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Hayden Spiess

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AcquisitionsAssisted LivingCaliforniaMemory CareNews

Steadfast Senior Living Sells 67-Unit Community in Morgan Hill, California 

by Hayden Spiess

MORGAN HILL, Calif. — Steadfast Senior Living has sold Loma Clara, a 67-unit community located in Morgan Hill, for an undisclosed price. LTC REIT was the buyer.  Completed in 2018, Loma Clara features 42 assisted living units and 25 memory care units. The property was roughly 92 percent occupied at the time of sale. Units total 529 square feet on average. Amenities at the community include a theater, fitness center, activity and game rooms, a library, outdoor courtyard, physical therapy space and bistro. Discovery Management will continue to operate the property.  …

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AcquisitionsFinanceMontanaNewsOregon

Integrated Senior Foundation Receives $79.3M Acquisition Financing for Three Communities in Oregon, Montana

by Hayden Spiess

BREA, Calif. — Integrated Senior Foundation, a non-profit senior living provider, has received $79.3 million in tax-exempt, floating-rate financing for the acquisition of three properties located in Oregon and Montana.  The communities include Magnolia Gardens in Cottage Grove, Oregon; Wiley Creek in Sweet Home, Oregon; and The Lodge in Great Falls, Montana. Together, the properties total 287 units, with 23 independent living, 190 assisted living and 74 memory care units. Magnolia Gardens features 101 units with a full continuum of care. Wiley Creek comprises 108 units, including independent living, assisted living …

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AcquisitionsCaliforniaFinanceNews

Harrison Street Receives Acquisition Financing for 153-Unit Community in Carlsbad, California

by Hayden Spiess

CARLSBAD, Calif. — Harrison Street has received a loan to facilitate the acquisition of a 153-unit senior living community located in Carlsbad.  The community, Oakmont Santianna, totals 153 units, including independent living, assisted living and memory care residences. Oakmont Management Group developed the property, which opened in 2022.  BWE arranged the financing, which includes a 10-year, fixed-rate loan with full-term interest-only payments. A life insurance company provided the loan.  Oakmont Management Group will continue to operate the community on behalf of the new ownership. 

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Active AdultDevelopmentFinanceNew JerseyNews

Rock Solid Builders Secures $29.5M Construction Financing for Active Adult Development in New Jersey

by Hayden Spiess

NUTLEY, N.J. — Rock Solid Builders Inc. has received a $29.5 million loan for the construction of a new active adult development in Nutley, New Jersey.  Kearny Bank provided the 2.5-year, floating-rate financing.  Completion of the development is scheduled for spring 2027. Upon completion, the property, Soho Park Residences, will feature 85 age-restricted units for residents ag 55 and older. Units will include one- and two-bedroom layouts, with an average apartment size of 1,110 square feet. Amenities at the community will include a fitness and wellness center, library, swimming pool and sun …

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FeaturesFrom The Magazine

A Changing of the Guard at Agemark: Two New CEOs Continue a Family Legacy

by Hayden Spiess

By Hayden Spiess Working in seniors housing is more than just a job, says Michael Pittore. Rather, “it’s something that is part of your DNA.” This is true of no one more so than Pittore and Forrest Westin. The two executives, who recently took over leadership of Agemark Senior Living as co-CEOs, are actually the sons of the company’s founders and original leaders.  In the mid-1980s, real estate developers Richard Westin and Jesse Pittore met in San Francisco. Then, in 1985, the pair partnered on their first seniors housing project …

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DevelopmentFloridaNews

Lifespace Communities Breaks Ground on $49M Expansion Project at Harbour’s Edge in Delray Beach, Florida

by Hayden Spiess

DELRAY BEACH Fla. — Lifespace Communities has broken ground on a $49 million expansion project at Harbour’s Edge, a senior living community in Delray Beach.  Upon completion, the expansion will add 24 assisted living apartments and 16 memory care apartments to the property. Planned amenities include a garden with a walking path, a third-floor terrace for assisted living residents, a spa, bar and wellness gym, as well as dedicated dining rooms, kitchens and activity spaces.  A groundbreaking event is scheduled for Aug. 20.  Nonprofit Lifespace Communities owns and operates 15 communities …

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Company NewsNew YorkNews

Jason Beakas Joins Lument as Originator

by Hayden Spiess

NEW YORK CITY — Jason Beakas has joined Lument as an originator. Serving in a director role, Beakas will support the firm’s seniors housing and healthcare origination efforts in collaboration with Doug Harper and Casey Moore.  Based in Columbus, Ohio, Beakas will serve clients nationwide.  Prior to joining Lument, Beakas worked at Lancaster Pollard, which he joined in 2010. Since 2010, Beakas has managed and underwritten more than 200 transactions totaling roughly $1.7 billion across a range of capital structures including FHA/HUD, Fannie Mae and USDA financing, as well as balance …

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AcquisitionsNewsSkilled NursingWisconsin

Marcus & Millichap Arranges $9.5M Sale of Skilled Nursing Facility in Wisconsin

by Hayden Spiess

MERRILL, Wis. — Marcus & Millichap has arranged the $9.5 million sale of a skilled nursing facility located in Merrill.   Totaling 120 beds, Pine Crest Nursing Home features 117 units, with 105 private rooms and 15 semi-private rooms. A memory care unit, rehabilitation center and special care units were recently added to the property.  The facility was 70 percent occupied at the time of sale. Ray Giannini of Marcus & Millichap brokered the sale on behalf of the seller and procured the buyer. 

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FeaturesFrom The Magazine

REITs in Hot Pursuit of Seniors Housing Assets

by Hayden Spiess

By Beth Mattson-Teig Real estate investment trusts (REITs) have their foot firmly on the gas when it comes to acquiring seniors housing assets, and they’re taking full advantage of the opportunity to buy at below replacement cost.  The appetite to grow portfolios, particularly on the private pay side of independent living, assisted living and memory care, comes as no surprise given the combined tailwinds of growing consumer demand and a slowdown in new supply.  While the aging population has led to accelerating demand, the high cost of development has forced …

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CaliforniaDevelopmentIndependent LivingNews

Hawthorn Senior Living Opens 149-Unit Independent Living Community Near Sacramento

by Hayden Spiess

RANCHO CORDOVA, Calif. — Developer, owner and operator Hawthorn Senior Living has opened Bear Hollow Estates, a new independent living community located in Rancho Cordova, roughly 15 miles outside Sacramento.  Totaling 149 units, the property features studio, one- and two-bedroom apartments. Amenities at the $46.5 million development include a fitness studio, movie theater, billiards lounge, pub, salon and library. Outdoor features include walking paths, raised garden beds and a fire-pit courtyard.  This marks Hawthorn Senior Living’s sixth community in California. Hawthorn’s national portfolio comprises more than 70 communities. 

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