Author

Jeff Shaw

AcquisitionsActive AdultDevelopmentNew JerseyNews

OneKey Acquires Development Site for Active Adult Community in Vernon, New Jersey

by Jeff Shaw

VERNON, N.J. — OneKey LLC has acquired several parcels on Theta Drive in Vernon, approximately 50 miles northwest of New York City, with plans to build an active adult community on the site. NAI James E. Hanson’s Dominic Fittizzi represented the buyer in the transaction. The seller, Theta 456 Associates, originally planned to implement another use on the site, but let its approvals lapse during the COVID-19 pandemic. OneKey plans to construct and retain the building while managing the property as part of its portfolio. Construction is slated to begin …

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Affordable HousingFinanceNewsRhode Island

Nixon Peabody Advises on $104M Refinancing of Affordable Housing Portfolio in Rhode Island

by Jeff Shaw

RHODE ISLAND — Nixon Peabody LLP has advised Providence Realty Investment (PRI) in seven separate transactions that refinance debt on nine affordable housing properties across Rhode Island. The portfolio totals 708 units of mostly age-restricted affordable housing. All seven of the transactions, totaling more than $104 million in financing, were completed in conjunction with Rhode Island Housing and Mortgage Finance Corp. (RIHousing). Proceeds from the refinancings will be used for upgrades and repairs at each of the properties. The deals involve new HUD risk-sharing loans from RIHousing under the Treasury-HUD …

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AcquisitionsAssisted LivingNewsPennsylvania

ESI Brokers Sale of 80-Unit Assisted Living Facility in Allentown, Pennsylvania

by Jeff Shaw

ALLENTOWN, Pa. — Evans Senior Investments (ESI) has arranged the sale of an 80-unit assisted living community in Allentown. An independent owner-operator sold the property to Hamister in an all-cash transaction. The price was not disclosed. The property was built in the 1980s, is 100 percent private pay and received in-place rates just shy of $5,000 a month. At the time of marketing, the community was 94 percent occupied and making over $800,000 in net operating income. Along with the community’s strong surrounding demographics, the facility implemented a rate increase …

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CCRCNewsPeopleTexas

Buckner Appoints Aaron Ortego as Executive Director of Calder Woods in Beaumont, Texas

by Jeff Shaw

BEAUMONT, Texas — Buckner Retirement Services has named Aaron Ortego as executive director of Calder Woods, a continuing care retirement community in Beaumont, located east of Houston near the Louisiana border. Ortego steps in for the previous executive director, David Ummel, who now serves as executive director of one of Calder Woods’ sister communities, Buckner Westminster Place in Longview. Buckner Retirement Services operated both faith-based, nonprofit senior living communities. Prior to Calder Woods, Ortego served as CEO for Autism Services of Southwest Louisiana and Direct Care Inc. He has also …

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FeaturesNewsPeople

Addressing Labor Shortage Issue Remains Top Priority for Executives at InterFace Conference

by Jeff Shaw

Ask senior living CEOs and operators to name their top issue and the answer is the same as it’s been for the last two years: the workforce. Despite a slight easing in the overall employment environment, along with some high-profile tech layoffs, the labor market is still tight. Top executives are laser focused on the task to recruit and retain good workers for a simple reason: They can’t run a highly service-oriented business without help. Seniors aren’t going to move into an understaffed community. “Employees are my number one priority,” …

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Active AdultDevelopmentNew JerseyNews

Coldwell Banker Opens Expansion at Paris Square Active Adult Community in Northvale, New Jersey

by Jeff Shaw

NORTHVALE, N.J. — Coldwell Banker has opened The Monroe and Madison Building at Paris Square, a 10-building, 111-unit active adult condominium community in Northvale, approximately 18 miles north of Manhattan. Anne Van Dyke from Coldwell Banker Realty’s Closter/Alpine Office and Coldwell Banker Realty New Homes announced the new building’s completion, and will also lead sales and marketing efforts. Prior to Coldwell Banker Realty New Homes’ involvement, Paris Square had undergone a 15-year construction process that had only resulted in the completion of half of its planned units. Years of no …

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AcquisitionsMassachusettsNewsSkilled Nursing

Blueprint Brokers Sale of 90-Bed Skilled Nursing Facility in Lowell, Massachusetts

by Jeff Shaw

LOWELL, Mass. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 90-bed skilled nursing facility in Lowell, a northern suburb of Boston. Located within relatively close proximity to Lowell General Hospital, which accounts for approximately 1,300 skilled nursing discharges annually, the facility had historically maintained stable census levels with a steady stream of referrals and admissions, according to Blueprint. The regional buyer plans to focus on operational efficiencies, including addressing staffing challenges, as well as investing into capital projects at the facility. The seller, price and name …

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AcquisitionsFinanceIndianaNewsSkilled Nursing

VIUM Arranges $136.8M Bridge Loan for Skilled Nursing Portfolio in Indiana

by Jeff Shaw

INDIANA — VIUM Capital has arranged $136.8 million in bridge financing for a portfolio of 17 skilled nursing facilities in Indiana. The first-mortgage loan was made to fund the acquisition of the properties, which total 1,470 beds. Most of the buildings are stabilized with a strong credit tenant and manager in place, according to VIUM. The borrower plans to refinance as many of the properties as possible with HUD loans. Further details were not disclosed.

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DevelopmentGeorgiaNews

Galerie Living Receives Approval for 500-Unit Corso Druid Hills Development at Emory University in Atlanta

by Jeff Shaw

ATLANTA — Locally based Galerie Living has received approval from DeKalb County commissioners for its redevelopment of a portion of Emory University’s Briarcliff campus in Atlanta. Galerie Living will develop and operate a 500-unit seniors housing community that will be known as Corso Druid Hills. The community will feature independent living options such as cottages and apartments in one- and two-bedroom layouts, as well as assisted living and memory care units. Emory University entered into the lease agreement with Galerie earlier this year. More details on the project are scheduled …

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