Seniors Housing

Moorings Park Institute, London Bay Complete Phase I of Seniors Housing Community in Naples

by Alex Tostado April 27, 2020

NAPLES, FLA. — Moorings Park Institute Inc. and London Bay Development Group have opened the first phase of Moorings Park Grande Lake, a continuing care retirement community (CCRC) in Naples. Located on 55 acres along the Naples Grande Golf Course, the first phase of development included three buildings totaling 47 units, all but three of which were pre-reserved. Entrance fees start at $1.5 million and are 70 percent refundable, and golf club membership is included. Phase II of the project has just opened for preleasing, and includes a clubhouse scheduled to open in late 2021.

April 27, 2020

Acquisitions Montana Multifamily Seniors Housing Western

Blueprint Directs Sale of 338-Bed Skilled Nursing Portfolio in Montana

by Amy Works April 24, 2020

MONTANA — Blueprint Healthcare Real Estate Advisors has arranged the sale of two skilled nursing facilities totaling 338 beds in Montana. The seller is a national operator that was looking to leave the state to focus on other markets. The undisclosed buyer assumed the seller’s HUD debt against the properties. The price and locations of the facilities were not disclosed.

April 24, 2020

Development Florida Multifamily Seniors Housing Southeast

Gates Construction Delivers Seniors Housing Community in Naples, Florida

by Alex Tostado April 23, 2020

NAPLES, FLA. — Gates Construction has delivered The Pineapple House at Sapphire Lakes, a two-story, 127-unit seniors housing community in Naples. The owner and operator is Senior Care Residence Sapphire Lakes at Naples LLC. The property spans 115,381 square feet and offers an open-air courtyard, fitness center, massage areas, hydrotherapy room, pool, beauty salon, theater room, library, chapel, craft room, private dining room, clubroom bar and dining options that will include a bistro and an open-air patio. The new community is located at 7901 Radio Road, seven miles east of downtown Naples. Michael Kerner, Development Consulting LLC and Phoenix Associates of South Florida Inc. designed the community.

April 23, 2020

Features Seniors Housing

Adequate COVID-19 Testing in Short Supply in Senior Living Industry, Concludes NIC Webinar Panel

by Jeff Shaw April 15, 2020

“How do you fight the enemy without knowing where it is?” The question posed by Kathryn Sweeney, co-founder and managing partner of Blue Moon Capital Partners LP, underscores the need for senior living communities to have priority access to personal protective equipment (PPE) and adequate testing to battle the COVID-19 virus. “We’re really fighting this battle with very rudimentary and limited tools,” said Sweeney, whose Boston-based firm provides equity exclusively to the seniors housing sector. “We have had inconsistent access to tests in our portfolio. What we’re finding is those operators who are more on the healthcare end of the spectrum have relationships with healthcare professionals such that they are able to access tests more so than operators who are more on the social end of the spectrum,” said Sweeney. Her comments came during an April 9 webinar hosted by the National Investment Center for Seniors Housing & Care (NIC). The hour-long webinar, titled “The Intersection of Operators and the Financial Community in a COVID-19 Environment” and moderated by NIC’s chief economist Beth Burnham Mace, featured two other speakers: Fee Stubblefield, founder and CEO of The Springs Living; and Wendy Simpson, president and CEO of LTC Properties (NYSE: LTC). As …

April 15, 2020

Acquisitions Multifamily Seniors Housing Washington Western

Blueprint Brokers Sale of Seniors Housing Community in Kennewick, Washington

by Amy Works April 15, 2020

KENNEWICK, WASH. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 36-unit assisted living community in Kennewick, located near the Oregon border in the eastern half of the state. The property was over 90 percent occupied at the time of sale, though it has struggled in recent years due to key leadership turnover, according to Blueprint. For this reason, it was still marketed as a value-add opportunity. The buyer was well capitalized and local, and this is the company’s fourth acquisition in Washington. The seller and price were not disclosed.

