• Janus Living Goes Public After Upsizing IPO

    Janus Living, a Healthpeak Properties-formed REIT and now the only publicly traded U.S. REIT fully dedicated to seniors housing with its entire portfolio structured under RIDEA, has launched its initial public offering of Class A-1 common stock. The company is now listed on the NYSE under the ticker “JAN.” It plans to pay a quarterly dividend of... Read More »
  • Partnership Acquires Two Long Island Communities

    Two Long Island assisted living communities were sold by their original developer/operator. Village Green Senior Living in Levittown (opened in 2020) and Village Walk Senior Living (opened in 2018) in Patchogue were acquired by a partnership between Fundamental Advisors, Scribner Capital and Atria Senior Living. They will be renamed Atria... Read More »
  • Artemis Real Estate Partners Purchases Class-A Community

    The developer of a Class-A seniors housing community in the Minneapolis, Minnesota MSA, has passed the torch to a new owner. Pillars of Lakeville, now known as The Crest at Lakeville, sits on 1.8 acres. Oppidan Investment Co., a company that developed multiple Pillars senior living properties in Minnesota, acquired the land from Crossroads... Read More »
  • Stand-Alone Memory Care Community Gets New Owner

    1031 CF Properties, a leading DST investor, acquired a stand-alone memory care community in the Spokane, Washington MSA. Built in 2005 with expansions in 2007 and 2013, Generations Memory Care offers 48 private units with 28,472 square feet on 2.067 acres. The seller was an investment group based in northern California that purchased the asset in... Read More »
  • Not-for-Profit Closes First Public Bond Issue in 20+ Years

    Ziegler announced the closing of a $30.0 million tax-exempt fixed rate bond issue for Butterfield Trail Village, Inc. (BTV). The Series 2026 bonds were issued through The Fayetteville Public Facilities Board. BTV is a not-for-profit corporation founded by five local churches in 1981 to own and operate a continuing care retirement community on... Read More »

Cushman & Wakefield Has Banner Month

Last week we reported on the sale of a CCRC in North Carolina where Cushman & Wakefield represented the seller. Now, the C&W Boston office has closed on two additional senior living properties in high-value transactions. The first one involved the sale of a 290-unit retirement community in Lantana, Florida, known as Carlisle Palm Beach. It has 144 independent living units, 90 assisted living units and 56 memory care units with average occupancy above 90%. It was built in 1999 and converted in 2014 to a full continuum IL/AL/MC community. Over the past five years the sellers spent $10 million converting IL units to AL. The sellers were affiliates of Senior Lifestyle Corporation and... Read More »
Development for Denver joint venture

Development for Denver joint venture

A joint venture between three different parties enlisted the help of Aron Will from CBRE to help finance a to-be-built senior living community in Denver, Colorado. Blue Moon Capital Partners, MGL Partners and Leisure Care are set to break ground in September on a 163-unit independent living, assisted living and memory care community located near the heart of the Denver Tech Center. Mr. Will secured a $28.7 million, non-recourse floating rate loan, with a six-year term and 48 months of interest only, provided by a regional bank. The community is set to open in Spring 2017. Read More »

Blue Moon pays up out West

We discuss in the July issue of The SeniorCare Investor the lack of high-valued transactions in June (and for the rest of the year), but one notable exception was Blue Moon Capital Partners’ acquisition of two assisted living communities in high barrier-to-entry markets in California. Belmont Village Senior Living developed the two assisted living/memory care properties in Thousand Oaks, California and Scottsdale, Arizona. Built in 2011 and 2012, respectively, the communities were close to full occupancy by the time of the sale. Blue Moon Capital Partners, which matches institutional capital investors with seniors housing operators, was the buyer, with Belmont Village owning a minority... Read More »

Develop in Dover

LCB Senior Living is breaking ground on its 12th development next month in Dover, New Hampshire, with the help of a couple of partners. Cushman & Wakefield Senior Housing Capital Markets arranged a $15.1 million non-recourse construction loan to fund the development of the 76-unit senior living community. Sitting of 19.4 acres in a mixed-use development, which includes a new hotel, a medical office building, a bank and coffee shop, the building will feature independent living, assisted living and memory care services. Berkshire Bank provided the loan to LCB and its joint venture partner, Blue Moon Capital Partners. Read More »

Building Boston

Aaron Rosenzweig, Jim Dooley and Rick Swartz of Cushman & Wakefield recently arranged $16.3 million in construction financing and joint venture equity for LCB Senior Living and Blue Moon Capital Partners to develop an 80-unit senior living community in Shrewsbury, Massachusetts. Located about 35 miles west of Boston on a 5.4-acre site, the three-story building will feature 60 independent/assisted living units (though all AL-licensed) and 20 memory care units. C&W arranged a five-year loan at 65% loan-to-cost, provided by M&T Bank. At an estimated cost of $25 million, or $310,000 per unit, the project is expected to break ground this month, with an opening scheduled for... Read More »