MassDevelopment Issues $129M Bond For Middle-Market Community
MassDevelopment announced it issued a $129 million tax-exempt bond on behalf of 2Life Opus Newton for the development of a senior living community aimed at serving the middle market.
The community – run by 2Life Opus, an affiliate of 2 Life Communities – will be a 174-unit senior living community for adults aged 62 years or older located in Newton, Massachusetts. It is expected to be completed sometime in 2025.
Invesque Moves Toward Senior Housing With Memory Care Facility
Real Estate Investment Firm Invesque (TSE: IVQ.U) announced it assumed ownership of a memory care community in April as part of its broader move toward senior living and away from skilled nursing.
Upon acquiring the community, Invesque entered into a triple-net lease agreement with an affiliate of Constant Care Management Company
The move – disclosed during the company’s 1Q23 earnings call with analysts and investors – nets Invesque ownership of the memory care community as part of a deed in lieu of foreclosure. Invesque acquired the community in exchange for forgiveness of the note receivable.
CareTrust Sells Senior Living Community
Real estate investment trust (REIT) CareTrust (NYSE: CTRE) announced it sold out of a single-community senior living relationship for about $3 million, with plans to move on from as many as five additional communities.
The move was announced during the company’s first-quarter call with analysts and investors. In addition to the sale, CareTrust also announced the REIT’s overall occupancy in its senior housing portfolio was 77.3%, an increase of 70 basis points from the previous quarter.