April 15, 2020

Loans Multifamily Seniors Housing Washington Western

M&T Provides $16.8M in Financing for Seniors Housing Community Near Seattle

by Amy Works April 14, 2020

ENUMCLAW, WASH. — M&T Realty Capital Corp. has provided a $16.8 million Freddie Mac loan for High Point Village, a seniors housing community in Enumclaw, approximately 35 miles southeast of Seattle. The community features 108 units of independent living, assisted living and memory care. The loan, which will refinance existing debt, features a 60 percent loan-to-value ratio, 10-year term and fixed rate. It also includes five years of interest-only payments followed by a 30-year amortization. The borrower is a multi-generational, family-run business. The property is listed on the website of Village Concepts, which operates 25 seniors housing communities all located in Washington State. Steve Muth of M&T Realty Capital Corp.’s Richmond, Virginia, office led the transaction.

April 14, 2020

Acquisitions Multifamily Seniors Housing Washington Western

ESI Negotiates Sale of a Heartwood Extended Healthcare in Tacoma for $8M

by Jeff Shaw April 13, 2020

TACOMA, Wash. — Evans Senior Investments (ESI) has arranged the sale of Heartwood Extended Healthcare, a 120-bed skilled nursing community in Tacoma. A joint venture between an East Coast capital group and a Los Angeles-based operator acquired the facility for for $8 million, or $66,000 price per bed. The seller was a local owner-operator. Built in 1986, the community was 69 percent occupied and not profitable at the time of sale. The new buyers plan to replace contracted staff with full-time employees. In addition, Medicaid rate increases have already been approved, as well as emergency funding for dealing with the COVID-19 pandemic. ESI represented the seller in the transaction. “The new buyer will be able to leverage their experience in the nursing home industry to improve the financials and continue to build upon an already great culture in the building,” says Jeremy Stroiman, CEO of ESI.

April 13, 2020

Acquisitions Midwest Missouri Multifamily Seniors Housing

Blueprint Brokers Sale of 167-Bed Skilled Nursing Facility in St. Louis

by Kristin Harlow April 13, 2020

ST. LOUIS — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 167-bed skilled nursing facility in St. Louis. An undisclosed real estate investment trust sold the property. The operating partner plans to exit Missouri altogether. Despite a $1.2 million renovation in 2015, occupancy and cash flow were both in decline. An East Coast-based owner-operator with an existing presence in the state was the buyer. Housing & Healthcare Finance sourced the acquisition loan. The price was not disclosed.

April 13, 2020

Development Illinois Midwest Multifamily Seniors Housing

Holland Construction Services Underway on 149-Unit Senior Living Community Near St. Louis

by Kristin Harlow April 10, 2020

O’FALLON, ILL. — Holland Construction Services is underway on a $39 million senior living community known as Keystone Place at Richland Creek in O’Fallon, about 20 miles east of St. Louis. Upon completion, the four-story building will offer 64 independent living units, 66 assisted living units and 19 memory care units. There will also be one guest suite. The five-acre development will also feature a memory garden and a courtyard. Keystone Senior Management Services Inc. is the developer. Completion is slated for early 2021. The project is being constructed next to Parkway Lakeside Apartments, which Holland built several years ago.

April 10, 2020

Acquisitions Illinois Midwest Multifamily Seniors Housing

SLIB Negotiates Sale of 71-Bed Skilled Nursing Facility in Pekin, Illinois

by Kristin Harlow April 9, 2020

PEKIN, ILL. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Hallmark House Nursing Center. Located in Pekin, a suburb of Peoria, Hallmark House was built in 1964 and includes 71 beds. The long-term care property totals 22,588 square feet on a six-acre plot. The seller was a private owner based in California struggling to oversee this single asset in Illinois. Occupancy was 62 percent at the time of sale. The buyer was a regional owner-operator with other facilities in Illinois. The price was not disclosed. Ryan Saul of SLIB handled the transaction.

April 9, 2020

Newer Posts

Older Posts