 60 months of interest-only payments.

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ADP-San-Jose-CA
CaliforniaDevelopmentMultifamilySeniors HousingWestern

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

by Amy Works

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. “This project meets the market demand in a fashion that is least intrusive to the overall community by terracing the building into the single-family neighborhood of Dry Creek and creating fabulous outdoor garden spaces for the residents.” As recommended by the San Jose Planning Commission, the City Council approved the Conditional Use Permit for the project site to replace existing dilapidated retail strip buildings with a modern, three-story building. ADP is in the process of securing its project team of architects, engineers and contractors for the development, according to Paul Bunton of ADP. He says the firm also expects to have its financing and operator in place in the next couple months and anticipates breaking ground in early 2021, which would …

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