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.
Post-Acute & Senior Living: Q2 assisted living growth rate of 3.1 percent was fastest since at least 2007
ANNAPOLIS, Md. – New construction of assisted living facilities during Q2 grew at the fastest rate recorded since analysts started keeping track seven years ago. The inventory of assisted living facilities grew by 3.1 percent last quarter, according to a July 11 news release from the National Investment Center for the Seniors Housing & Care […]
Post-Acute & Senior Living: More Post-Acute and Senior Living News
■ Fourteen investment funds affiliated with Fortress Investment Group on June 2 sold almost 17.6 million shares of Brookdale Senior Living (NYSE: BKD) stock, according to a recent U.S. Securities and Exchange Commission (SEC) filing. New York-based Fortress, a major shareholder since Brentwood, Tenn.-based Brookdale’s initial public offering (IPO) in late 2005, sold at an […]
Post-Acute & Senior Living: Activity picking up in CCRC space
New, expanded and renovated communities suggest market might be rebounding By Murray W. Wolf The continuing care retirement community (CCRC) was one of the hardest hit healthcare real estate (HRE) product types during and after the housing crash, financial crisis and Great Recession. Many seniors wanted to move to CCRCs at that time but were […]
Post-Acute & Senior Living: More Post-Acute & Senior Living News
Institutional Property Advisors (IPA), a brokerage division of Marcus & Millichap, says it recently arranged the $20.5 million sale of the 240-bed Sunnyview Nursing and Rehabilitation Center nursing home in Butler, Pa. IPA Senior Director Joshua Jandris, Executive Director Mark Myers and Associate Charles Hilding represented the seller, Butler County, Pa. , along with Matthew […]
Post-Acute & Senior Living: Ventas Inc. agrees to pay $900M for 29 Canadian independent living assets
CHICAGO – You wouldn’t expect a $900 million acquisition to be upstaged by another deal – especially one revealed the same day by the same company. But that was arguably the case June 2 when Ventas Inc. (NYSE: VTR) announced an agreement to acquire 29 Canadian senior living communities from Holiday Retirement.
Post-Acute & Senior Living: Panel epitomizes changing times
NIC discussion tackles retail clinics, PPACA and post-acute care partnerships By Murray W. Wolf It was a panel discussion that couldn’t have happened 10 years ago. The topics covered in the opening general session of the recent National Investment Center for the Seniors Housing Industry (NIC) Regional Conference would have seemed in early 2004 to […]
Post-Acute & Senior Living: More Post-Acute and Senior Living News
LCB Senior Living LLC of Norwood, Mass., plans to develop a 72,600 square foot, 90-unit assisted living and Alzheimer’s care community at 6 Sally Sweets Way in Salem, Mass. Plans call for 64 assisted living residences and a 26-bed Alzheimer’s care unit to be developed on a 7-acre, wooded site next to the Ingram Senior […]
Post-Acute & Senior Living: Enterprise Builders’ healthcare projects going strong in New Mexico
ALBUQUERQUE, N.M. – Enterprise Builders Corp. of Albuquerque has just completed a 52,000 square foot SNF and ALF near the southeast corner of Coors and Rio Bravo Boulevards in Albuquerque — a major milestone for the 80-acre mixed-use Las Estancias development. The development also will include a variety of retail shops and small and large […]