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Seniors Housing

The-Residence-at-Fitz-Farm-York
DevelopmentMultifamilyNortheastPennsylvaniaSeniors Housing

IntegraCare Opens 130-Unit Seniors Housing Community in York, Pennsylvania

by Taylor Williams

YORK, PA. — Seniors housing owner-operator IntegraCare has opened The Residence at Fitz Farm, a 130-unit community in York. The 124,000-square-foot facility sits on a 16.5-acre site that was previously part of a family farm. The property houses 68 independent living units, 42 assisted living residences and 20 memory care units. Amenities include multiple onsite dining venues, fitness and therapy areas, a beer rathskeller, theater, hair salon, library, card room and various outdoor green spaces. IntegraCare developed The Residence at Fitz Farm in partnership with Indianapolis-based Avenue Development.

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DevelopmentMidwestMinnesotaMultifamilySeniors Housing

New Perspective Opens 146-Unit Senior Living Community in Arden Hills, Minnesota

by Kristin Harlow

ARDEN HILLS, MINN. — New Perspective has opened a 146-unit seniors housing community in Arden Hills, a suburb of Minneapolis-St. Paul. The 192,000-square-foot community offers independent living, assisted living and memory care services. The property is New Perspective’s 10th in the Twin Cities metro area. New Perspective Arden Hills will partner with Bethel University, the community’s next-door neighbor, in providing a variety of campus opportunities for those living in the building.

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AcquisitionsMultifamilySeniors HousingTexas

Blueprint Negotiates Sale of Seven Skilled Nursing Facilities Totaling 564 Beds in Texas

by Taylor Williams

TEXAS — Blueprint Healthcare Real Estate Advisors has negotiated the sale of seven skilled nursing facilities totaling 564 beds in Central and East Texas. The assets on average were built in 1969 and had an average licensed capacity of 80 beds per facility. Blueprint positioned the deal as an opportunity for an incoming owner or operator to acquire an established skilled nursing portfolio and integrate the facilities into an existing regional portfolio. The buyer was a regional owner-operator. The seller and sales price were not disclosed.

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CaliforniaHealthcareLoansMultifamilySeniors HousingWestern

CFG Provides $10.9M HUD Refinancing for Skilled Nursing Facility in California

by Jeff Shaw

CALIFORNIA — Capital Funding Group (CFG) has provided $10.9 million in financing, which supported the refinancing of an existing bridge loan, executed by CFG, into a HUD loan. The refinancing is for a 99-bed skilled nursing facility in California. Further details were not disclosed. Capital Funding Group’s Tim Eberhardt and Ava Julio originated the transaction for the company. 

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CaliforniaDevelopmentMultifamilySeniors HousingWestern

Griffin Living Receives $3M Loan for Seniors Housing Land Site Acquisition in Santa Clarita, California

by Jeff Shaw

SANTA CLARITA, CALIF. — Griffin Living has received $3 million in financing from Hankey Capital. The funds support the company’s acquisition of an assisted living and memory care development site in Santa Clarita, about 35 miles northwest of Los Angeles.  The new community will be located at the corner of Camino Del Arte and Copper Hill Drive, in close proximity to a range of high-end retail and dining options. The approved plans by the city will result in capacity for more than 100 residents.  Griffin plans to begin construction this year and open the community in 2024.

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AcquisitionsHealthcareMultifamilyNew MexicoSeniors HousingWestern

ESI Brokers $16.5M Sale of Skilled Nursing Community in New Mexico

by Jeff Shaw

NEW MEXICO — Evans Senior Investments (ESI) has arranged the sale of a skilled nursing community on behalf of a Southwest regional operator. The asset is located in the northwestern part of New Mexico and included 101 skilled nursing beds. Despite the community being located in a rural market, the asset maintained an occupancy average of 83 percent during the marketing process. Upon closing, the community was 95 percent occupied.  A West Coast-based group acquired the asset for $16.5 million or $163,366 per bed. It is the buyer’s first property in New Mexico. Details regarding the seller were not disclosed.

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AcquisitionsAffordable HousingMultifamilySeniors HousingWashingtonWestern

PEF Advisors Acquires 92-Unit Webster Court Affordable Apartments in Kent

by Jeff Shaw

KENT, WASH. — Preservation Equity Fund Advisors LLC (PEF Advisors) has acquired Webster Court, a 92-unit, four-story affordable seniors housing community in Kent, 20 miles south of Seattle.  PEF Advisors has budgeted approximately $1.2 million, or $12,915 per unit, to address deferred maintenance, improve curb appeal, and elevate the quality of housing and competitiveness of the property. The seller and price were not disclosed.  Resident parking consists of 38 uncovered spaces. All 92 apartment units are one-bedrooms and average 458 square feet. As of March 2023, the property was 88 percent occupied, with occupancy numbers expected to rise as property improvements are completed.  Webster Court primarily serves seniors age 55 and older, as well as people with disabilities. It was originally built in 1994 with tax credits from the Washington State Housing Finance Commission (WSHFC) and is governed by a LIHTC LURA that restricts 24 units at 35 percent of area median income (AMI), and 66 units at 60 percent AMI.

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AcquisitionsHealthcareLoansMultifamilySeniors HousingWashingtonWestern

CFG Funds $3.3M Bridge Loan for Two Skilled Nursing Facilities in Washington

by Jeff Shaw

WASHINGTON — Capital Funding Group (CFG) has provided $3.3 million in bridge-to-HUD financing for the acquisition of two skilled nursing facilities.  The facilities, which are located in Washington, feature 108 beds. Further details on the location and borrower were not disclosed.  Tim Eberhardt and Ava Julio originated the transaction.

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Pine-Run-Retirement-Community-Doylestown-Pennsylvania
AcquisitionsMultifamilyNortheastPennsylvaniaSeniors Housing

Presbyterian Senior Living Agrees to Acquire 532-Unit Community in Doylestown, Pennsylvania

by Taylor Williams

DOYLESTOWN, PA. — Presbyterian Senior Living (PSL) has entered into a non-binding letter of intent to acquire Pine Run Retirement Community, a 532-unit continuing care retirement community (CCRC) in Doylestown, about 25 miles north of Philadelphia. Pine Run features 272 independent living cottages and 24 apartments on a 43-acre campus. The development is home to Pine Run Health Center, which offers rehabilitation services and 90 skilled nursing beds; a 40-bed memory care neighborhood on the top floor known as The Garden; and an intimate setting for palliative services known as The Willows. If the deal closes, PSL will assume ownership of Pine Run from Doylestown Hospital. PSL intends to continue operating Pine Run as a CCRC.

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DevelopmentMassachusettsMultifamilyNortheastSeniors Housing

2Life Communities Breaks Ground on 174-Unit Seniors Housing Project in Metro Boston

by Taylor Williams

NEWTON, MASS. — Locally based owner-operator 2Life Communities has broken ground on Opus Newton, a seniors housing project that will be located on the western outskirts of Boston. The site is situated adjacent to 2Life’s Coleman House on the Jewish Community Center Greater Boston campus. Construction is slated for a summer 2025 completion. According to the developer, 95 percent of the residences are already preleased.

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