MESA, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 160-bed skilled nursing facility in Mesa. The property was recently renovated and expanded, and is located near multiple medical centers that refer residents to the facility. A buyer with an existing footprint in the market acquired the asset for an undisclosed price. The transaction is part of a series of sales that Blueprint arranged for LTC properties, which is divesting its entire portfolio of Preferred Care facilities. Blueprint estimates the combined sales will total $78 million.
STUART, FLA. — Cushman & Wakefield Senior Housing Capital Markets has brokered the $22.2 million sale of The Pointe at Ocean Boulevard, an independent living community in Stuart. Sentio Investments sold the seniors housing asset to an affiliate of Waypoint Real Estate Investments. Arrow Senior Living has been retained to operate the community. The Pointe at Ocean Boulevard features 150 units and is located at 2750 SE Ocean Blvd., a mile west of the Atlantic Ocean and three miles east of downtown Stuart. The property was built in 1986 and was recently renovated. Richard Swartz, Jay Wagner, Tim Hosmer, Chris Remeika and Jack Griffin of Cushman & Wakefield brokered the sale.
BEND, Ore. — Sunshine Retirement Living, a Bend-based seniors housing operator with 32 communities in 16 states, now offers FDA-approved “Respira-ID” testing for COVID-19 at all its properties. Residents and employees that are exhibiting symptoms will now all be tested, as well as any new residents moving in regardless of symptoms. Produced by Vikor Scientific, Respira-ID tests for over 40 pathogens known to cause respiratory illness including COVID-19. The manufacturer will provide in-depth virtual training to the community nursing staff, which will administer the tests and oversee the shipment of samples for analysis within 24 hours.
Dougherty Mortgage Originates $6.7M Refinancing for Seniors Housing Property in Roseville, Minnesota
ROSEVILLE, MINN. — Dougherty Mortgage has provided a $6.7 million HUD loan for the refinancing of Roseville Seniors, a 127-unit affordable seniors housing property in Roseville. All of the units are restricted to elderly or disabled residents. The 35-year loan, which was the refinancing of an existing HUD loan through the Section 232 mortgage insurance program, is fully amortizing. The financing will enable the borrower, Good Neighbor Senior Apartments LP, to reduce its interest rate and mortgage insurance premium.
Atlantic Housing Partners Delivers $14.8M Affordable Seniors Housing Facility in Palm Coast, Florida
PALM COAST, FLA. — Atlantic Housing Partners LLLP has opened Central Landings Senior Living, a $14.8 million affordable seniors housing community in Palm Coast. The 83-unit facility is reserved for those 62 years of age and older earning between 40 and 80 percent of the area median income. The property offers one- to three-bedroom floor plans. Each unit features granite countertops, CleanSteel appliances and screened-in patios. Communal amenities include a clubhouse with a dedicated senior resident activities center, pool table, business center, Amazon HUB package center, fitness center, walking trails and a dog park. The community is situated within the Palm Coast Town Center, a master-planned development that will include up to 2,500 multifamily units, 1.4 million square feet of office space and 3.4 million square feet of commercial space, including a movie theater and a hotel. The developer received $7.4 million in tax-exempt bonds through the Housing Finance Authority of Volusia County and $5.2 million in equity from the sale of Federal Housing Tax Credits allocated through Florida Housing Finance Corp. ConcordRents is managing the property.
CRYSTAL LAKE, ILL. — Skender has completed the construction of Residences of Crystal Lake, an affordable independent senior living facility in Crystal Lake. Turnstone Development owns the 60-unit, 63,000-square-foot property. Residents have access to a fitness area, theater room, community rooms, computer rooms, a gazebo and outdoor spaces. Residents must be age 55 or older and meet the annual income restriction. The project team included UrbanWorks, Groundwork, DKI and TH Associates. Turnstone is a nonprofit that has developed more than 1,680 affordable housing units in Illinois and Florida since 1998.
PROVIDENCE, R.I. — Evans Senior Investments (ESI) has brokered the $4.3 million sale of Elderwood at Riverside, a 57-bed skilled nursing facility in Providence. The property was constructed in 1962. The seller, an East Coast-based owner-operator, initially acquired the asset with the intent to move the licensed beds to a different county in Rhode Island. When regulatory obstacles prevented moving the licensed beds across county lines, the owner decided to exit the property through a sale at approximately $75,000 per bed. At the time of the sale, the property was 89 percent occupied. The buyer was an owner-operator based in the Southeast, and Elderwood is its first property in Rhode Island.
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.
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.
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.