Welcome, Wardman Group
A boutique real estate investment firm, having just been founded in 2016, is making its first acquisition in seniors housing. The Wardman Group, based in Washington, D.C., plans to invest in value-add opportunities in the hospitality and seniors housing sectors, starting with a 92-unit independent living/assisted living/memory care community in Columbia, South Carolina. Bringing in Integral Senior Living to manage the property (its first in the state), Wardman will begin a $1.4 million renovation to the common areas, exterior and dining room, along with an expansion of its memory care offering from 14 units to 22. Post-renovation, the community will feature 38 IL, 32 AL and 22 MC... Read More »Southeast sale
Brad Clousing of Senior Living Investment Brokerage sold a pair of senior living communities, one vacant and one well occupied, in the Southeast. First, in Ormond Beach, Florida, was a 36-unit purpose-built (but empty) memory care community. Despite that, the community was well maintained, and the buyer, citing strong occupancy of other communities in the area, intends to re-open it. And second, Mr. Clousing sold a 32-unit assisted living community in Prattville, Alabama. Historically well occupied, the community is located on a 4.5 acre site that allows for expansion of the physical plant. So there is opportunity at both locations for the undisclosed buyer. Read More »Harborview’s Good Work
Harborview Capital Partners brought in SunTrust Bank to help refinance a portfolio of 19 senior living communities, with 917 units, located in Kentucky and Tennessee. Consisting of independent living, assisted living and memory care units, the communities are owned by Goodworks Unlimited, which operates a portfolio of 25 properties in TN and KY. Avi Begun and David Nussbaum of Harborview arranged a $68.3 million loan provided by SunTrust, featuring a five-year term and LIBOR+155 interest rate. That should position Goodworks well for future growth and expansion projects. Harborview has been quite busy the last few months, closing over 10 HUD and bank financings since November.... Read More »
Trilogy Health Services opens 105th campus
Trilogy Health Services is continuing on its fast pace of development, having just opened its 105th health care campus in Sylvania, Ohio, after developing eight and completing four additions to existing campuses in 2016 alone. Designed on the “Village Center” prototype, the community features 102 beds of assisted living, skilled nursing, short-term rehab, outpatient therapy and respite care organized into neighborhoods. There are a number of amenities at the community too, which is located near another Trilogy community in Maumee (both in the Toledo MSA) built in 2012. A number of independent living duplexes are also in the works, with an estimated opening date of late summer 2017. We’ll... Read More »Schedule a demo
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