Transactions
California-based private equity firm IRA Capital announced the acquisition of Quail Park of Lynnwood on June 12. The community, developed in two phases in 2013 and 2020, consists of 253 units. This all-cash acquisition expands the firm’s healthcare portfolio, demonstrating its commitment to serving the elderly community.
Senior Living Investment Brokerage facilitated the sale of Copper Springs Senior Living, an assisted living and memory care community in Meridian, Idaho, on June 12. The 95-unit community, built in 1963 and remodeled in 2013, was sold by a real estate investment trust looking to exit the state. The buyer, an Idaho-based owner and operator, is expanding its presence in the state.
PGIM Real Estate acquires UK senior housing developer
PGIM Real Estate’s acquisition of Signature Senior Lifestyle, a UK-based senior housing developer and operator, is expected to conclude before the end of H1 2024. Signature Senior Lifestyle currently owns 13 communities in and around Greater London.
Financings
Lument closes on $9M loan
Lument finalized a $9 million bridge loan to finance an assisted living and memory care portfolio in Idaho. The loan includes refinancing for existing properties and 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 received a $225,000 grant from the Cummings Foundation. The grant will support the development of Solimine House, a new senior living community with 150 affordable apartments catering to all accessibility levels.
