Post-Acute & Senior Living: More Senior Living News
■ The Ambassador of Scarsdale is nearing completion and is expected to open in February 2015. The $45 million assisted living and memory care facility in the New York suburbs features a three story building with 95 studio and two-bedroom apartments, as well as 20 memory care apartments. Perkins Eastman of New York designed the […]
Post-Acute & Senior Living: LCB takes its brand to Vermont
The senior housing operator purchases two properties for $82.4 million By Dan Larson The small state of Vermont recently experienced one of the largest private transactions in its history, courtesy of the red-hot seniors housing market. Norwood, Mass.-based LCB Senior Living LLC acquired two properties in the Green Mountain State, paying a total of $82.4 […]
Post-Acute & Senior Living: ARC Healthcare Trust II buys 12 senior housing properties in Iowa
IOWA – New York-based ARC Healthcare Trust II Inc. continues to add to its growing portfolio of healthcare-related facilities. The non-traded real estate investment trust (REIT) recently announced the acquisition of 12 SunnyBrook senior housing properties in a number of Iowa cities for $164.2 million.
Post-Acute & Senior Living: Harrison Street acquires 11 senior housing properties, partners with Brightview
CHICAGO – Harrison Street Real Estate Capital (HSRE) of Chicago recently announced the $520 million acquisition of 11 senior housing properties from Baltimore-based Shelter Group’s Brightview Senior Living. The properties are located in Baltimore, Boston, Philadelphia, Staunton, Va., and Newport, R.I. “This investment complements our existing portfolio and highlights our firm’s various cost of capital […]
Post-Acute & Senior Living: Bright Oaks Group expands to Florida
Illinois-based company is set to build three new senior communities by 2016 By Dan Larson With more than 4.2 million senior citizens living in Florida, it’s no surprise that the retirement industry is the state’s second largest economic sector, according to the Florida Department of Elder Affairs. As a result, the high demand for senior […]
Post-Acute & Senior Living: CNL Healthcare Properties acquires eight senior housing communities
ORLANDO, Fla. – CNL Healthcare Properties Inc., a non-traded real estate investment trust (REIT), recently paid about $187.2 million to acquire eight senior housing communities in Texas and Illinois from Dallas-based South Bay Partners Ltd.
Post-Acute & Senior Living: CCRC on Long Island files for chapter 11 bankruptcy to restructure bond debt
PORT WASHINGTON, N.Y. – With $220 million in debt, the Amsterdam at Harborside on Long Island has officially filed for Chapter 11 bankruptcy. The upscale continuing care retirement community (CCRC) has experienced financial stress since opening in 2010, the midst of the Great Recession.
Post-Acute & Senior Living: Ashby Ponds opens new $30 million apartment building on its campus
ASHBURN, Va. – Baltimore-based Erickson Living recently opened a new residential apartment building on its Ashby Ponds community campus in Ashburn, a city in far northern Virginia.
Post-Acute & Senior Living: New $12 million memory care facility to open next year in Chicago suburb
GURNEE, Ill. – The Village of Gurnee will get a much-needed boost in elderly care units starting in May 2015, as work is underway on a $12 million memory care facility to serve the area.
Post-Acute & Senior Living: Formation Capital and Safanad Ltd. join to buy $150 million portfolio
ATLANTA – Two big investment firms have yet again joined together to expand their portfolios. Alpharetta, Ga.-based Formation Capital, a healthcare focused private investment firm, and New York-based Safanad Ltd., a principle investment firm, recently announced that they have a formed a partnership to acquire 14 skilled nursing facilities (SNFs) in three states for $150 […]
Post-Acute & Senior Living: More Post Acute and Senior Living News
■ A 118,498 square foot expansion is slated for Salemtowne, a CCRC in Winston-Salem, N.C. The property recently received final approval from the state to begin the $42 million project, which will include a replacement skilled nursing facility. The current skilled nursing center will be converted to assisted living. Construction is to begin in 2015 […]
Post-Acute & Senior Living: New CCRC gets $140M in financing
State-backed bond sale might spur more not-for-profit CCRCs in California By Murray W. Wolf It isn’t easy to develop a continuing care retirement community (CCRC) in California. Land and construction costs are above the national average, the project approval process is notoriously difficult, and senior living facilities are highly regulated in the state. CCRC development […]
Post-Acute & Senior Living: Newcastle Investment completes acquisition of $186 million portfolio
NEW YORK – Newcastle Investment Corp. (NYSE: NCT) announced June 30 that it has completed the acquisition of six senior housing communities for $186 million, not including transaction costs. The rental CCRCs, all located in Texas, total 1,265 beds.
Post-Acute & Senior Living: Philadelphia Archdiocese agrees to sell senior living communities for $145 million
PHILADELPHIA – The Roman Catholic Archdiocese of Philadelphia announced June 30 that it has agreed to sell seven senior living communities to a for-profit management group for $145 million. The properties are located in Philadelphia, as well as Chester, Delaware and Montgomery counties of Pennsylvania.
Post-Acute & Senior Living: Chartwell Retirement agrees to sell ‘non-core’ senior portfolio for $136 million
MISSISSAUGA, Ontario – Chartwell Retirement Residences announced June 18 that it agreed sell four “non-core” senior living communities totaling 827 suites for $136.1 million. The assets are in Alabama, Michigan, Oklahoma and Tennessee, and the buyer is a joint venture between Focus Healthcare Partners and Garrison Street Partners.