Management
LCB Senior Living officially took over the management of Mattison Crossing at Manalapan Avenue in Freehold, New Jersey on May 21. This community features 160 residential apartments and provides assisted living and memory care services. With more than 36 communities under its belt, LCB Senior Living continues to expand its presence in the Northeast and Mid-Atlantic regions.
Partnerships
Rendever, Leisure Care expand partnership
Rendever, a virtual reality company, and Leisure Care have decided to broaden their collaboration by introducing Rendever to 24 communities nationwide. Through the use of VR technology, Leisure Care aims to help residents, especially those with cognitive impairments, reminisce, discover, and revitalize their lives. This partnership, which commenced in 2020, continues to flourish.
Transactions
Senior Living Investment Brokerage recently oversaw the sale of a 160-unit assisted living and memory care community in Freehold, New Jersey on May 13. Despite the challenges, the community’s performance was stabilized during the marketing phase, offering promising prospects for growth. The sellers, a partnership between Stephanie Anderson and Steve Walling (SilverStone HCRE) along with a private equity group, found a suitable buyer in a publicly traded REIT with a presence in central New Jersey.
Financings
Capital Funding Group closes on $36.2M loan for five skilled nursing facilities
Capital Funding Group recently finalized a $36.2 million Bridge-to-HUD loan for five skilled nursing facilities in North Carolina. This financial boost was utilized to refinance the facilities, comprising a total of 522 beds. The transaction was completed on April 10.
Ziegler closes on $17.6M for HutsonWood at Spring Hill, Inc.
Ziegler, an investment bank, successfully closed a $17.6 million financing deal for HutsonWood at Spring Hill, Inc., a not-for-profit organization in Tennessee. The funds will support the acquisition of 20 acres of land and cover pre-construction development costs for an expansion and repositioning project for an existing skilled nursing and assisted living community. Upon completion, the expanded campus will offer a full continuum of care, including independent living units, assisted living units, memory care apartments, and skilled nursing beds.
