NEW PROVIDENCE, N.J. — Marquis Health Consulting Services has completed a $4 million renovation project at Spring Grove Rehabilitation & Healthcare Center in New Providence, about 30 miles west of Manhattan. The renovation included a retrofit of the facility’s dedicated subacute unit and enhancements throughout its long-term care accommodations. The work also centered on an expansion of the rehab therapy gym and the incorporation of an activities of daily living (ADL) suite.
BONITA SPRINGS, FLA. — Castle Lanterra has acquired Diamond Oaks Village, a 160-unit seniors housing community in Bonita Springs. Built in 2017 by the United Group of Cos., Diamond Oaks Village is an age-restricted residential community for households with members age 55 years or older. Cody Tremper and Mike Garbers of JLL represented the seller, The United Group of Cos. Inc., in the sale. In addition, Allison Holland of JLL worked on behalf of the buyer to secure a three-year, floating-rate loan through Square Mile Capital Management. The sales price and loan amount were not disclosed. The gated community offers one- and two-bedroom units averaging 1,036 square feet. Unit amenities include open-floor concept living spaces, full kitchens with granite counters, in-unit washers and dryers and screened-in private balconies. Community amenities include a covered parking garage, fitness center, outdoor pool and spa, dog park, putting green and bistro, bar and a pub. Located with easy access to Highway 41 and Interstate 75, Diamond Oaks Village is close to the North Naples Hospital, NCH Bonita Emergency Room and Lee Health’s Coconut Point hospital complex.
THE WOODLANDS, TEXAS — CBRE has arranged the $54.4 million refinancing of The Village at Woodlands Waterway, a seniors housing community located north of Houston. Built on 2.7 acres in 2011, the property comprises 116 independent living residences, 63 assisted living units and 28 memory care units. Aron Will, Austin Sacco and Tim Root of CBRE arranged the three-year, nonrecourse loan, which carried a floating interest rate, through an undisclosed debt fund. The borrower was a partnership between the Saudi Economic & Development Co. and Madison Marquette.
MONTVALE, N.J. — Thrive Senior Living is nearing completion of Thrive at Montvale, a 203-unit seniors housing community in the DePiero’s Farm neighborhood near the New York-New Jersey border. Located just off the Garden State Parkway, the three-story community will offer independent living and assisted living services, plus a small-house model senior living environment focused on memory care. The welcome center is currently open, and residents are scheduled to begin moving in this spring.
HANOVER, MASS. — Benchmark Senior Living is nearing completion of Benchmark at Hanover, a 97-unit assisted living and memory care community located about 25 miles southeast of Boston. Benchmark at Hanover totals 91,000 square feet. Udelsman Associates designed the community, which Callahan Construction is building. The community is scheduled to open this summer.
MADISON, N.J. — Cambridge Realty Capital Cos. has provided a $10.7 million HUD-insured loan for the refinancing of Pine Acres Healthcare & Rehabilitation Center, a 102-bed skilled nursing facility in Madison, approximately 40 miles west of Manhattan. Pine Acres is a long-term care facility and rehabilitation center offering a variety of post-operative services and amenities, including private and semi-private rooms. The borrower was not disclosed.
LOS ANGELES — After bottoming out at 78.7 percent in the second quarter of 2021, private-pay seniors housing occupancy has been on a slow, steady climb, according to data from the National Investment Center for Seniors Housing and Care (NIC). The most recent data — for the fourth quarter of 2021 — showed occupancy at 81 percent. However, the pace of recovery varies widely among individual markets, individual companies and even individual properties. “Some people are able to manage the turmoil. Some are even thriving, or at least doing pretty well,” said J.P. LoMonaco, president of Valuation & Information Group. “Other people are really floundering. The questions I’m getting all revolve around occupancy, inflation, maintaining margins and revenue growth.” LoMonaco’s comments came as moderator during a panel titled, “The Power Panel: CEOs Discuss the State of the Industry” at France Media’s InterFace Seniors Housing West conference in Los Angeles on Feb. 24. Nearly 225 industry professionals attended the event. Other panelists included Chris Belford, CEO, Sinceri Senior Living; Rob Leinbach, principal, Cadence Living; Bill Pettit, president, R.D. Merrill Co.; Courtney Siegel, president and CEO, Oakmont Management Group; and Dave Sedgwick, president and CEO, CareTrust REIT. All the panelists reported their …
SANTA FE SPRINGS, CALIF. — SVA Architects, along with development partners The Richman Group Inc., The Whole Child and Habitat for Humanity, has received entitlements for the construction of Lakeland & Laurel, an intergenerational affordable housing community in the Los Angeles suburb of Santa Fe Springs. The project encompasses more than an entire city block and will feature three distinct housing communities consisting of intergenerational affordable apartments, interim transitional housing and for-sale townhomes. The development will cost the city approximately $110,000 per unit for 139 units and is scheduled to break ground in April. The Richman Group, based in Newport Beach, Calif., is developing the three-building intergenerational portion of the project. This part of the development will total 102 affordable apartment homes on nearly four acres. The first building, at four stories tall, will provide homes to 50 seniors. The other two buildings will be three stories tall and offer 52 family apartments. These homes will also share a 1,000-square-foot clubhouse with a fitness facility, laundry room, mail room and clubroom. The Whole Child is developing the three-story interim housing, which will serve up to 40 homeless families at any given time. Habitat for Humanity will build the 18 for-sale …
MILL VALLEY, CALIF. — Ziegler has arranged $23.6 million in bond financing for The Redwoods, a nonprofit continuing care retirement community in Mill Valley, a suburb of San Francisco. The Redwoods features 148 independent living units, 130 assisted living units and a 58-bed skilled nursing facility. The Redwoods will use the proceeds of the bonds, together with an equity contribution of $5 million, to refinance its outstanding 2013 bonds, fund a bond reserve account, pay an insurance premium to the Cal-Mortgage Loan Insurance Program and pay costs of issuance. While federally taxable, the bonds were issued through the California Municipal Finance Authority to allow for exemption from State of California income tax. The bonds amortize over a 15-year period, which is eight years shorter than the maturity on the existing 2013 bonds, and carry a bond yield of 2.9 percent. The bonds were issued with a 10-year par call.
MEDFORD AND EUGENE, ORE., AND BUTTE AND BILLINGS, MONT. — Harrison Street has completed the disposition of five senior housing properties valued at $193.5 million to The Springs Living. The properties were held across several of Harrison Street’s U.S Opportunity Funds and related co-investment vehicles. The portfolio consists of 622 independent living, assisted living and memory care units in Medford, Eugene, Butte and Billings. As of December 2021, the properties had an average occupancy of 93 percent. Further details on the properties were not disclosed.