Transactions and Financings: National Church Residences Acquires Four Communities; Clearwater Living Expands Into Texas


National Church Residences acquires four communities

National Church Residences announced it has acquired four communities in Ohio, further cementing its footprint in the state.

According to a press release, all of the communities were purchased from Buckeye Management and are located in central and western Ohio. They consist of 206 apartment units.

Following the acquisition, updates and enhancements were conducted to preserve each community, including enhancements in all ADA-compliant apartments and common areas, plus sidewalk and parking lot improvements.


Clearwater Living expands into Texas

Clearwater Living has expanded into Texas following the acquisition of a 220-unit assisted living and memory care community in Houston.

The community, formerly The Watermark at Houston Heights and now rebranded to Clearwater at The Heights, is a luxury assisted living and memory support.

According to a press release, amenities include 24-hour concierge service; housekeeping; four different restaurant experiences; an outdoor heated pool that can be used for aerobics classes and therapy; a salon with an on-site spa; a golf simulator; an art room; and fitness rooms with yoga and other wellness classes.



Anthem Memory Care assumes management of two communities

Anthem Memory Care announced that it has assumed the management of two communities, Savoy Place in Savoy, Illinois and Franklin Place in Franklin, Wisconsin.

According to a press release, Anthem is now managing all aspects of the communities’ operations and will add regional staff, technology and training programs to adapt the communities to its approach to care under the agreement.

Anthem’s portfolio now has 20 communities, and marks the company’s expansion into Wisconsin.

SRI Management welcomes Tennessee community to portfolio

SRI Management announced Trinity Hills of Knoxville is the latest community to join its portfolio on May 1.

According to a press release, the partnership will introduce SRI’s Artful Dining, Zestful Activities and Heartful Care programming to Trinity Hills of Knoxville.

“We are excited to welcome Trinity Hills of Knoxville into the SRI Management family of communities,” SRI Management President Todd Filippone said in the release. “We are committed to elevating the standard of care and ensuring that Trinity Hills meets and surpasses residents’ expectations while creating a supportive and comfortable environment to call home.”


Blueprint runs divestiture process for independent Cleveland operator

Blueprint announced it ran a strategic divestiture process for an independent owner and operator in Cleveland, Ohio on May 2.

According to a press release, the 102-unit independent living community was sold to a private Northeast-based investor.

The community was built in the 1980s within a suburb of the city.

Blueprint sells Cincinnati community

Blueprint announced its involvement in the sale of a senior living community located in Cincinnati.

According to a press release, the owner was looking to recycle capital and pay down maturing debt obligations.

The community was built in 2013 and was purchased by “a well-capitalized owner-operator.”


Capital Funding Group closes on $65M for nine-community portfolio

Capital Funding Group announced on May 1 that it has closed on a $65 million bridge loan to refinance a nine-community portfolio in Ohio.

According to a press release, the portfolio includes one independent living facility, one assisted living facility and seven skilled nursing facilities totaling 709 beds. Financing closed on March 26 “on behalf of a nationally recognized borrower.”

This financing follows CFG’s recent announcement of the closing of a Bridge-to-HUD loan totaling $13.5 million, the release stated.

1031 Crowdfunding launches bridge fund

Real estate investing platform 1031 Crowdfunding has announced the launch of a 1031CF Bridge Fund III.

According to a press release, the fund will target commercial real estate assets in the senior living space.

“We are excited to introduce Bridge Fund III as part of our ongoing effort to deliver value and growth opportunities to our investors,” Edward Fernandez, president and CEO of 1031 Crowdfunding, said in the release. “The senior housing asset class presents unique opportunities to address the increasing demand for these facilities as the baby boomer generation, the second largest in the U.S., continues to age.”

JLL Capital Markets secures funding for 165-unit community

JLL Capital Markets announced on May 2 that it secured funding for Inspira Arrowhead, a new senior housing community in Glendale, Arizona.

According to a press release, JLL worked on behalf of the borrowers, funds managed by affiliates of Fortress Investment Group LLC and Cogir Senior Living.

Amenities for the community include an outdoor pool deck, fire pit, a fitness center, lounge/living spaces, game room, theater room, beauty salon, memory care areas and full-service dining options, the release states.