Multifamily Investor Enters Active Adult Arena
Castle Lanterra, a New York-based national real estate investment firm which had $750 million in transaction volume during 2021, acquired Diamond Oaks Village, a 160-unit active adult community in Bonita Springs, for its first acquisition in the seniors housing space. Built in 2017 by the United Group of Companies, 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... Read More »
CBRE Refinances Costa Mesa, California Community
CBRE National Senior Housing arranged financing for Coastal Heights Senior Living, a 148-unit independent living community in Costa Mesa, California (Orange County). Aron Will, Austin Sacco and Adam Mincberg secured the debt through Stone Beach Capital, a New York-based investment fund focused on credit opportunities in the United States and Europe. The owners, a joint venture between Capitol Seniors Housing and an institutional equity partner received a three-year, $15.5 million loan with a floating rate and a full term of interest only. Opened in 1990, the community will continue to be third-party managed by Integral Senior Living. It was acquired by the current owners in 2016 and... Read More »
Hackensack Meridian Health Divests Majority of SNF Portfolio
Not-for-profit health system Hackensack Meridian Health announced plans to sell a majority of its skilled nursing facilities and assisted living communities to Complete Care Management. The agreement involves 11 of Hackensack Meridian’s 14 skilled nursing facilities, with approximately 1,630 beds and 2,100 employees. Terms of the deal, which still must be approved by the state Department of Health, were not disclosed. The facilities are located in Brick Township, Ocean Grove, Shrewsbury, Wall, Holmdel, North Bergen, Plainfield, Edison and Hackensack. The locations would join Complete Care’s 41-facility portfolio in the Garden State, which it has grown since launching in 2015.... Read More »
Summit Healthcare REIT Sells Oregon Community
Summit Healthcare REIT exited its memory care community in Corvallis, Oregon, selling the property for $11 million, or about $344,000 per unit. Featuring 48 beds in 32 units, Regent Court Senior Living was originally built in 2000. Operations were strong, with the community taking advantage of the favorable Medicaid rates in Oregon. In 2016, Summit bought the community plus a 39-unit assisted living community in Citrus Heights, California in a joint venture with Fantasia Investment III LLC and a U.S.-based affiliate of Fantasia Holdings Group Co. Limited, a Chinese corporation listed on the Hong Kong stock exchange, for a combined $23 million, or $365,100 per unit. Summit held 20% of the... Read More »
Two Years of COVID: What Now, and What’s Next?
On March 17th, 2022, Steve Monroe, Managing Editor of The SeniorCare Investor, spoke with three expert panelists on the state of the senior housing and care industry now two years into the pandemic. Steve was joined by three association heads: David Schless, president of American Seniors Housing Association (ASHA), Mark Parkinson, President and CEO of American Health Care Association (AHCA/NCAL) and James Balda, President and CEO of Argentum. In the hour-long discussion, they covered a wide range of topics, including consumer education, labor, census, affordability and how to prepare for the future should any emergencies arise. Mr. Monroe kicked off the webinar by asking the... Read More »Schedule a demo
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