Management

LCB Senior Living assumes management of New Jersey community

LCB Senior Living announced it has assumed management of Mattison Crossing at Manalapan Avenue in Freehold, New Jersey on May 21.

According to a press release, the community contains 160 residential apartments and offers assisted living and memory care services.

LCB Senior Living owns and/or operates more than 36 communities across the Northeast and Mid-Atlantic regions.

Partnerships

Rendever, Leisure Care expand partnership

Virtual reality company Rendever and Leisure Care have announced an expansion of their partnership to deploy Rendever to 24 communities across the country.

According to a press release, Leisure Care uses the VR technology to help its residents, particularly those with cognitive impairment “remember, rediscover and reinvigorate their lives.”

The companies have been working together through a partnership since 2020.

Transactions

SLIB sells 160-unit community

Senior Living Investment Brokerage announced it facilitated the sale of a 160-unit assisted living and memory care community in Freehold, New Jersey on May 13.

According to a press release, the community’s performance was stabilized during the marketing period with opportunities for future growth.

The seller is a partnership between Stephanie Anderson and Steve Walling (SilverStone HCRE) and a private equity group, and the selected buyer is a publicly traded REIT with a footprint in central New Jersey.

Financings

Capital Funding Group closes on $36.2M loan for five skilled nursing facilities

The Capital Funding Group announced it closed on a $36.2 million Bridge-to-HUD loan for five skilled nursing facilities in North Carolina.

According to a press release, the funding is being used to refinance the facilities, totaling 522 beds.

The financing was officially closed April 10.

Ziegler closes on $17.6M for HutsonWood at Spring Hill, Inc.

Investment bank Ziegler announced it recently closed on $17.6M in financing for HutsonWood at Spring Hill, Inc., a Tennessee-based not for profit.

The financing will be used to acquire 20 acres of land and to finance pre-construction development costs related to an expansion and repositioning of an existing skilled nursing and assisted living community, according to a press release.

The release states that on completion, the expansion will provide a full continuum of care for residents on a 35-acre campus consisting of 172 independent living units, 24 assisted living units, 24 memory care apartments and the existing 68 skilled nursing beds.