Are owners replacing third-party operators at a faster rate than in the past and, if so, what’s driving the trend? Consider multiple factors By Wendy Nowokunski Co-Founder, President Northbridge Companies There has been an uptick in replacing third-party management companies. The questions that need to be asked are: Why and at what cost? Oftentimes, investors and owners attribute non-performance of an asset or assets solely to the operator without asking critical questions. Is it a market issue, the product itself, the labor market, or does the on-site management need …
Fledgling firm manages to close over $750 million in deal volume during first year. By Matt Valley In April, VIUM Capital celebrated its one-year anniversary, no small feat considering the firm was launched during the COVID-19 pandemic. Led by industry veterans Kass Matt and Steve Kennedy, formerly of Lancaster Pollard, VIUM Capital provides financing to the seniors housing and healthcare sector. More specifically, VIUM Capital offers FHA/HUD and proprietary bank bridge financing and has partnered with a large Midwestern-based lender to provide loans backed by Fannie Mae and Freddie Mac. …
Investor sees a bright future in seniors housing. By Jeff Shaw Harrison Street, a Chicago-based investment management firm, has made its name by specializing in alternative assets — focusing on seniors housing, student housing, medical office, life sciences, data centers and self-storage. Through privately managed funds, the investor built an impressive portfolio. Harrison Street owns more than 200 communities totaling approximately 28,000 units, of which 35 percent are independent living, 45 percent are assisted living and 20 percent are memory care. The American Seniors Housing Association (ASHA) ranked Harrison Street …
CHICAGO — Ryan Cos. US Inc. has topped off Clarendale Six Corners, a $117 million senior living community on the Northwest Side of Chicago. Construction of the 10-story, 258-unit project began in January. Completion is slated for fall 2022. Ryan is serving as developer, architect, builder and capital markets partner. Ryan owns the project in a joint venture with LCS and Harrison Street. LCS will handle the day-to-day operations and Ryan will provide asset management services. The 258 units will comprise independent living, assisted living and memory care residences, including …
INDIAN LAND, S.C. — OREC Securities LLC, doing business as Lument Securities, has arranged a $22.8 million bond placement to fund the construction of The Retreat at Indian Land, a seniors housing community in Indian Land. Located along the North Carolina-South Carolina border near Charlotte, the project will feature 87 units of independent living, assisted living, memory care and respite care. The borrower is Whitehall Senior Living, which is developing the property. The operator will be Phoenix Senior Living. Kevin Oakley, director for Lument in the Southeast, led the finance …
KIRKLAND, Wash. — Aegis Living has opened its second community in 2021, Aegis Living Kirkland Waterfront in Kirkland. The 98,000-square-foot development will feature 106 units of assisted living and memory care. Aegis currently has six other communities in development in Seattle and California. “Heading into 2020, we set aggressive goals to double in size over the next decade,” says Dwayne Clark, founder, CEO and chairman of Aegis Living.
OCALA, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a three-community, 144-unit assisted living portfolio in the Ocala metro area. The Belleview and 24th Road communities provide memory care services and consist of 41 units and 42 units respectively; the Deerwood community provides assisted living services and consists of 61 units. The Hampton Manor portfolio will provide the existing operator a fee-simple ownership within its existing operating platform. The buyer, seller and price were not disclosed. Bradley Clousing and Jeff Binder handled the transaction (SLIB).
BONITA SPRINGS, Fla. — Discovery Senior Living, an owner-operator based in Bonita Springs, has appointed Akash Gaur as the first-ever division president to head up Discovery Development Group and Discovery Design Concepts, the senior living provider’s in-house development, construction and design companies. Gaur brings more than 20 years of real estate development and leadership experience. He has directed a wide range of commercial, mixed-use and hospitality projects on behalf of prominent, Atlanta-based development groups. He most recently served as director of development for Legacy Ventures, a post he occupied since …
DES MOINES, Iowa, and LINCOLN, Neb. — Immanuel Communities has acquired two Lifespace retirement communities: Deerfield in Des Moines and Grand Lodge at the Preserve in Lincoln. Immanuel Communities and Lifespace Communities are both nonprofit senior living organizations. The acquisition of these communities extends Immanuel’s Midwest commitment to Iowa and Nebraska while allowing Lifespace an opportunity to continue focusing on geographic regions where it currently has multiple communities. Deerfield and Grand Lodge at the Preserve join Immanuel’s existing Signature Communities (Lakeside, Lakeside Lofts and Pacific Springs in Omaha and The …
ALBUQUERQUE, N.M. — Insight Senior Living has opened the doors at Amaran Senior Living, an assisted living and memory care community in Albuquerque. Amaran Senior Living shares a campus with Nido, a Montessori nursery, and Montessori ONE Academy, with programming for infants, preschoolers and elementary school students. Through the partnership with Nido and Montessori ONE Academy, Amaran is able to provide intergenerational programming and aspires to bring in a cross-generational experience. Residents and children are able to interact with each other throughout the day, walking back and forth from each …