Ziegler Finances Virginia CCRC Expansion
Ziegler has successfully closed financing for Shenandoah Valley Westminster-Canterbury, (SVWC) a large CCRC in Winchester, Virginia. The financing consists of $71 million Series 2022A and 2022B bonds, for the Virginia-based not-for-profit. Founded in 1982, SVWC serves nearly 400 residents on its 87-acre campus with 218 independent living units (164 apartments and 54 cottages), 48 assisted living units, 12 memory care units and 51 skilled nursing beds.Plans for an independent living expansion project are in place, which will include 48 new units. To fund the expansion, SVWC issued two tranches of draw down bank loans that were purchased by Atlantic Union Bank and Pinnacle Financial Partners... Read More »Upstate New York Community Seeks HUD Take-Out
One year on from acquiring an assisted living/memory care community in Wellsville, New York, ownership is refinancing its acquisition debt with intent of going to HUD within the next year. Built in 1989 with 89 units and 137 beds, this community was the only licensed seniors housing community in Alleghany County. Occupancy was around 80% before COVID-19 struck the community and caused census to fall to 70%. The seller, a private individual looking to retire and divest his last asset, engaged Senior Living Investment Brokerage to sell the property but was not able to move any new admissions in until March 2021 because of the state-mandated admission freeze. COVID caused trailing-12-month... Read More »Scribner Capital Works on Two Southeast Transactions
Scribner Capital and William James Group (WJG) have joint ventured to acquire two assisted living/memory care communities in Georgia from a local owner/operator looking to exit the industry. Scribner provided co-sponsor equity and leveraged its network of high-net-worth investors to provide the limited partner equity. WJG provided co-sponsor equity as well and will operate the communities on behalf of the venture. The purchase price was not disclosed, but the communities sold for a cap rate in the mid-8s, slightly higher than the sector’s average in the last few years. Daniel Geraghty and Brad Clousing of Senior Living Investment Brokerage handled the transaction. Built in 2007, Sunny... Read More »SLIB Closes Land Sale
Senior Living Investment Brokerage has closed the land sale of an 8.9-acre parcel entitled for 98 seniors housing units, in Woodburn, Oregon. The land sold for $1.7 million, just south of Portland. The buyer was an Oregon-based development group. Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction. Read More »Cushman & Wakefield Refinances Stamford, Connecticut Community
Cushman & Wakefield announced the refinancing of a newly developed assisted living/memory care community in Stamford, Connecticut on behalf of Virtus and LCB Senior Living, LLC. Richard Swartz, Jay Wagner, Jim Dooley and Joseph Carbone represented the borrower in the transaction, which allowed them to repay the original construction loan and provided four years of interest only during the stabilization period. The loan was provided by VIUM Capital and its affiliate Merchants Bank of Indiana. In addition, the financing repaid the original $23.268 million construction loan from M&T Bank (originally arranged by Cushman & Wakefield as well) and provided a four-year interest-only... Read More »Meridian Capital Group Refinances Simi Valley Community
Meridian Capital Group arranged $40 million in financing for an assisted living and memory care community in Simi Valley, California. Griffin Living, a large privately held real estate developer, obtained the loan, which was provided by a finance company. Proceeds of the loan repaid an existing construction loan and provided a return of capital to the owners while the community was still in lease-up. Meridian’s Ari Adlerstein, Josh Simpson and Jesse Rauch negotiated the transaction. The refinanced community is Varenita of Simi Valley, comprising 75 assisted living and 27 memory care units and equipped with resort-like amenities. Such amenities include multiple dining options, a fitness... Read More »CA Ventures Partners on Oregon Construction Project
A joint venture between CA Ventures and an institutional equity partner is building a 206-unit senior living community in Beaverton, Oregon (Portland MSA) with construction financing arranged by CBRE National Senior Housing. Anthology of Beaverton will consist of 206 independent living, assisted living and memory care units near the Tanasbourne shopping district, which includes a Whole Foods, Starbucks, REI, and several other shopping and dining locations. Anthology Senior Living, CA Venture’s senior living platform, will operate it upon completion. The transaction also marked the beginning of Anthology’s strategic alliance with Formation Development Group, having contributed to the... Read More »Ararat Home buys Seniors Housing
Los Angeles-based Ararat Home is expanding its presence in Glendale, California with the acquisition of Windsor. The community comprises 73 independent living units in addition to accommodating 38 residents in its assisted living and 28 residents in its skilled nursing sections. Sitting on two acres and occupying a full city block, the community has easy access to Glendale’s services and shopping. With rent prices starting at $3,000 a month the community is equipped with amenities such as a fitness center, live theater, a pharmacy, 24-hour security and more.The seller of the property is the not-for-profit HumanGood. The Duarte, California-based organization currently holds a portfolio of... Read More »Sunrise Senior Living Second Staten Island Development
Sunrise Senior Living has officially opened its second senior living community on Staten Island. The 120-unit Sunrise of New Drop has 85,000 square feet across four stories and sits on four acres. Providing assisted living and memory care service, it sits adjacent to New Drop High School, with which it plans on creating intergenerational programming to bring high schoolers into the community for volunteering and potential employment. In addition, a celebrity chef will design the menu and manage the dining experience. KBE Building Corporation and PWC Companies built the community, which sits about two miles south of Sunrise’s other community in the borough, Sunrise of Staten... Read More »Lloyd Jones Announces Sixth Acquisition of 2022
Lloyd Jones Senior Living has been one of the most active acquirers of the year, so far, having just announced its sixth purchase in 2022. The recent target was Rittenhouse Village of Valparaiso, a 90-unit assisted living/memory care community built in 2009 in Valparaiso, Indiana. The historically profitable community was negatively impacted by the pandemic but started to rebound operationally. Blueprint Healthcare Real Estate Advisors’ Brooks Blackmon, Ryan Kelly and Connor Doherty were engaged by a publicly traded REIT to market and sell the community. The property appears on National Health Investors’ most recent property list, with Discovery Senior Living serving as the... Read More »Schedule a demo
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