Prudential Real Estate Investors Buys Senior Housing Community
Prudential Real Estate Investors recently purchased a senior housing community in Alpharetta, Ga. in a transaction brokered by ARA Seniors Housing Group.
Arbor Terrace at Crabapple is a 93-unit “Class A” assisted living and memory care community sold by AEW Capital Management on behalf of one of its institutional clients.
The community was built in 2009 and has 67 assisted living units and 26 memory care units in one two-story building. The sale price was not disclosed.
N.J. CCRC Affiliates with Springpoint Senior Living
Winchester Gardens, a continuing care retirement community in Maplewood, N.J., recently announced an agreement to affiliate with Springpoint Senior Living.
“Winchester Gardens is a premiere senior living community with a long history of service to seniors in Northern New Jersey,” said Gary Puma, CEO of Springpoint, in a statement. “This affiliation is in keeping with our efforts to expand the Springpoint mission of providing high quality housing and healthcare to seniors throughout the state. Winchester Gardens’ residents can be assured that they will continue to receive the highest level of service as Springpoint assumes the management and operation of the community.”
Last year, Winchester Garden’s board of trustees began a strategic planning process to determine how best to position the community for the future. The CCRC reviewed a number of senior living organizations before agreeing to a affiliate with Springpoint.
“An increasing trend in the senior living industry is for single-site communities like ours to affiliate with a larger organization,” said Greg Rogerino, president and CEO of Winchester Gardens. “We felt that our compatible missions and cultures make Springpoint uniquely qualified to assure the continued success of Winchester Gardens.”
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The affiliation is subject to certain regulatory approvals including the New Jersey Department of Community Affairs and the New Jersey Department of Health, but the transition is expected to be completed during the next few weeks. —AG
Assisted Living Developer Buys Church Property for $6.6 Million
A Canadian assisted living developer recently purchased a church and associated property for $6.6 million—less than half the property’s original asking price of $14 million, reports CBC News.
Assisted Care Services Inc., owned by Lorenzo Clonfero, bought the Victory Christian Center in Edmonton, according to court documents. Clonfero owns several assisted living communities in the Edmonton area, says CBC, but it is unclear what the developer plans to do with the church property. —AG
AdCare Acquisition of Avalon Skilled Nursing Facilities Falls Through
AdCare Health Systems, Inc.’s previously announced agreement to acquire two skilled nursing facilities from Avalon Health Care, LLC has been terminated due to a failure to complete the transactions by May 31, 2013. AdCare had agreed in February 2013 to purchase Bethany Health and Rehab, a 180-bed skilled nursing facility, and Trevecca Health and Rehab, a 240-bed skilled nursing facility, both located in Nashville, Tenn. for $28 million. AdCare Holdings is seeking the return of a $400,000 deposit from Avalon. —AG
Johnson Capital Arranges $2.4 Million Financing for Senior Care Development
Johnson Capital announced recently the arrangement of $2.4 million in joint venture equity financing for the construction of a new 30,000-square-foot memory care community in San Antonio, Texas.
The $10.7 million project, Autumn Leaves of Stone Oak, is being developed by The LaSalle Group, based in Irving, Texas.
Ron Davis, senior vice president out of Johnson Capital’s Dallas office, procured the equity investment from MedProperties Holdings LLC of Dallas, a private equity firm that invests in healthcare real estate. Frost Bank provided the construction loan for the project.
Autumn Leaves of Stone Oak is expected to open in spring 2014 and will have capacity for approximately 50 residents.
“The LaSalle Group has a unique approach to memory care, and we see the value the company brings to communities across the country,” said Darryl Freling, managing principal of MedProperties. “We are thrilled to partner with The LaSalle Group, and we hope to help make a difference in the lives of families in Stone Oak and surrounding areas.” —AG
AdCare Enters SNF Lease Agreement
AdCare subsidiary ADK Georgia, LLC recently entered a sublease agreement, effective June 30, 2013, with Tybee NH, LLC through which Tybee will sublease two senior care facilities from the AdCare subsidiary.
The assets include Van Home, a 50-bed facility, and Rosewood, an 85-bed facility located in Tybee Island, Ga. The sublessee will have to make lease payments of nearly $218,500 and nearly $371,500, respectively, each year to ADK Georgia. —AG