Senior Living Dealbook: Cpf Living Communities, Grace Management Make Acquisition; Coastal States Bank Closes $20m Construction Loan

Transactions

CPF Living Communities, Grace Management acquire Rivertown Ridge

CPF Living Communities and Grace Management have acquired Rivertown Ridge, a senior living community located in Wyoming, Michigan.

Grace Management will operate the community, which will retain its name, a press release states.

“This community has a strong foundation, and we look forward to providing the resources and programming that will support its success today and in the years ahead,” Guy Geller, CEO of CPF Living Communities and Grace Management, Inc., said in the release.

1019 Senior Living expands to Ohio

1019 Senior Living, a family-owned memory care provider, announced the acquisition and management of Arden Courts at Kenwood in Cincinnati, Ohio.

The community has been rebranded to 1019 Belle’s Place of Kenwood, and will third-party manage the community until the acquisition is completed in January 2026, according to a press release.

“Bringing the Belle’s Place experience to Kenwood is an exciting next chapter for our organization,” Heather Kesler, co-founder and CEO of 1019 Senior Living, said in the release. “This community has a strong legacy of care, and we are honored to continue that work while bringing our family’s philosophy of empathy, connection and individualized support to the residents and families we serve.”

Town Lane, Atlas make acquisition

Town Lane, a real estate investment management firm, and Atlas Senior Living have acquired The Overlook at Suwanee in Suwanee, Georgia.

The community has 175-units of independent living, assisted living and memory care, and “expands the companies’ growing partnership across the Southeast,” a press release states.

The transaction marks the fourth acquisition of Town Lane’s inaugural fund, according to the release.

Senior Housing Consultants facilitates two-community sale

Senior Housing Consultants announced the sale of two assisted living communities in the Minnesota metro area.

Totaling 60 units, the communities were acquired in 2022 by a private investment group, according to a press release.

The communities were sold to “a growing investor focused on expanding their assisted living portfolio across the Midwest,” the release states.

Berkadia sells Michigan community

Berkadia announced the sale and financing of Rivertown Ridge in the Grand Rapids suburb of Wyoming, Michigan.

The community was built in 2020 and features 152 units of independent living, assisted living and memory care, according to a press release.

Managing directors Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers of Berkadia Seniors Housing & Healthcare facilitated the sale on behalf of Redstone Homes, the release states. 

Blueprint completes transaction in Nevada

Blueprint announced its involvement in the sale of a 90-unit assisted living and memory care community in Sparks, Nevada.

The community opened in late 2022 and had “strong RevPORs and impressive margins,” a press release states.

The community was purchased by a publicly traded real estate investment trust that elected to retain the existing operator, according to the release.

Blueprint leads sale of Florida community

Blueprint was retained by a global private equity firm to lead the sale of The Atrium at Boca Raton in south Florida.

The community had a combination of “attractive historical performance, premier location and meaningful long-term repositioning potential,” according to a press release.

A south Florida–based multifamily focused real estate developer purchased the community.

Financings

KeyBank arranges $6.5M affordable housing loan

KeyBank Commercial Mortgage Group provided a $6.5 million loan to refinance for The Mill at Saugerties, located in Saugerties, New York.

The community consists of 89 units for seniors earning 60% or below the area median income, according to a press release.

Leslie Meyers of KeyBank Real Estate Capital structured the HUD financing and Seaver Rickert structured the KeyBank CDLI bridge loan, the release states.

Coastal States Bank closes $20M construction loan

Coastal States Bank closed on a $20 million construction loan for a joint venture between the Fellowship Family and BLDG Real Estate for a ground-up active adult community.

The community will be the second of the joint venture’s four planned investments, according to a press release.

Upon completion, the community will consist of 91 units.

Berkadia secures $70M for six communities

Berkadia arranged loans for six senior living communities totaling $70 million through U.S. Department of Housing and Urban Development’s 232/223(f) program.

The communities were located in Florida, Tennessee and California for a combination of new and repeat clients, according to a press release.

The largest of the loans was for $10.6 million for a 120-bed skilled nursing facility in Florida.

Walker & Dunlop secures $27M for Pacific Northwest communities

Walker & Dunlop secured two HUD loans totaling $27.2 million for assisted living facilities in Oregon and Washington.

The communities include Battle Creek, a memory care community, and Liberty Shores Senior Living, a community with independent living, assisted living and memory care offerings, a press release states.

“It was a pleasure working with these clients to accomplish their various goals, which ranged from removing personal recourse, lowering debt service to funding renovations,” Kevin Giusti, senior managing director of Walker & Dunlop, said in the release.

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