Transactions
Integral Senior Living Assumes Management of Four Communities
Integral Senior Living announced it has assumed management of four assisted living and memory care communities owned by MedCore Partners in the Mountain West.
The move further expands the working relationship between Dallas-based real estate firm MedCore and Carlsbad, California-based Integral Senior Living.
The communities, three in Utah and one in Nevada, will have access to the full slate of Integrated Senior Living programming such as The Vibrant Life, Generations Memory Care and Elevate.
SLIB Facilitates Sale of Montana Senior Living Community
Senior Living Investment Brokerage (SLIB) announced it facilitated the sale of Big Sky Senior Living, an independent living, assisted living and memory care facility in Butte, Montana.
Constructed in the late 1990s, Big Sky Senior Living sits on more than 11 acres and includes 159 units and 164 beds.
SLIB’s Jason Punzel, Brad Goodsell and Vince Viverito handled the sale from a locally based owner/operator to a regional owner/operator currently expanding in the Mountain West.
Knapp-Stahler Close on $23M Portfolio Sale
The Knapp-Stahler Group at Marcus & Millichap closed on the sale of a four-community portfolio of assisted living and memory care communities for $23.8 million.
Three of the communities, all located in Iowa, are identically constructed with 30 assisted living units and 10 memory care units and the fourth, located in Illinois, has 24 AL units and 16 units of memory care.
The Knapp-Stahler Group’s Justin Knapp and Andrew VanZee represented the selling entity, GCI Development.
Financings
CBRE National Senior Housing Arranges MorningStar Financing
CBRE National Senior Housing announced that it has arranged a $40 million, non-recourse, floating-rate loan for the financing of MorningStar of Kirkland.
CBRE acted on behalf of a joint venture between Artemis Real Estate Partners, MorningStar Senior Living and American Capital Group.
Located in the Seattle suburb of Kirkland, Washington, MorningStar of Kirkland opened in February 2022 with 152 independent living units and was the first newly constructed independent living facility built in Kirkland in the last 13 years.
CBRE’s Aron Will, Austin Sacco, and Tim Root arranged the financing.
Northmarq Arranges Refinance for ERA Living Community
Northmarq announced that its Seattle-based office arranged $33 million in the refinancing of The Gardens at Town Square, a senior living community in Bellevue, Washington.
The Gardens at Town Square is an independent living, assisted living and memory care community situated in a five-story building in downtown Bellevue with 168 units owned and operated by ERA Living.
$19M Refinance to Preserve Affordable Housing Community
Nonprofit mortgage lender CPC Mortgage Company and nonprofit developer BRIDGE Housing announced they closed on $19.4 million to refinance and preserve the Magnolia Plaza Senior Apartments.
Magnolia Plaza Senior Apartments, located in South San Francisco, has 125 units of affordable housing for low-income seniors who are aged 62 years or older.
Currently, the building requires at least 63 units be income-restricted to residents with incomes at or below 80% area median income. However, BRIDGE aims to increase the number of income-restricted units to 84 going forward.
Acquisitions
Trustwell Living Acquires 3 Kansas City Communities
Trustwell Living announced it has acquired three senior living communities in the greater Kansas City metro area including two in Kansas and one in Missouri.
In addition to re-branding the communities, Trustwell will begin capital improvement renovations later this year that will address common areas and resident apartments.
Trustwell also announced that all employees at the communities will be hired and that employee recruitment and retention programs will be implemented.
Curana Health Acquires Geriatric Health Business
Curana Health announced it has acquired geriatric care provider Physicians Eldercare. Headquartered in Winston-Salem, North Carolina, Physicians Eldercare is a clinician-led group that offers geriatric care services through its relationships with 50 providers in North Carolina.
Curana Health is an organization formed in May 2022 by the integration of three companies – Elite Patient Care, Provider Health Services, and AllyAlign Health – that provides health care services to more than 1,000 senior living communities throughout 27 states.
Standard Communities Acquires Affordable Senior Housing Portfolio
Standard Communities announced it led a partnership to acquire a portfolio consisting of three mixed-income senior housing communities with 559 rental units.
The total capitalization rate of the California-based portfolio is $195 million, a sum that includes some $19 million in renovations that will include improvements such as HVAC, plumbing, electrical, fire safety and security upgrades.
Castle Lanterra Active Adult Acquires Second Community
Castle Lanterra Active Adult announced it purchased the Reserve at Lakeside, an age-restricted 55+ community in Newburgh, New York.
For Castle Lanterra Active Adult, a division of real estate investment firm Castle Lanterra, the purchase represents its second in the active adult multifamily asset class. The firm also purchased Diamond Oaks Village, a Florida-based community located between Fort Myers and Naples.
Link Senior Development, Roxborough Group Acquire Phoenix Community
Link Senior Development and The Roxborough Group announced the acquisition of Park Terrace Senior Living.
Located in Phoenix, Park Terrace Senior Living is a 301-unit independent living and assisted living community — the eighth Arizona-based project for Link and its third under management.
Link Senior Living is a vertically integrated senior living real estate, development, investment and operations group with a $500 million development pipeline across the western U.S.
For Roxborough, a private, San Francisco-based real estate investment firm, the acquisition represents its fourth in Phoenix, but its first-ever in the senior living asset class.
The post Transactions & Financings: CBRE Arranges $40M for MorningStar JV; Trustwell Acquires 3 More Communities appeared first on Senior Housing News.
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