Genacross Lutheran Services, Benedictine affiliation planned
Toledo, Ohio-based Genacross Lutheran Services signed a letter of intent to join Benedictine Health System, a Duluth, Minnesota-based senior care provider.
The 160-year-old Genacross provides post-acute care, senior housing, and family and youth services across northwest Ohio and southeast Michigan. Benedictine provides services across a continuum of care including skilled nursing, assisted living and independent living communities across the upper Midwest and offers services in such areas as therapy, rehabilitation, memory care, home health care, adult day and transitional care.
The affiliation is contingent on completion of a due diligence process. Genacross will keep its name for a brief period, while continuing to interact with the Lutheran community.
Brookdale, Healthpeak complete 13-property CCRC sale
Life Care Services assumed management of 13 continuing care retirement communities owned by Healthpeak Properties (NYSE: PEAK) on February 1. These communities were formerly owned by Healthpeak and Brookdale Senior Living (NYSE: BKD), and operated by Brookdale. The Brentwood, Tennessee-based operator announced it would sell its stake in the CCRCs last October, for $277 million in net proceeds.
The portfolio includes:
- Cypress Village, Jacksonville, Florida
- Freedom Plaza Sun City Center, Sun City Center, Florida
- Freedom Pointe at The Villages, The Villages, Florida
- Freedom Square, Seminole, Florida
- Freedom Village Bradenton, Bradenton, Florida
- Lake Port Square, Leesburg, Florida
- Lake Seminole Square, Seminole, Florida
- Regency Oaks, Clearwater, Florida
- South Port Square, Port Charlotte, Florida
- Galleria Woods, Birmingham, Alabama
- Freedom Village Holland, Holland, Michigan
- Freedom Village Brandywine, Coatesville, Pennsylvania
- The Village at Gleannloch Farms, Spring, Texas
Inspirit Senior Living acquires 4 communities in Florida, South Carolina
Inspirit Senior Living acquired four properties formerly operated by Brookdale Senior Living: The Collier at Naples in Naples, Florida; The Pointe in St. Petersburg, Florida; The Landmark in Clearwater, Florida; and The Parker in Greenville, South Carolina. Inspirit formed a joint venture with investment and asset management firm Venue Capital (Vencap) for the transaction, and the JV plans to immediately begin customized renovations for each community.
Venture West Funding arranges $24.7M for California retirement community
Venture West Funding arranged a $24.7 refinancing package for Ventura Townehouse, a luxury retirement living community in Ventura, California. The complex features 299 units with fine dining options, on-site entertainment and fitness programs, a wellness center and beauty salon. Assisted living, memory care, and respite care services are available to residents.
Venture West Senior Loan Officer Jean-Marc Herrouin arranged the financing through Walker & Dunlop. The non-recourse 10-year fixed rate loan includes two years interest only.
Housing Trust Group Secures $25M financing for Ft. Lauderdale affordable senior housing
Housing Trust Group, a multifamily developer and investor based in Miami, secured a $25 million loan for the construction of Village View, a 100-unit affordable senior housing development in Ft. Lauderdale’s Flagler Village, the Real Deal reports
Village View will include 68 one-bedroom apartments and 32 two-bedroom apartments and be available to seniors age 55 and up earning 30%, 60% and 70% of area median income. The project is expected to open in the first quarter of 2021.
Prairie Home Hospice to acquire Minnesota assisted living facility
Marshall, Minnesota-based Prairie Home Hospice & Community Care signed an agreement to acquire Fieldcrest Assisted Living, located in Cottonwood, Minnesota. The provider will work with Fieldcrest owners throughout the transition and plans to begin operating under the Prairie Home Hospice & Community Care licensing March 1.
Pathway to Living acquires Florida AL community
Pathway to Living completed its acquisition of The Sheridan at Windermere, a 118-unit assisted living and memory care community in Windermere, Florida. The property will be rebranded as Azpira at Windermere.
NKF completes sale of Florida AL community
A Newmark Knight Frank (NYSE: NMRK) senior housing investment sales team of Vice Chairmen Chad Lavender and Ryan Maconachy, along with Senior Managing Directors David Fasano and Ross Sanders, completed the sale of Elmcroft of Sarsota, a senior housing community in Sarasota, Florida with a mix of 108 assisted living and 39 memory care units.
Lightstone Capital provides $9.2M refinancing package
Lightstone Capital arranged a $9.2 million senior bridge loan to Wartep Management to refinance two assisted living and memory care communities in South Florida: The Residences at Dania Beach in Dania Beach; and Azalea Gardens in Hollywood. Wartep is in the process of renovating the Dania Beach property and ramping up operations at the time of closing.
Blueprint completes $8.5M sale of Ohio AL, skilled nursing facility
Blueprint Healthcare Real Estate Advisors Senior Director Connor Doherty ad Associate Ryan Kelly were the sole brokers in the $8.5 million sale of a 152-unit skilled nursing and assisted living facility located in northeast Ohio. Blueprint represented the seller, a local owner-operator leaving the industry after 30 years, and secured the buyer.
Companies featured in this article:
Benedictine Health System, Blueprint Healthcare Real Estate Advisors, Brookdale Senior Living, Elmcroft Senior Living, Fieldcrest Assisted Living, Genacross Lutheran Services, Healthpeak Properties, Housing Trust Group, Inspirit Senior Living, Life Care Services, Lightstone Capital, Newmark Knight Frank, Pathway to Living, Prairie Home Hospice, Venture West Funding, Venue Capital, Walker & Dunlop, Wartep Management