Legend Senior Living Acquires Five Communities from Signature Senior Living
Legend Senior Living has recently acquired five assisted living and memory care communities in Texas formerly operated by Signature Senior Living. The communities have a combined 375 housing units, and have all been built in the last four years. Legend Senior Living is planning to continue to expand throughout Texas. The company currently operates 35 senior communities across Florida, Kansas, Colorado, Oklahoma and Texas.
Senior Living Investment Brokerage, Inc. Facilitates the Sale of Corner Brook Place
In a $13.35 million sale, Legacy Healthcare purchased Corner Brook Place, a skilled nursing and residential care community in Kansas City, Missouri. Corner Brook Place consists of 180 skilled nursing beds and 68 residential units. The community underwent renovations in 2010. The seller, a private, local owner and operator, sold the community in order to retire and leave the senior housing business. Legacy Healthcare currently owns and operates 20 communities in Illinois. The purchase of Corner Brook Place was part of its strategic plan to expand into other states.
Northgate Terrace Community Acquired for $27.5 Million
Community Preservation Partners LLC, a subsidiary of WNC, a national real estate investor, acquired Northgate Terrace in a joint venture with Related Affordable LLC. Northgate Terrace is a 201-unit affordable senior housing community located in Oakland, California. The community was originally constructed in 1969 and will now undergo a complete renovation. The joint venture will do business as Northgate Terrace Community Partners L.P. and will provide $10.5 million in financing for renovations. $15 million in additional funding will be provided by WNC. The remaining project costs are funded by a loan from Citi Bank.
The renovation will include improvements all around, including a new façade, entry, kitchen, community space, group lounges, televisions, library rooms, medical exam space, computer area, fitness center, elevator upgrade, and enhanced security. Every unit on the property will be upgraded.
Contact Cambridge Realty Capital
Cambridge Realty Capital is here to help you with the financing required to improve your community. We specialize in HUD loans, joint ventures, mergers and acquisitions, and financing for construction or improvements to senior housing communities of any size. Contact our financial experts today.
