Transactions
JLL Capital Markets introduced it bought Atria at Foster Sq., a 155-unit senior residing neighborhood in Foster Metropolis, California.
The neighborhood was inbuilt 2016 as a part of a mixed-use master-plan city heart improvement, a press launch states.
Artemis Actual Property Companions purchased the property in partnership with Atria Senior Dwelling, who will proceed to function the neighborhood underneath its Atria Signature Assortment model, in response to the discharge.
Harrison Road sells five-property portfolio
Harrison Road Asset Administration introduced it bought a five-property senior residing portfolio all through Lengthy Island and New York for $600 million.
The properties have been developed in partnership with B2K Growth, and have “delivered sturdy working efficiency and are supported by long-term development,” in response to a press launch.
The communities have been constructed between 2016 and 2022. A Newmark staff led by Adam Doneger, Chad Lavender and Ryan Maconachy suggested the sellers, the discharge states.
Legend Senior Dwelling expands into Missouri
Legend Senior Dwelling has added two communities to its portfolio, together with its first in Missouri.
The corporate has assumed administration of the newly named The Vero of O’Fallon, situated in St. Charles, Missouri, and The Glenwood of Gainesville in Gainesville, Florida, in response to a press launch.
Legend’s whole portfolio now consists of 73 communities throughout seven states.
Benchmark Senior Dwelling and actual property funding, improvement and administration agency Nationwide Growth have acquired Church Hill Village in Newtown, Connecticut.
The neighborhood has been renamed to Benchmark at Newtown, and Benchmark will function the assisted residing and reminiscence care neighborhood, in response to a press launch.
Benchmark presently operates 9 communities inside the similar county, and has a complete of 68 communities in its portfolio.
SLIB facilitates $7M deal
Senior Dwelling Funding Brokerage introduced it facilitated the $7 million sale of Danforth Grownup Care Middle, an 80-bed assisted residing program neighborhood close to Albany, New York.
The property was HUD eligible and “offered benefits for the brand new proprietor,” in response to a press launch, together with “potential augmentation of ALP mattress rely each two years underneath New York State’s software course of.”
The vendor was a personal proprietor, and the client was a New Jersey owner-operator with different assisted residing program properties all through New York.
OFA Group, Subsequent Investments pen JV
OFA Group introduced it has entered right into a binding letter of intent with Subsequent Investments LLC to ascertain a three way partnership to develop a “state-of-the-art” senior care facility.
“This three way partnership has been established to advance OFA’s technique to use our monetary and architectural experience to high-growth, asset-backed alternatives,” Thomas Gaffney, OFA Group chief working officer, mentioned in a press launch. “By combining our design and financing capabilities with Subsequent’s operational acumen and property base, we’re making a scalable senior care mannequin in a sector pushed by highly effective demographic developments.”
The discharge provides OFA “will present each the capital funding and architectural providers required for the event of the challenge,” whereas Subsequent will “contribute the property on which the ability can be constructed and assume full administration obligations as soon as the event is accomplished.”
Financings
BWE secures $330M refinancing
Banking firm BWE introduced it closed on a $330 million financing on behalf of Spectrum Retirement Communities.
The transaction is used to refinance an eight-property portfolio developed by Spectrum throughout the Midwest and Southwest, in response to a press launch.
The portfolio spans 4 states with “sturdy demographics, favorable macro developments and sustained demand for high-quality senior residing,” the discharge states.
Berkadia introduced it secured $10 million in bridge financing for a reminiscence care neighborhood in Sequim, Washington.
On the time of underwriting, the neighborhood had 87% occupancy, in response to a press launch.
The financing was secured for a Pacific Northwest sponsor and repeat Berkadia shopper, the discharge states.
KeyBank supplies $19.5M for inexpensive housing
KeyBank Neighborhood Growth Lending and Funding introduced it supplied a complete of $19.5 million in financing for Hawthorne Heights, an 86-unit inexpensive senior housing challenge situated in Gainesville, Florida.
Upon completion, the neighborhood will serve seniors aged 62 and up with 5 house properties particularly put aside for people with particular wants, in response to a press launch.
The property can be managed by The CT Group, which presently manages 926 models throughout 12 properties in Florida, the discharge states.
EBSC arranges $31M mortgage for luxurious property
EBSC introduced it organized a $31 million mortgage for a 160-unit luxurious property in Elk Grove, Minnesota.
The mortgage was used to “retire the prevailing development financing,” in response to a press launch.
The neighborhood provides unbiased residing, assisted residing and reminiscence care providers, with facilities together with a health heart, a membership room, a movie show, lounges, a hair salon, a library, eating areas and outside courtyards, the discharge states.
Rebranding
LCS combines underneath unified model
LCS introduced it has consolidated its 5 manufacturers underneath one model identify.
The earlier manufacturers of LCS, Life Care Providers, LCS Growth, LCS Actual Property and Care Buying Providers will now function underneath the LCS identify. Moreover, three of the corporate’s web sites, LCSnet.com, CarePurchasing.com and LifeCareServices.com, have been consolidated to a brand new web site, LCSLiving.com.
“As ‘one LCS’ we’re positioned to steer with better readability, ship better worth, and form the way forward for senior residing as we’ve for many years – with confidence and function,” Chris Hen, LCS president and CEO, mentioned in a press launch.
