• Covenant Living Communities Expands in Illinois

    Covenant Living Communities and Services enlisted Chicago-based construction company, Leopardo, and Atlanta-based architects, THW Design, for a $66.5 million expansion project at the assisted living community Covenant Living of Northbrook in Northbrook, Illinois. This expansion involves the construction of three new three-story carriage homes,... Read More »
  • Meridian’s November Transaction Volume

    Meridian Capital Group’s Senior Housing and Healthcare Platform, led by Ari Adlerstein and Josh Simpson, closed $176 million in transaction volume in November 2023. The team recently arranged $48.7 million in financing from a commercial bank along with a $5 million A/R line for the acquisition of two skilled nursing facilities with 300 beds in... Read More »
  • Developers Secure LIHTC Equity for Indiana Project

    Brown Capital Group, Leo Brown Group and Rogers Development Group are teaming up on a new seniors housing development in Indiana. The trio will open Reserve on Park Place, a 187-unit affordable senior apartment building in Fort Wayne, in April 2025. The three-story community will have 15 studio, 136 one-bedroom and 36 two-bedroom units for... Read More »
  • Construction Coming to a Close for NY Development

    FilBen Group, an owner/developer, and its equity partner RSF Partners are nearing completion of their $54 million seniors housing development in Montebello, New York, in the Lower Hudson Valley. The four-story Braemar at Montebello will be complete in 2024 and feature 133 total units. Of those, there are 66 studio, 14 one-bedroom and 53... Read More »
  • REIT Divests Washington State Seniors Housing Asset

    Blueprint’s Behavioral Healthcare and Seniors Housing Team worked together to sell a seniors housing asset in Bremerton, Washington, on behalf of its nationally recognized healthcare REIT owner. The property was identified as an ideal candidate for either a behavioral healthcare provider, based on strong demand and reimbursement in the state, or... Read More »
Covenant Living Communities Expands in Illinois

Covenant Living Communities Expands in Illinois

Covenant Living Communities and Services enlisted Chicago-based construction company, Leopardo, and Atlanta-based architects, THW Design, for a $66.5 million expansion project at the assisted living community Covenant Living of Northbrook in Northbrook, Illinois. This expansion involves the construction of three new three-story carriage homes, resulting in the addition of 36 new one- and two-bedroom apartments. Each apartment will feature a spacious patio or balcony and a private garage. Additionally, the “Town Center” will undergo a substantial 9,000-square-foot expansion, enhancing both indoor and outdoor dining venues. The project is slated for completion in late 2025. Read More »
Meridian’s November Transaction Volume

Meridian’s November Transaction Volume

Meridian Capital Group’s Senior Housing and Healthcare Platform, led by Ari Adlerstein and Josh Simpson, closed $176 million in transaction volume in November 2023. The team recently arranged $48.7 million in financing from a commercial bank along with a $5 million A/R line for the acquisition of two skilled nursing facilities with 300 beds in New Jersey. They also arranged $12.1 million from a commercial bank to refinance a 45-bed assisted living community in New Jersey, and $10.5 million in financing from a commercial bank along with a $500,000 A/R line to refinance an 85-bed skilled nursing facility in Kansas.  On the investment sales side, Meridian recently sold four Connecticut... Read More »
Developers Secure LIHTC Equity for Indiana Project

Developers Secure LIHTC Equity for Indiana Project

Brown Capital Group, Leo Brown Group and Rogers Development Group are teaming up on a new seniors housing development in Indiana. The trio will open Reserve on Park Place, a 187-unit affordable senior apartment building in Fort Wayne, in April 2025. The three-story community will have 15 studio, 136 one-bedroom and 36 two-bedroom units for residents earning 40%, 60% and 80% of the area median income (AMI).  To help finance the project, Merchants Capital provided $17.4 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the construction. Read More »
Construction Coming to a Close for NY Development

Construction Coming to a Close for NY Development

FilBen Group, an owner/developer, and its equity partner RSF Partners are nearing completion of their $54 million seniors housing development in Montebello, New York, in the Lower Hudson Valley. The four-story Braemar at Montebello will be complete in 2024 and feature 133 total units. Of those, there are 66 studio, 14 one-bedroom and 53 two-bedroom units (semi-private “friendship” units each with approximately 600 square feet) across 133,675 total square feet. There will also be shared public spaces on the main, second and third levels.  The community is adjacent to the Montebello Commercial Center, which offers retail, entertainment, dining and medical services. Good Samaritan... Read More »
REIT Divests Washington State Seniors Housing Asset

