Senior Living Dealbook: Watermark Partners On New Development; Kaplan Senior Living Enters Maryland 

Transactions

Kaplan Senior Living enters Maryland

Kaplan Senior Living has entered Maryland following its acquisition of The Cottages of Perry Hall.

The 64-unit community will retain its name under Kaplan’s ownership, a press release states.

The operator now has a presence in eight states.

636-unit portfolio sold in North Carolina

BWE Investment Sales sold Cambridge Village Portfolio, a three-property, 636-unit Class A independent living portfolio in North Carolina’s Raleigh-Durham and Wilmington markets.

The communities were built between 2010 and 2022 were developed by Oliver Development and operated by Cambridge Village Senior Living.

The portfolio was acquired by affiliates of Starwood Capital Group, and Solera Senior Living will assume operations, a press release states.

West Coast owner sells East Coast property

Blueprint announced the sale of Victoria Court Memory Care, a 45-unit, 50-bed standalone memory care community in Cranston, Rhode Island.

The community was sold on behalf of a West Coast owner-operator to Massachusetts-based Wingate Living, a press release states.

The community “has a long record of stabilized performance with operating margins near 30%,” the release states.

Financings

$13.6M refinance of California community closes

Blueprint closed on a $13.6 million FHA-insured Section 232/223(f) refinance of Brittany House, an 83-unit assisted living community in Long Beach, California.

The refinance occurred three years after Blueprint served as the listing broker for its sale in 2023, a press release states.

Proceeds from the loan led to the consolidation of the property’s debt into a single permanent loan.

Walker & Dunlop arranges $42M active adult loan

Walker & Dunlop has arranged a $42 million refinance loan for Woodland Village Apartments, an adult multifamily community in San Marcos, California.

The community features 204 apartment homes, including 31 deed-restricted affordable units reserved for households earning up to 100% of area median income with varying income restrictions, a press release states.

The Walker & Dunlop capital markets real estate finance team was led by Trevor Brotman, Tricia Linden and Kara Proffitt to arrange the financing on behalf of Comfort Communities, a repeat client of the firm, according to the release.

Partnerships

Watermark partners to develop new community

Watermark Retirement Communities has partnered with Worldshine, an established provider of senior care services, to support the development and operation of a new senior living community in Gaithersburg, Maryland.

The 425-unit community will offer a full continuum of care, and is designed to meet the growing demand for senior housing in the region, according to a press release.

“Worldshine and Watermark share a common vision: creating vibrant communities where older adults can thrive physically, emotionally, intellectually and socially,” Paul Boethel, CEO of Watermark Retirement Communities, said in the release. “Together, we are developing a destination that combines exceptional residences, engaging experiences and individualized support, empowering seniors to live with purpose, connection and well-being.” 

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