CHICAGO — Green Courte Partners LLC, a Chicago-based private equity firm that includes seniors housing has promoted eight of its team members. The company promoted Jon Pollan to managing director of acquisitions and Josh Reichert to managing director of portfolio management. Pollan joined Green Courte in 2013 as an associate focusing on acquisitions and asset management. He was promoted to senior associate in 2015 and vice president in 2018. As a managing director, Pollan will be responsible for sourcing and leading new acquisitions for Green Courte’s near-airport parking company, The …
By Denis Koval, CEO, Kapella Group The number of Americans age 65 and older will more than double over the next 40 years and is projected to reach 80 million in 2040, according to the College of Health Sciences at University of Michigan-Flint. With this increase in older adults comes a greater need for community and security. There are over 13 million young adults in America today and the vast majority are eager to not only engage in community, but make an impact. Intergenerational communities are on the rise with young adults and …
SANTA FE SPRINGS, Calif. — SVA Architects, along with development partners The Richman Group Inc., The Whole Child and Habitat for Humanity, has received entitlements for the construction of Lakeland & Laurel, an intergenerational affordable housing community in the Los Angeles suburb of Santa Fe Springs. The project encompasses more than an entire city block and will feature three distinct housing communities consisting of intergenerational affordable apartments, interim transitional housing and for-sale townhomes. The development will cost the city approximately $110,000 per unit for 139 units, and a groundbreaking for …
MEDFORD and EUGENE, Ore., and BUTTE and BILLINGS, Mont. — Harrison Street has completed the disposition of five senior housing properties valued at $193.5 million to The Springs Living. The properties were held across several of Harrison Street’s U.S Opportunity Funds and related co-investment vehicles. The portfolio consists of 622 independent living, assisted living and memory care units in Medford, Eugene, Butte and Billings. As of December 2021, the properties had an average occupancy of 93 percent. Further details on the properties were not disclosed.
CHICAGO — Vi, a Chicago-based developer, owner and operator of 10 luxury senior living communities across the U.S., announced that Randy Richardson will retire as president effective May 31. Richardson will remain in an advisory role through the end of the year, and current CFO Gary Smith will succeed him as president. Smith, Vi’s most tenured executive management team member, has served as CFO for more than 20 years. Prior to joining Vi, Smith served as vice president of finance for an affiliate of JMB Realty Corp., where he was …
MADISON, N.J. — Cambridge Realty Capital Cos. has provided a $10.7 million HUD-insured loan for Pine Acres Healthcare & Rehabilitation Center, a 102-bed skilled nursing facility in Madison, approximately 40 miles west of Manhattan. Pine Acres is a long-term care facility and rehabilitation center offering a variety of post-operative services and amenities, including private and semi-private rooms. The loan refinances existing debt.
GAINESVILLE, Fla. — SantaFe Senior Living, a Gainesville-based operator of three senior living communities in North Central and South Florida, has appointed Ron Jennette as its new president and chief operating officer. Jennette will oversee The Village at Gainesville, The Terraces at Bonita Springs and East Ridge at Cutler Bay. The organization is part of the larger SantaFe HealthCare organization. He will report to Larry Schreiber, president and CEO for all affiliated businesses of SantaFe HealthCare. Jennette has been in the senior living industry since 1994, both as a CFO …
NEW YORK CITY — JLL Capital Markets has arranged $145 million in acquisition and capital improvement financing for two seniors housing portfolios. The first portfolio includes six properties throughout the Northeast, and the second comprises nine properties in the Southeast. JLL worked on behalf of the borrowers, Sculptor Real Estate and its operating partners, to secure two separate nonrecourse loans, one for each portfolio, through national banks. Each loan was fully underwritten without a syndication requirement. Additionally, JLL represented the undisclosed seller in the marketing and sale of the portfolios. …
MILL VALLEY, Calif. — Ziegler has arranged $23.6 million in bond financing for The Redwoods, a nonprofit continuing care retirement community in Mill Valley, a suburb of San Francisco. The Redwoods features 148 independent living units, 130 assisted living units and a 58-bed skilled nursing facility. The Redwoods will use the proceeds of the bonds, together with an equity contribution of $5 million, to refinance its outstanding 2013 bonds, fund a bond reserve account, pay an insurance premium to the Cal-Mortgage Loan Insurance Program and pay costs of issuance. While …
LODI, Calif. — CBRE has provided $8.3 million in financing for the acquisition of Arbor Senior Living in Lodi, approximately 40 miles south of Sacramento. Built in 1985, the community features 96 independent living units on a three-acre site. The borrower is Ray Stone Inc. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing partnered with CBRE Sacramento’s Kevin Randles to arrange the fixed-rate Freddie Mac financing. RSI will take over as operator following the sale.