DAPHNE, ALA. — SRI Management has opened Seagrass Village of Daphne, an independent living and assisted living community in the Gulf Coast city of Daphne. The property offers 45 independent living apartments, 45 independent living villas and 45 assisted living apartments across a 184,000-square-foot building. Project partners include Sage Development Group, Arrive Architecture Group, Lori Bates Interiors and EMJ Construction.
AUSTIN, TEXAS — Sherman & Roylance has brokered the sale of an eight-acre seniors housing development site in Austin. The City of Austin had previously approved the site for the development of a two-story, 98-unit assisted living and memory care facility, but the project faced construction delays and ultimately ended up in foreclosure in September 2023. The lender, Woodforest Bank, sold the partially completed project to Novak Brothers, which may convert the project into a general multifamily development.
RIO RANCHO, N.M. — JLL Capital Markets has arranged a refinancing for Fairwinds Rio Rancho, a three-story, 220-unit independent living and assisted living community located in Rio Rancho, a suburb north of Albuquerque. JLL represented the borrower, Lytle Enterprises, and secured the five-year, fixed-rate loan through a life insurance company. The amount of the loan was not disclosed. Fairwinds Rio Rancho totals 211,213 square feet. It was built in 1997 and renovated in 2019. Alanna Ellis, Jay Wagner, Aaron Rosenzweig and Alex Sheaffer led the JLL team.
KIRKLAND, WASH. — The Cogir Family of Companies has completed work on Cogir of Kirkland, a 76-unit independent living and assisted living community in Kirkland, a suburb east of Seattle. Located in the city’s Lakeview neighborhood, the community offers units ranging from 375 to 475 square feet. Cogir will hold a ribbon cutting on June 20 at the property.
LAKEWOOD, COLO. — Walker & Dunlop has negotiated the sale of Lakeview Senior Living, a 125-unit independent living community in the Denver suburb of Lakewood. Livingston Street Capital acquired the community, which was built in 2008. The seller and price were not disclosed. Joshua Jandris led the Walker & Dunlop team.
HARVEY, ILL. — Berkadia has arranged a $17.6 million Low-Income Housing Tax Credit (LIHTC) equity investment for the preservation of Jesse Jackson Jr. Senior Housing in Harvey, a southern suburb of Chicago. The 120-unit affordable seniors housing property consists of two three-story buildings that were originally constructed in 2007 and 2011. The one-bedroom units are designated for seniors age 62 and above, with 114 of them set aside for those whose income is at or below 50 percent of the area median income. The remaining six units are for persons with disabilities whose income is at or below 30 percent AMI as part of the Illinois Housing Development Authority’s Statewide Referral Network program. The renovation project will include new roofing, windows, flooring, kitchen appliances, kitchen and bathroom plumbing fixtures, intercom system, nurse call system, smoke detectors, fire extinguishers and new paint. The renovation will also include the installation of solar panels and will receive Renewable Energy Investment Tax Credits under Section 48 of the U.S. Internal Revenue Code. Brian Blanchard and James Grande of Berkadia arranged the financing on behalf of the sponsor, Preservation of Affordable Housing.
FLORENCE, KY. — Walker & Dunlop has negotiated the sale of Legacy Living Florence, a 128-unit seniors housing community in Florence, just south of Cincinnati. Built in 2022, Legacy Living features independent living, assisted living and memory care units. The buyer was an undisclosed REIT. The seller and sales price were also not disclosed. Alex Vice, Joshua Jandris and Brett Gardner led the Walker & Dunlop Investment Sales team in brokering the sale.
FAIRFIELD BAY, ARK. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Indian Rock Village, a 121-bed independent living, assisted living and memory care community in Fairfield Bay. Located along Greers Ferry Lake approximately 80 miles north of Little Rock, the community was built in 1990. A regional seniors housing owner-operator looking to exit the skilled nursing industry sold the asset to a regional owner. The sales price was not disclosed. Daniel Geraghty and Bradley Clousing handled the transaction for SLIB.
ZIONSVILLE, FORT WAYNE AND COLUMBUS, IND. — Ziegler has arranged $32 million in bank financing for BHI Senior Living, a faith-based nonprofit organization established in 1904 that owns and operates 10 market-rate continuing care retirement communities (CCRCs) across the states of Indiana, Ohio and Michigan. The financing is secured by three of BHI’s communities in Indiana: Hoosier Village in Zionsville, The Towne House in Fort Wayne and Four Seasons in Columbus. The portfolio comprises 384 independent living units, 524 assisted living units and 225 skilled nursing units. BHI will finance two phases of new construction at its flagship Hoosier Village campus. The project consists of a new type of independent living unit for BHI: three-story, 3,200-square-foot townhomes with elevators and upscale finishes. BHI intends to construct 20 independent living townhomes in each of the two phases, beginning in spring 2024 and another in spring 2025, for a total of 40 units. BHI currently has a significant waitlist with over 400 households seeking an independent living unit at Hoosier Village. The financing is structured to leverage proceeds from initial entrance fees to the new independent living units. BHI elected to make use of the Phase I initial entrance fee pool to …
SAN MARCOS, TEXAS — JLL has brokered the sale of Sage Spring Senior Living, a 90-unit complex located in the Central Texas city of San Marcos. The property offers assisted living and memory care services. Jay Wagner, Rick Swartz, Aaron Rosenzweig and Dan Baker of JLL represented the seller, a joint venture between Bow River Capital and Investcor, in the transaction. The team also procured the buyer, Inspired Healthcare Capital. The sales price was not disclosed.