Transactions

IRA Capital acquires Seattle community

IRA Capital, a California-based private equity firm, announced its acquisition of Quail Park of Lynnwood on June 12.

According to a press release, the community is 253 units and was developed in two phases in 2013 and 2020.

The release states the all-cash acquisition expands the firm’s healthcare portfolio and “underscores its unwavering commitment to addressing the growing needs of the elderly community.”

SLIB sells Idaho assisted living, memory care community

Senior Living Investment Brokerage announced it facilitated the sale of Copper Springs Senior Living, an assisted living and memory care community in Meridian, Idaho on June 12.

According to a press release, the 95-unit community was built in 1963 and remodeled in 2013.

The seller is a real estate investment trust that is in the process of divesting to exit the state, and the buyer is an Idaho based owner and operator expanding its footprint in the state.

PGIM Real Estate acquires UK senior housing developer

PGIM Real Estate announced on May 29 it is in the process of acquiring Signature Senior Lifestyle, a senior housing developer and operator based in the UK.

According to a press release, the transaction is anticipated to conclude before the end of H1 2024.

Signature Senior Lifestyle has a portfolio of 13 communities in and around Greater London.

Financings

Lument closes on $9M loan

Lument closed on a $9 million bridge loan to finance an assisted living and memory care portfolio in Idaho.

According to a press release, The Cottages Assisted Living and Memory Care has three properties in the Boise, Idaho area; Alpine Meadows, The Cottages of Boise and The Cottages of Lochsa Falls.

Along with refinancing the existing portfolio, the loan includes financing for the acquisition of Alpine Meadows, a 34-bed assisted living community.

2Life Communities awarded Cummings Foundation grant

Nonprofit senior housing provider 2Life Communities announced it was awarded a $225,000 grant from the Commungs Foundation’s major annual grant program.

According to a press release, 2Life Communities was one of 150 nonprofits that received a grant, and the funding will be awarded over the span of three years to help develop a new senior living community.

Upon completion, the new community Solimine House will have 150 affordable apartments and have offerings for all levels of accessibility.