Thursday, April 3, 2025
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Hayden Spiess

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AcquisitionsAssisted LivingMemory CareNew JerseyNews

JLL Arranges Sale of 88-Unit Assisted Living, Memory Care Property in New Jersey

by Hayden Spiess

FRANLIN LAKES, N.J. — JLL Capital Markets has arranged the sale of Sunrise of Franklin Lakes, an 88-unit assisted living and memory care property located in Franklin Lakes, roughly 30 miles northwest of New York City.  Developed in 2021, the community comprises a two-story building with 51 assisted living and 37 memory care residences. Assisted living offerings at the property include studio, one- and two-bedroom apartments, and memory care units are available in private or and semi-private configurations. Amenities at the community include activity rooms and social areas, a bistro, theater, …

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AcquisitionsIndependent LivingMemory CareMinnesotaNewsSkilled Nursing

Vivie Adds Northfield Retirement Community to Portfolio 

by Hayden Spiess

NORTHFIELD, Minn. — Vivie has acquired Northfield Retirement Community in Northfield. Opened in 1969, the community offers a full continuum of care, including independent living, assisted living, memory care, skilled nursing and rehabilitation. Vivie’s portfolio comprises 34 communities, as well as several home health and hospice offices. In addition to its senior living communities, Vivie — formerly Knute Nelson and Walker Methodist — provides home health care, care management, rehabilitation and hospice across Minnesota, North Dakota and Wisconsin.

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Company NewsNewsOhioPeople

National Church Residences Appoints Chair of the Board, Vice Chair

by Hayden Spiess

COLUMBUS, Ohio — Nonprofit organization National Church Residences has appointed new leaders of its board. Both longstanding board members, Virginia Barney and Rob Maloney will serve as chair and vice chair of the board, respectively.  Barney succeeds Greg Overmeyer, who has served in the role since 2022. Barney’s experience includes more than 30 years of leadership in the private and public sectors, including tenures as the city manager, councilwoman and mayor of the City of Upper Arlington in Ohio.  “I’m looking forward to working with my board colleagues and the staff …

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Industry Voices

Question of the Month: What was the biggest surprise or story in seniors housing in 2024, and what will be the biggest surprise or story in 2025?

by Hayden Spiess

Decline in Construction Starts By Curtis King, Executive Vice President, HJ Sims The most significant seniors housing story of 2024 was the continued decline in construction starts, a trend that began in 2022, driven largely due by the lack of development financing.  In 2025, the biggest story will be improved operating performance from rising real rental rates and occupancy levels due to the lack of new inventory. This improvement will set the stage for capital inflows in 2026, fueling a new wave of development. Inventory Gap Projections By Tayla Nevo-Hacohen, …

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Affordable HousingDevelopmentFinanceMassachusettsNews

2Life Communities Receives State Funding for 127-Unit Affordable Housing Project in Boston

by Hayden Spiess

BOSTON — 2Life Communities has received funding in the form of low-income housing tax credits, state bond funds and rental subsidies from the state of Massachusetts for the development of an affordable seniors housing community in the Boston neighborhood of Mattapan. Massachusetts Gov. Maura Healey’s administration awarded the funding.  Dubbed Brooke House at Olmsted Village, the project will comprise 127 apartments reserved for seniors earning at or below 60 percent of the area median income.  The property will also feature a 2,400-square-foot public community space with a small convenience store. Brooke House will …

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Forbright Provides $44M HUD Financing for 318-Bed Facility in California

by Hayden Spiess

SAN JOSE, Calif. — Forbright Bank has provided a $44.2 million HUD loan to finance a 318-bed skilled nursing, assisted living and memory care facility located in the San Jose area of California.  Provided under the HUD 232/223(f) program, the 35-year fully amortizing term loan will be used to refinance existing Forbright Bank bridge and partnership debt, as well as cover the cost of recent capital expenditures and critical repairs. Forbright originally provided acquisition financing and a line of credit for working capital for the undisclosed borrower in 2022. 

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AcquisitionsAssisted LivingIllinoisMemory CareNews

Tutera Senior Living & Health Care Acquires, Plans to Reopen 75-Unit Community in Metro Chicago

by Hayden Spiess

MATTESON, Ill. — Tutera Senior Living & Health Care has acquired a 75-unit seniors housing community located in Matteson, roughly 30 miles south of Chicago. Built in 2021 for $21 million, the property formerly operated under the name Alexi Senior Living before closing in 2022. Tutera plans to make improvements to the community and reopen it as Ridgeland Senior Living this spring.  Situated on 5.5 acres, the 81,589-square-foot development features 55 assisted living and 20 memory care residences. Amenities at the property will include a restaurant-style dining room; poker area and …

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FeaturesFrom The Magazine

Population Growth Fuels Hot Markets

by Hayden Spiess

Demographic shifts prompt developers to focus on fast-growing cities in the South and West to attract new residents.  Which markets are hot? While developers scour the Mountain West and Mid-Atlantic states for promising sites, one senior living investor likes the somewhat unlikely spot of Rockford, Illinois.  LTC Properties (NYSE: LTC), a real estate investment trust, has provided a construction loan for The Courtyard at Loves Park, a 116-unit senior living project under development in Loves Park, Illinois, a suburb of Rockford. The mid-size, Midwestern city with a rocky history after the …

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AcquisitionsAssisted LivingIndependent LivingMemory CareNewsOperationsPennsylvania

Legend Senior Living Takes Partial Ownership of Community Near Philadelphia

by Hayden Spiess

KING OF PRUSSIA, Pa. — Legend Senior Living has taken partial ownership of Anthology Living, a seniors housing community located in King of Prussia, roughly 20 miles outside Philadelphia. Effective immediately, the community — which offers independent living, assisted living and memory care residences — will be known as Revelle King of Prussia.  Legend will also operate community. This brings the Wichita, Kansas-based company’s portfolio to a total of 65 owned and/or operated communities in Florida, Colorado, Texas, Kansas, Oklahoma and Pennsylvania.  Amenities at Revelle King of Prussia include a fitness …

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Legal IssuesMarylandNews

Maryland Legislator Proposes Bill Requiring Video Surveillance in Assisted Living, Nursing Home Facilities

by Hayden Spiess

ANNAPOLIS, Md. — Maryland legislators have proposed a bill — HB576 — that would require video surveillance within assisted living and nursing home facilities in the state, with the aim of detecting abuse, neglect and exploitation of residents. This follows several incidences of mistreatment in Maryland.  Under the legislation, operators would be required to install and maintain video surveillance equipment within facility common areas. Private spaces and areas where residents receive medical care or nursing services would be exempt from surveillance requirements.  According to the Maryland General Assembly’s website, the bill …

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