Earlier this month, Steven D. Bell & Company, on behalf of Bell Fund II LLC, has recently purchased senior living communities in both Charlotte, N.C. and Charleston, S.C., bringing to 26 the number of senior living properties in the Bell Senior Living portfolio. For a combined cost of approximately $15 million, the Bell company has acquired The Place at SouthPark in Charlotte, a 110-unit community located in the SouthPark area, and Spring Arbor of Daniel Island, a 59-unit property on Daniel Island in Metro Charleston. As part of a re-branding effort to be consistent with the portfolio’s other properties, the properties will be renamed Summit Place of SouthPark and Summit Place of Daniel Island. The Charleston property was built in 2002 and is licensed for 67 beds of assisted living service. The Charlotte community, constructed in 1999, is licensed for 120 beds dedicated to both assisted living and memory care. Bell assumed a Housing & Urban Development loan to complete the Charleston purchase and originated a loan with BB&T to support the Charlotte acquisition. For the full press release, click here.
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