Transactions and Financings: 2Life Communities Issued $17.8 Million Bond; CBRE Arranges Sale, Financing of 225-Unit Community 

Financings

2Life Communities issued $17.8 million bond

MassDevelopment has issued a $17.8 million tax-exempt bond to 2Life Communities to demolish a vacant former rest home and build a new rental housing facility for seniors.

The existing building, The Leland Home, was built in 1891 and was operated until it closed in 2020. The new building, called The Leland House, will consist of 66 one-bedroom apartments and two two-bedroom apartments.

Brooklyn Bank purchased the bond, which helped 2Life Communities achieve a lower cost of capital, according to a press release.

Transactions

SLIB facilitates sale of Minnesota memory care community

Senior Living Investment Brokerage facilitated the sale of a 65-unit memory care unit in St. Paul, Minnesota on Nov. 27.

According to a press release, the community was built in 2008.

The seller was a multifamily owner and developer looking to focus on their market rate portfolio, and the buyer was a home health operator in the state looking to grow their presence in senior living real estate investments.

SLIB helps with sale of 73-unit CBRF facility

Senior Living Investment Brokerage helped facilitate the sale of a 73-unit CBRF facility in Footville, Wisconsin on Nov. 27.

The facility was built in 2009 and consisted of 73-units and 80 beds.

The seller was a group of local real estate owners looking to retire from the industry, and the buyer was a local operator partnered with an out of state equity group.

According to a press release, this is the ninth community added to the buyer’s Wisconsin portfolio.

CBRE arranges sale, financing of 225-unit community

CBRE arranged the sale and financing of a 225-unit active adult community in Mount Sinai, New York.

According to a press release, CBRE also arranged the financing of the transaction through its Freddie Mac Optigo Lending Platform.

CBRE represented the seller, a partnership between B2K Development and Harrison Street. The CBRE team also procured the buyer, Fairfield Knolls at Mount Sinai Fee Owner, LLC.

The community was built in 2021 and is a residential community with a mix of garden-style residential apartments and single-story family rentals catering to residents 55 and over.

Blueprint involved in sale of two Indianapolis communities

Blueprint was selected to run a disposition process for two Indianapolis assisted living communities built in the late 1990s.

According to a press release, Blueprint was able to generate three offers for the communities.

The selected buyer was Bloom Senior Living, who plans to reposition the assets as “the premier affordable options” in Indiana using the state’s assisted living waiver program.