Transactions
JLL sells Atria community
JLL Capital Markets announced it sold Atria at Foster Square, a 155-unit senior living community in Foster City, California.
The community was built in 2016 as part of a mixed-use master-plan town center development, a press release states.
Artemis Real Estate Partners bought the property in partnership with Atria Senior Living, who will continue to operate the community under its Atria Signature Collection brand, according to the release.
Harrison Street sells five-property portfolio
Harrison Street Asset Management announced it sold a five-property senior living portfolio throughout Long Island and New York for $600 million.
The properties were developed in partnership with B2K Development, and have “delivered strong operating performance and are supported by long-term growth,” according to a press release.
The communities were built between 2016 and 2022. A Newmark team led by Adam Doneger, Chad Lavender and Ryan Maconachy advised the sellers, the release states.
Legend Senior Living expands into Missouri
Legend Senior Living has added two communities to its portfolio, including its first in Missouri.
The company has assumed management of the newly named The Vero of O’Fallon, located in St. Charles, Missouri, and The Glenwood of Gainesville in Gainesville, Florida, according to a press release.
Legend’s total portfolio now consists of 73 communities across seven states.
Benchmark, National Development acquire community
Benchmark Senior Living and real estate investment, development and management firm National Development have acquired Church Hill Village in Newtown, Connecticut.
The community has been renamed to Benchmark at Newtown, and Benchmark will operate the assisted living and memory care community, according to a press release.
Benchmark currently operates nine communities within the same county, and has a total of 68 communities in its portfolio.
SLIB facilitates $7M deal
Senior Living Investment Brokerage announced it facilitated the $7 million sale of Danforth Adult Care Center, an 80-bed assisted living program community near Albany, New York.
The property was HUD eligible and “presented advantages for the new owner,” according to a press release, including “potential augmentation of ALP bed count every two years under New York State’s application process.”
The seller was a private owner, and the buyer was a New Jersey owner-operator with other assisted living program properties throughout New York.
OFA Group, Next Investments pen JV
OFA Group announced it has entered into a binding letter of intent with Next Investments LLC to establish a joint venture to develop a “state-of-the-art” senior care facility.
“This joint venture has been established to advance OFA’s strategy to apply our financial and architectural expertise to high-growth, asset-backed opportunities,” Thomas Gaffney, OFA Group chief operating officer, said in a press release. “By combining our design and financing capabilities with Next’s operational acumen and property base, we are creating a scalable senior care model in a sector driven by powerful demographic trends.”
The release adds OFA “will provide both the capital investment and architectural services required for the development of the project,” while Next will “contribute the property on which the facility will be constructed and assume full management responsibilities once the development is completed.”
Financings
BWE secures $330M refinancing
Banking company BWE announced 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 across the Midwest and Southwest, according to a press release.
The portfolio spans four states with “robust demographics, favorable macro trends and sustained demand for high-quality senior living,” the release states.
Berkadia secures $10M to finance memory care community
Berkadia announced it secured $10 million in bridge financing for a memory care community in Sequim, Washington.
At the time of underwriting, the community had 87% occupancy, according to a press release.
The financing was secured for a Pacific Northwest sponsor and repeat Berkadia client, the release states.
KeyBank provides $19.5M for affordable housing
KeyBank Community Development Lending and Investment announced it provided a total of $19.5 million in financing for Hawthorne Heights, an 86-unit affordable senior housing project located in Gainesville, Florida.
Upon completion, the community will serve seniors aged 62 and up with five apartment homes specifically set aside for individuals with special needs, according to a press release.
The property will be managed by The CT Group, which currently manages 926 units across 12 properties in Florida, the release states.
EBSC arranges $31M loan for luxury property
EBSC announced it arranged a $31 million loan for a 160-unit luxury property in Elk Grove, Minnesota.
The loan was used to “retire the existing construction financing,” according to a press release.
The community offers independent living, assisted living and memory care services, with amenities including a fitness center, a club room, a movie theater, lounges, a hair salon, a library, dining areas and outdoor courtyards, the release states.
Rebranding
LCS combines under unified brand
LCS announced it has consolidated its five brands under one brand name.
The previous brands of LCS, Life Care Services, LCS Development, LCS Real Estate and Care Purchasing Services will now operate under the LCS name. Additionally, three of the company’s websites, LCSnet.com, CarePurchasing.com and LifeCareServices.com, have been consolidated to a new website, LCSLiving.com.
“As ‘one LCS’ we are positioned to lead with greater clarity, deliver greater value, and shape the future of senior living as we have for decades – with confidence and purpose,” Chris Bird, LCS president and CEO, said in a press release.
The post Senior Living Dealbook: JLL Sells Atria Community; BWE Secures $330M Refinancing appeared first on Senior Housing News.
Source: For the full article please visit Senior Housing News