• Community First Solutions Acquires Again in Ohio

    Ziegler was engaged by Marquee Capital, the real estate company affiliated with Marcus Investments, LLC, the Marcus’ family office, in the sale of its seniors housing community in Mason, Ohio. Built in 2020, BrightStar Senior Living of Mason sits on 3.2 acres with 41 assisted living and memory care units. The community was well occupied at 90%,... Read More »
  • Joint Venture Acquires Nashville Active Adult Community

    An active adult community in Germantown, Tennessee, found a new owner thanks to the team at Newmark. Built in 2020, Avenida Watermarq is a 161-unit, Class-A active adult community in an affluent suburb of Nashville. There are one- and two-bedroom options averaging 919 square feet per unit. Occupancy was 87%. Inspired Real Estate Partners and GEM... Read More »
  • Institutional Owner Divests Ohio Facility

    Evans Senior Investments arranged the sale of a skilled nursing facility in Ohio on behalf of an institutional owner looking to exit the market. The facility comprises 88 beds and 20 independent living units, which served as a referral source for the nursing home. The buyer was a regional owner/operator that is actively expanding in Ohio. This is... Read More »
  • Strawberry Fields Completes Missouri SNF Portfolio Acquisition

    Strawberry Fields REIT, Inc. announced that it completed the acquisition of nine skilled nursing facilities comprising 686 beds in Missouri for $59 million, or $86,000 per bed. The REIT completed the acquisition using cash on hand and the issuance of approximately $2.0 million in OP Units of Strawberry Fields REIT LP to the seller. Eight of the... Read More »
  • Macquarie Asset Management Launches Health Wave Partners

    Macquarie Asset Management, which has over 35 years of experience in the real estate sector and a current network of 15 specialist operator investments globally, announced the launch of Health Wave Partners, a seniors housing platform aimed at targeting investments in modern seniors housing assets alongside established operators. The platform... Read More »
Welltower & Kisco Senior Living Break Ground in Maryland

Welltower & Kisco Senior Living Break Ground in Maryland

Welltower and Kisco Senior Living announced the groundbreaking of their large senior living community in Gaithersburg, Maryland. Set to open in Spring 2024, The Carnegie at Washingtonian Center will feature 450,000 square feet and 302 total units of independent living, assisted living and memory care. It will sit on 8.5 acres next to RIO Lakefront at Washingtonian Center, a waterfront shopping center with restaurants, amenities and water activities in downtown Gaithersburg. At the community, floorplan options will range in size from one bedroom, one bath (837 square feet) to two bedrooms, two baths with a den (1,487 square feet) and a club level living option that includes concierge and... Read More »
Cushman & Wakefield’s Carolina Sale

Cushman & Wakefield’s Carolina Sale

For the second time, Prudential Real Estate Investors is selling its large senior living community in Cary, North Carolina, 14 years after the first sale. Originally built in 1999 with 80 independent living units, 36 assisted living units and 36 memory care units, the community has been operated by Kisco Senior Living since its development. During that time, Kisco has overseen several ownership changes, starting in 2004, when Prudential Real Estate Investors sold the community to Walton Street Capital for about $27.4 million, or $180,000 per unit. Walton Street added 14 IL cottages with 24 units in 2008-2009, perhaps not the best time for an IL addition. Nevertheless, Walton Street resold... Read More »
BMO Harris Funds PGIM Real Estate Deal

BMO Harris Funds PGIM Real Estate Deal

PGIM Real Estate and Kisco Senior Living announced their acquisition of a 187-unit independent/assisted living community in Walnut Creek, California at the start of June, and BMO Harris Healthcare Real Estate Finance followed that up by announcing they financed the deal with a $61.75 million credit facility. The group acted as the administrative agent and lead lender on the facility which consisted of a $50.05 million term loan and a $11.7 million construction loan for a planned 40-unit expansion of the community’s assisted living and memory care services on the adjoining 1.22 acres. Located on a 7.3-acre campus about 20 miles east of San Francisco, the property was built in 1991 and had... Read More »

Freddie Mac comes to Silicon Valley

On behalf of Kisco Senior Living, Jessica Wolters of JLL Capital Markets led the way in originating a $32.5 million refinance, with a 10-year fixed-rate term, provided by Freddie Mac’s Capital Markets Execution program. The community being refinanced, a 133-unit independent/assisted living community in Los Altos, California, was built in 1973 but was bought for $16 million, or $106,700 per unit (when it had 150 units), and renovated in 1998 by TransAmerica Senior Living (which was itself bought by Kisco in 2001). Considering today’s $244,400 per unit refinance, it’s clear that Kisco has significantly increased the value of the property. Read More »

High-end in Hawaii

The master planned, pedestrian-oriented city of Kapolei, near Honolulu, Hawaii, will soon see the opening of a luxury senior living community. Developed by Carlsbad, California-based Kisco Senior Living, ‘Ilima at Leihano will feature 84 units of independent living, assisted living and memory care on 3.8 acres of the 40-acre that Kisco purchased to develop a mixed-use community called Leihano. The Leihano project has been in the works since before the Great Recession, with the company closing on the land only in the last four years, including selling two parcels to First Hawaiian Bank and home furnishings company C.S. Wo & Sons. Monthly rents at the senior living community will... Read More »