LANGHORNE, PA. — New Jersey-based investment firm Tryko Partners has purchased The Attleboro Community, a continuing care retirement community in Langhorne, located northeast of Philadelphia in Bucks County. Tryko Partners has rebranded the 415-bed campus as Oxford Enhanced Senior Living. The campus’ skilled nursing facility, Oxford Rehabilitation & Healthcare Center, provides post-hospital, short-term rehabilitation and long-term residential care. The seller and sales price were not disclosed.
RIDGEFIELD, CONN. — New England-based Senior Living Residences (SLR) has acquired a former Atria Senior Living Community in Ridgefield, located approximately 50 miles northeast of Manhattan along the New York-Connecticut border. SLR is rebranding the community, which opened in 2020, as Ridgefield Station Senior Living. The number of units and types of services provided were not disclosed.
ATHENS, ALA. AND SPRING HILL, TENN. — Birmingham-based Atlas Senior Living and Salta Capital have acquired two new senior living communities, The Goldton at Athens in Athens and The Goldton at Spring Hill in Spring Hill, bringing their total number of properties in their owned portfolio to 32. The seller and sales price were not disclosed. Atlas will be the owner-operator of the communities, which will be rebranded. Located at 22171 Traditions Way, The Goldton at Athens totals 75,824 square feet, comprising 12 independent living residences and 72 assisted living residences. Located at 3056 Miles Johnson Parkway, The Goldton at Spring Hill totals 66,395 square feet comprising 63 assisted living residences and 16 memory care residences.
LAKE OSWEGO, ORE. — CBRE National Senior Housing has arranged a refinancing for The Springs at Lake Oswego, a 216-unit independent living, assisted living and memory care community in Lake Oswego. The borrower is a joint venture between Harrison Street and The Springs Living. Aron Will, Austin Sacco and Tim Root arranged the non-recourse, four-year, floating-rate loan with three years of interest-only payments through a national bank. CBRE previously arranged construction financing for the community in 2017. The amount was not disclosed. The community opened in 2019 in a highly affluent city approximately eight miles south of downtown Portland.
HONOLULU — Ziegler has arranged a bridge loan placement totaling $52 million for Kalakaua Gardens, a continuing care retirement community in Honolulu. The property features 164 units of independent living, assisted living, memory care and skilled nursing. The borrower is Island Paradise Investments (IPI). IPI opened Kalakaua Gardens in late 2016. The community is situated at the gateway to Waikiki within the lively Ala Moana enclave and in close proximity to several hospitals and medical clinics. The community was built for ohana-style living, where residents are encouraged to live and be social within inviting open spaces that offer 360-degree views of the islands. The loan refinanced the original construction loan and provided additional proceeds for planned renovations, other reserves and closing costs.
LITTLE EGG HARBOR, N.J. — Tryko Partners has acquired two seniors housing communities in Little Egg Harbor, located near the Jersey Shore. Seacrest Village is a 171-bed, three-story skilled nursing facility that was developed in 1985. The Terraces, built in 2013, is a two-story, Class A assisted living and memory care community. The assets were family owned and operated for more than three decades.
ENCINITAS, Calif. — Ware Malcomb has completed construction of Westmont of Encinitas, an assisted living community in the San Diego suburb of Encinitas. Ware Malcomb provided architectural services for the 91,334-square-foot project. The two-story building sits on 3.2 acres and features 93 units in studio, one- and two-bedroom options. Westmont Construction was the general contractor. Westmont Living is the operator.
VALPARAISO, IND. — Evergreen Real Estate Group has secured financing to build Green Oaks of Valparaiso, a 120-unit assisted living community for low-income seniors in Valparaiso. Evergreen Construction Co., a division of Evergreen Real Estate Group, will serve as general contractor and plans to begin preliminary site work this month. Completion is slated for early 2023. The $30 million project will offer 48 studio and 72 one-bedroom units, all of which will be reserved for seniors age 62 or older whose incomes are at or below 60 percent of the area median income. Amenities will include a community room, media room, computer room, fitness center, beauty salon, library, garden and outdoor area. Gardant Management Solutions will manage the property. The Indiana Housing and Community Development Authority authorized 4 percent low-income housing tax credits (LIHTC) in support of the project. Additionally, the City of Valparaiso issued tax-exempt bonds, which were sold by PiperSandler. PNC Bank provided LIHTC equity.
MCKINNEY, TEXAS — JLL has arranged a $37.5 million loan for the refinancing of Hidden Springs of McKinney, a 194-unit seniors housing community located on the northern outskirts of Dallas. The property was built in 2020 and offers assisted living, independent living and memory care services. Amenities include a pool, fitness center and a dog park. Joel Mendes and Jason Skalko of JLL arranged the nonrecourse, fixed-rate loan through an undisclosed life insurance company on behalf of the borrower, a joint venture between CREC Real Estate and Madison Marquette.
CHUBBUCK, IDAHO — Senior Living Investment Brokerage (SLIB) has arranged the sale of Cottonwood Cove, an 82-unit independent living community in Chubbuck, located in the southeast portion of the state. The facility was built in 1987 and totals 117,828 square feet on approximately five acres of land. The price was not disclosed. Cottonwood Cove has consistently performed even through the pandemic, with an occupancy near 100 percent on an ongoing basis, according to SLIB. The seller was a local owner, with this being its sole senior living asset. The buyer is a Western-based private equity group. The buyer plans to invest in extensive renovations and add additional services for the residents. Vince Viverito, Jason Punzel and Brad Goodsell of SLIB handled the transaction.