Ziegler Finances South Carolina CCRC Expansion
Ziegler closed $29.2 million in Series 2023A and B bonds for Bishop Gadsden Episcopal Retirement Community, a not-for-profit CCRC on James Island in Charleston, South Carolina. The financing will help fund the construction of an independent living expansion on the campus and comes four years after Ziegler also helped finance the construction of a replacement health center and renovation/expansion of the campus’s assisted living portion. Bishop Gadsden opened in 1987 on land donated by St. James Episcopal Church, and now includes 268 independent living units, 79 assisted living units, 32 memory care units, 32 post-acute skilled nursing beds, and 68 long-term care beds on 125 acres. The... Read More »
Erickson Senior Living Planning Big Tampa Bay Project
It may be up for debate exactly when seniors housing development kicks back into high gear to prepare for the oncoming baby boomers, but Erickson Senior Living is planning its next project at its typically large scale to include more than 1,000 units of seniors housing in Lakewood Ranch, Florida. The company is seeking site approvals from Manatee County to build 1,020 independent living units in addition to a 250-bed skilled nursing facility on the site. Phase I of the project would include 660 apartments, and phase II would consist of 360 units along with parking, utility and stormwater infrastructure. There would also be pedestrian bridges that would connect the 10 buildings. Completion... Read More »
1031 Crowdfunding Enters Utah Market
1031 Crowdfunding announced the acquisition of its first seniors housing communities in the state of Utah. The two assets combine for a total of 178 units of assisted living and memory care. Built in 2011 and 2016 respectively by the same developer, Spring Gardens St. George and Spring Gardens Lindon total 156,473 square feet across 5.8 acres. Both communities are on seven-year leases, and are within a four-mile radius of local hospitals. Occupancy remained strong throughout the pandemic, and the assets were at or above 97% occupancy with a combined EBITDAR exceeding $2.25 million. Avista Senior Living operates both communities and will continue to do so under new ownership. Jacob Gehl,... Read More »
Stellar Senior Living Acquires Assisted Living Community in Utah
Blueprint Healthcare Real Estate Advisors announced the sale of an assisted living community in South Jordan, Utah. Built in 2018, Anthology of South Jordan comprises 103 units of independent living, assisted living and memory care, and sits on 3.7 acres in the greater Salt Lake City area. The new owner is Stellar Senior Living, which renamed the community to Copper Creek Senior Living. Utah-based Stellar Senior Living is a family-owned senior living provider operating 28 senior living communities in nine states in the western United States. The seller of the community was Anthology Senior Living, the seniors housing arm of global developer, CA Ventures. Alex Florea, Amy Sitzman, and... Read More »
Lument Refinances Sacramento-Area Assisted Living Community
Lument closed a $7.5 million Fannie Mae loan to refinance Carlton Senior Living, a 56-unit assisted living community in Sacramento, California. Nick Hamilton, Casey Moore and Doug Harper led the transaction for Lument. A repeat Lument client refinanced its existing Fannie Mae loan with a new seven-year loan that features a 30-year amortization and a low, fixed interest rate. Built in 2008, Carlton Senior Living is located on the Carlton Senior Living Continuum of Care Campus, next to a 128-unit AL/memory care community that was also refinanced in 2016 by Lument. When it first opened, Carlton Senior Living was serving high acuity AL residents, but in 2021, the sponsor altered its strategy... Read More »
Dwight Capital Announces 4th Quarter Activity
Dwight Capital and its affiliate REIT, Dwight Mortgage Trust, financed $191 million in seniors housing and healthcare financing during the fourth quarter of 2022. One highlight included a $39 million bridge loan to facilitate the acquisition of a two-property skilled nursing portfolio in Fort Lauderdale, Florida: Manor Oaks and Manor Pines. The facilities are three miles apart and comprise 322 beds across approximately 111,800 square feet. Adam Offman originated the transaction. Mr. Offman also originated a $24.2 million bridge refinance for a portfolio of two SNFs in Columbus and Rome, Georgia: River Towne Center and Etowah Landing. Together, the facilities have 310 beds and encompass... Read More »
New Entrant Acquires Pair of Missouri Properties
A new entrant to the seniors housing industry acquired two communities in the St. Louis, Missouri area but is intending to convert one location to multifamily following the deal. Pacifica Senior Living previously owned the two communities in Florissant and DeSmet, which featured 165 units of independent living and assisted living and were also deemed to be non-core. Scott Frazier, Jacob Gehl and Humair Sabir of Blueprint Healthcare Real Estate Advisors were engaged by Pacifica to sell the assets and approached investors that would be interested in converting one, or both, of the communities. In the end, an investment fund based in St. Louis, which was also a new entrant to the seniors... Read More »
A Key Renovation Results in Ohio IL Community Sale
Blueprint Healthcare Real Estate Advisors sold an independent living community in West Lake, Ohio. Our House comprises 75 units and sits on nine acres in the greater Cleveland area. There was also a home health program exclusively operating at the community. During the transaction process, many of the potential buyers were eager to convert the community to assisted living and utilize the Ohio Assisted Living Medicaid Waiver Program. So, the founding family owner/operator of the community decided to undergo necessary renovations needed to receive an assisted living license and draw more interest from potential buyers. It clearly worked, and the community was sold to a Columbus-based... Read More »
Cain Brothers Handles Massachusetts SNF Bond Financing
Cain Brothers, a division of KeyBanc Capital Markets, has announced the closing of a $24.6 million Massachusetts Development Finance Agency Revenue Bond on behalf of D’Youville Senior Care in Lowell, Massachusetts, and its sponsor, The Carmelite System. Proceeds from the bonds were used to refinance two existing bank loans, fund capital improvements on the D’Youville’s campus and pay costs of issuance. The refinancing addressed future interest rate risk by avoiding future expensive call premiums on the prior loans and providing near-term cash flow relief to D’Youville. In addition, Cain Brothers served as swap advisor to the sponsor on a long-dated, fixed-pay interest rate swap with a... Read More »
Ziegler Handles CCRC Sale to Pacifica Senior Living
California-Nevada Methodist Homes, a California-based not-for-profit owner/operator, sold two of its entrance-fee CCRCs in the Golden State after filing for bankruptcy in March 2021. Lake Park, a 215-unit CCRC in Oakland, and Forest Hill, a 135-unit CCRC in Pacific Grove, experienced declining performance in recent years, which was amplified during the pandemic. Occupancy had dropped to around 60%, and monthly operating losses were significant. Pacifica Senior Living emerged as the winning bidder at the bankruptcy auction for $34 million, or $97,000 per unit. Pacifica also assumed all entrance fee contracts and associated entrance fee liabilities of approximately $20 million. Dan Revie... Read More »Schedule a demo
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