Active Adult Community Sells in New Jersey

Active Adult Community Sells in New Jersey

JLL Capital Markets closed the sale of an active adult community in Englishtown, New Jersey (near Trenton). Built in 2008, ​​Royal Pines at Marlboro comprises 89 units and sold for a purchase price of $29.9 million, or $336,000 per unit. The community comprises one- and two-bedroom units averaging 859 square feet. Unlike most active adult communities, Royal Pines allows 20% of residents to be 35 and older with the other 80% fulfilling the 55+ requirement. Intergenerational living could become more popular over the years, helping to seniors housing industry attract another cohort of seniors looking for it. The seller was a joint venture between vertically integrated real estate company GRJ... Read More »
Links Healthcare Group Buys Two Senior Care Facilities

Links Healthcare Group Buys Two Senior Care Facilities

Links Healthcare Group announced the purchase of two seniors housing communities in San Jose, California. The first purchase was of a skilled nursing facility by the name of Westwood Post-Acute comprising 268 beds. Link’s second acquisition was Westgate Villa Assisted Living comprising 60 units, but both properties sit adjacent to each other. The seller of the two communities was listed as entities affiliated with Stamm Care Homes. Links previously operated the facilities under a lease and had a purchase option for the two buildings. Forbright Bank provided a $38.5 million acquisition loan for Links Healthcare Group to finance the purchase, according to public records. Read More »
Active Adult Community Sells in New Jersey

Harrison Street Acquires Two Colorado Communities

Harrison Street acquired two Colorado senior living assets from CA Ventures, for an undisclosed price. The deal included the Westminster community totaling 137 units nine miles northwest of downtown Denver near a prominent retail corridor and residential neighborhoods. The upscale senior living community includes 107 assisted living units and 30 memory care units. The other target was the Englewood community, which totals 130 units seven miles south of downtown Denver and features unobstructed views of the Rocky Mountains and Cherry Hills Country Club. The property comprises 106 assisted living units and 24 memory care units across seven stories. Despite opening in February 2020, the... Read More »
Connecticut SNF Portfolio Finds New Owner

Connecticut SNF Portfolio Finds New Owner

Blueprint Healthcare Real Estate Advisors has arranged the sale of a Connecticut skilled nursing portfolio on behalf of a joint venture owner. The portfolio comprises three facilities totaling more than 380 units in the greater Hartford area. The facilities had historically maintained stable census levels with a steady stream of referrals and admissions from regional referral sources, including Hartford Hospital, Manchester Memorial and Rockville General. Multiple parties were interested in the portfolio, but it ultimately sold to a regional acquirer. The buyer plans to focus on operational efficiencies, including addressing excess staffing, as well as investing in capital projects at the... Read More »
NHI Arranges Texas SNF Portfolio Refinancing and Exercises Virginia Beach Acquisition

NHI Arranges Texas SNF Portfolio Refinancing and Exercises Virginia Beach Acquisition

National Health Investors has funded the refinance of a skilled nursing facility portfolio in the state of Texas. The $42.5 million senior loan was provided to an affiliate of Capital Funding Group, and the properties are leased by subsidiaries of The Ensign Group. The five-year loan has an annual interest rate of 7.25% with two one-year extensions. The REIT also announced that it exercised its option to acquire Bickford of Virginia Beach, a 60-unit assisted living/memory care community in Virginia Beach. The acquisition was primarily funded with the satisfaction of a $14 million construction loan due from Bickford Senior Living. The community was added to an existing master lease with... Read More »
Cushman & Wakefield Arranges Pennsylvania Sale

Cushman & Wakefield Arranges Pennsylvania Sale

Cushman & Wakefield announced it has arranged the sale of The Watermark at Logan Square, a 426-unit rental CCRC in Philadelphia, Pennsylvania. The firm also served as the exclusive advisor to the buyer in procuring acquisition financing from a national bank. Built in 1984, the 24-story building offers independent living, assisted living, memory care and skilled nursing. The property is located above the Logan Square circle and offers urban senior living in a fast-growing neighborhood of Philadelphia. Rick Swartz, Jay Wagner, James Dooley and Bailey Nygard represented the seller, procured the buyer and arranged the financing. Read More »