REIT Divests Washington State Seniors Housing Asset

Blueprint’s Behavioral Healthcare and Seniors Housing Team worked together to sell a seniors housing asset in Bremerton, Washington, on behalf of its nationally recognized healthcare REIT owner. The property was identified as an ideal candidate for either a behavioral healthcare provider, based on strong demand and reimbursement in the state, or a strategic regional seniors housing operator that could use economies of scale in the region to turn around operations. So, Blueprint deployed a dual marketing campaign receiving offers from both behavioral and seniors housing operators. However, a large regional seniors housing operator, with which Blueprint has worked previously, ultimately... Read More »
Active Adult Community Trades in New York

Active Adult Community Trades in New York

CBRE arranged the sale and financing of an active adult community in Mount Sinai, New York. The seller was a joint venture between B2K Development, a Long Island-based real estate development group, and Harrison Street. Built in 2021 by B2K, Sutton Landing at Mount Sinai is a 225-unit community. This is the second of two properties, with the previous one being Sutton Landing at Deer Park that sold earlier in November. These two communities have 425 combined units. Aron Will, John Sweeny, Scott Bray, Jeff Dunne and Eric Apfel handled this transaction. There was significant interest in the offering, as active adult sales are comparatively rare in the area (and in today’s market). The... Read More »
Private REIT Divests Midwest Portfolio

Private REIT Divests Midwest Portfolio

Senior Living Investment Brokerage facilitated the sale of a seniors housing portfolio that consisted of three communities in Ohio and two in Indiana. The Ohio communities are located within 250 miles of each other, and the Indiana communities are located within 75 miles of each other. Together, they total 400 units and were built between 1983 and 2001. The portfolio was well maintained, as it underwent significant capex over the last few years.  The seller, a Northeast-based private REIT, was divesting because these communities were geographic outliers and it wanted to shift focus to its core markets. The buyer, a regional owner/operator, was looking to grow its Midwest portfolio,... Read More »
Omega Sells Off SNFs

Omega Sells Off SNFs

Omega Healthcare Investors sold three of its skilled nursing facilities located in the Tampa Bay, Florida region. Built in 1966, Lakeside Oaks Care Center comprises 27,509 square feet in Dunedin and sold for $8.05 million. Built in 1971, Habana Health Care Center in Tampa has 41,652 square feet and sold for $17.25 million. Built in 1997, Brandon Health Care and Rehabilitation in Brandon consists of 61,518 square feet and sold for $13.8 million. The buyer was New York-based Kinship Health, according to property records in Hillsborough and Pinellas counties. Earlier this year Kinship purchased two other skilled nursing facilities in Pinellas, the Living Center of St. Petersburg for around... Read More »
Blueprint Homes in on Ohio

Blueprint Homes in on Ohio

Blueprint utilized its Ohio expertise to arrange the sale of a seniors housing campus in Port Clinton, Ohio, its 12th deal in the state this year, so far. Connor Doherty and Ryan Kelly represented one of the country’s largest not-for-profit organizations to sell the campus as part of their strategic move to redeploy capital and resources to other assets across the state. Set on 57 acres, Vineyard on Catawba was owned and operated by Ohio Living, which has 11 CCRCs in the state. The community was built in stages to now include a 40-unit low-income apartment complex, 12 assisted living units and 10 independent living condos. It was nearly fully occupied.  Another not-for-profit, United... Read More »
Live Oak Bank Lands Long Island Loan

Live Oak Bank Lands Long Island Loan

Live Oak Bank closed a $27.2 million refinance for an 89-unit assisted living/memory care community in Woodbury, New York (Long Island). The community is stabilized and operated by Benchmark Senior Living. Benchmark Senior Living and its joint venture partner, Iron Point Partners, LLC, developed the community in fall 2019. Chad Borst, the Senior Loan Officer at Live Oak Bank, arranged the loan. Read More »
SLIB Sells Southeast Trio

SLIB Sells Southeast Trio

Daniel Geraghty and Bradley Clousing of Senior Living Investment Brokerage facilitated the sale of three seniors housing communities in two separate transactions. First, SLIB was brought on by a publicly traded REIT to sell Avonlea Assisted Living in Tupelo, Mississippi. Avonlea comprises 68 assisted living units and was built in 1999 before being remodeled in 2005. A Tupelo-based owner/operator emerged as the buyer and intends to conduct renovations and make significant upgrades to improve occupancy, revenue and overall bottom-line performance. Next, Geraghty and Clousing marketed (and sold) two assisted living/memory care communities that sit approximately 50 miles apart in Jefferson and... Read More »