Author

Jeff Shaw

DevelopmentMemory CareNew HampshireNews

Benchmark Completes Improvement Project at Evolve at Rye in New Hampshire

by Jeff Shaw

RYE, N.H. — Benchmark Senior Living has completed a community enhancement initiative and rebranding of its memory care community in Rye. Evolve at Rye is now Benchmark at Rye. Benchmark purchased and began operating the community in November 2020. In addition to offering long-term residency, Benchmark at Rye is also a short-term respite care provider for those needing a break from caregiving, require extra care temporarily or a seek a trial of community living. Benchmark is looking to add traditional assisted living on the same campus.

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AcquisitionsArizonaIndependent LivingNews

SLIB Arranges Sale of 129-Unit Westgate Village in Glendale, Arizona

by Jeff Shaw

GLENDALE, Ariz. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Westgate Village, a 129-unit independent living community in Glendale. Located approximately nine miles northwest of downtown Phoenix, the property was built in 2017. It totals 112,000 square feet on approximately eight acres of land. A regional developer sold the community to a REIT for an undisclosed price. The new owner plans to keep the existing operator in place. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction. “This was a great opportunity for the …

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AcquisitionsNewsSkilled NursingSouth Carolina

Blueprint Brokers Sale of 176-Bed Magnolia Manor in Inman, South Carolina

by Jeff Shaw

INMAN, S.C. — Blueprint Healthcare Real Estate Advisors has brokered the sale of Magnolia Manor, a 176-bed skilled nursing facility in Inman, located northwest of Spartanburg. The property represents over 40 percent of the total beds in the market and has twice the capacity of the next largest competitor, according to Blueprint. The large, East Coast-based operator bought the property and will continue to manage it. The seller and price were not disclosed.

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DevelopmentNewsPeople

Pennrose Hires Tom Anderson as Senior Vice President of Development

by Jeff Shaw

PHILADELPHIA — Pennrose, a developer based in Philadelphia, has hired Tom Anderson to its executive development team as senior vice president of development. Anderson will lead Pennrose’s strategic expansion into the Midwest and Mountain regions. In addition to providing leadership for an expanding development team, he will also provide executive representation of Pennrose among industry organizations and associations, financial partners, design and construction partners, housing authorities, and state agencies. Prior to Pennrose, Anderson spent six years as managing director of Cohen-Esrey Development Group, an affordable housing developer. In this role, …

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Company NewsNews

Welltower, Oakmont Management Group Enter Into Joint Venture Partnership

by Jeff Shaw

TOLEDO, Ohio — Welltower Inc. (NYSE: WELL), a Toledo-based REIT and the largest owner of seniors housing in the United States, has expanded its relationship with Oakmont Management Group. Through the acquisition of new management contracts, the partnership is expected to roughly double the size of Welltower and Oakmont’s existing portfolio by the end of the third quarter in affluent markets across California. Welltower has also signed a long-term exclusive development agreement with Oakmont. Through this agreement, both organizations will invest significant capital and resources to build, own and operate …

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ArizonaFinanceNewsSouth CarolinaTennessee

Walker & Dunlop Arranges $37.4M in Financing for Four Assisted Living, Memory Care Facilities

by Jeff Shaw

BLUFFTON and HILTON HEAD, S.C.; TUCSON, Ariz.; and JACKSON, Tenn. — Walker & Dunlop Inc. has structured $37.4 million in financing for four assisted living and memory care facilities. The finance transactions included $5.5 million for Bloom at Bluffton in Bluffton; $5.8 million for Bloom at Hilton Head in Hilton Head; $16.1 million for Cascades of Tucson in Tucson; and $10 million for Regency of Jackson in Jackson. Kevin Giusti and Brian Neal led the origination team. The Bloom portfolio, comprising two assisted living and memory care communities with 117 …

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Affordable HousingDevelopmentNewsUtah

TWG Breaks Ground on $9.5M Residences at West Haven Affordable Development in Utah

by Jeff Shaw

WEST HAVEN, Utah — TWG has started construction of Residences at West Haven, a new affordable seniors housing project in West Haven, approximately 35 miles north of Salt Lake City. The 38,000-square-foot, three-story property will consist of 40 one-bedroom units affordably priced for seniors aged 62 and older. Priority will be given to residents who are military veterans, and a number of units will also be reserved for local seniors with disabilities or who are suffering from homelessness. All units are reserved for seniors who earn between 30 percent and …

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AcquisitionsNewsSkilled NursingTexas

Ensign Group Acquires Two Skilled Nursing Facilities in Texas

by Jeff Shaw

AUSTIN and CEDAR PARK, Texas — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the operations of Sedona Trace Health and Wellness Center, a 119-bed skilled nursing facility located in Austin, and Cedar Pointe Health and Wellness Center, a 122-bed skilled nursing facility located in Cedar Park. CareTrust REIT Inc. (NASDAQ: CTRE) acquired the real estate in the transaction and each operation will be added to an existing long-term, triple-net master lease, which is currently in place between Ensign affiliates and CareTrust. Terms of the transactions were not disclosed. This …

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FinanceNewsPeople

Oxford Finance Hires Kevin Harbour to Healthcare Services Team

by Jeff Shaw

ALEXANDRIA, Va. — Oxford Finance LLC, a specialty finance firm based in Alexandria, has hired Kevin Harbour to its healthcare services real estate and asset-based lending team. As managing director, Harbour will be responsible for continuing the firm’s real estate bridge lending programs; developing new financial offerings, including structured equity and acquisition lines of credit for qualified healthcare companies; expanding Oxford’s asset-based lending platform in all healthcare sectors; and managing the firm’s associated business development and underwriting teams. Harbour brings 18 years of healthcare lending experience to Oxford. He spent …

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DevelopmentIndustry Voices

What’s Next for Senior Living Amenities in a Post-Pandemic Era?

by Jeff Shaw

By Mike Arbour, JHP Architecture / Urban Design In a study conducted by JLL in early 2020, prior to the start of the COVID-19 pandemic, the seniors housing sector posted its highest transaction volume in four years during the first quarter of 2020 and a record-setting occupancy rate of 88 percent. With the wide variety of independent living and assisted living options to choose from, the industry was on track for a profitable year. What a difference two quarters can make. According to data from the National Investment Center for Seniors Housing & Care (NIC) …

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