WINDSOR, Calif. — Oakmont Senior Living, an operator based in Windsor, has created two positions centered around culinary and resident programming, promoting two existing team members to fill the roles. Longtime Oakmont Senior Living executive Rina Younan has been named vice president of program development and will oversee culinary, memory care and activities. Oakmont also promoted Chef Andrew Moret to director of culinary. Younan joined Oakmont in 2013. She has more than 16 years of experience in the culinary arts and more than half of that in an executive leadership …
FORT WORTH, Texas — Greystar Real Estate Partners has unveiled plans for Album Keller Ranch, an active adult apartment community in Forth Worth. Developed in partnership with The Carlyle Group, the 180-unit community will be the first under the Album brand. “Album was created in response to a growing demand for the freedom and convenience of modern active adult rental living at a moderate monthly cost,” says Jackie Rhone, executive director of Greystar Active Adult Apartment Homes. Album Keller Ranch is scheduled to open in spring 2021. The community is …
WOODSTOCK, Ga. — Senior Living Investment Brokerage has arranged the sale of Insignia of Towne Lake, a 33-unit assisted living community in the Atlanta suburb of Woodstock. A Florida-based owner-operator acquired the asset for $2.9 million. The new owner plans to add memory care to the community. The transaction also included the assumption of a $2.6 million HUD loan. Built in 1996, the property was 94 percent occupied at the time of sale. The undisclosed seller was looking to remove operational outliers from its portfolio. Bradley Clousing and Patrick Byrne …
ALEXANDRIA, Va. — Argentum has hired Maggie Elehwany for the newly created role of senior vice president of public affairs. In this role, she will be responsible for leading Argentum’s public policy team and working with Argentum’s Public Policy Committee to build upon the Alexandria-based association’s government relations efforts and strengthening its public affairs strategy. “We believe her leadership and expertise will be vital in elevating awareness of the public policy priorities most critical to the senior living industry’s long-term health,” says James Balda, Argentum president and CEO. Elehwany joins …
OLNEY, Md. — Cadence Living and Flournoy Development Group have broken ground on Cadence Olney, a 107-unit seniors housing community in the Washington, D.C. suburb of Olney. The community is situated on 37 acres that includes 31 acres of forest preserve that will serve as a natural amenity for residents. The property will include a three-story building for independent living and assisted living and a two-story building for memory care.
ATLANTA — Timshel Development Group, in collaboration with The Gateway Cos. and the Atlanta Housing Authority, has purchased 4.3 acres of vacant land in Atlanta for Harmony at Bakers Ferry, an affordable seniors housing development. Located on the west side of Atlanta, the property will feature 108 units. Atlanta Housing Authority will own the plot and lease it to the developers. Douglas Calderwood with New South Realty Associates represented the housing authority in the acquisition. Perry Hayes with Bull Realty Inc. represented the seller, Executive Real Estate. The price and …
HELENA and CLANCY, Mont. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired two skilled nursing facilities in an off-market transaction. The first property is Apple Rehab Cooney, an 80-bed facility located on the campus of the St. Peter’s Health Regional Medical Center in Helena. The second is Elkhorn Healthcare & Rehabilitation, a 70-bed facility located in neighboring Clancy. National skilled nursing operator Eduro Healthcare will manage the communities. The transaction was CareTrust’s first to be initiated and closed in the midst of the COVID-19 pandemic. “Underwriting assets involves some added …
INDIAN LAND, S.C. — Resort Lifestyle Communities (RLC) has planned an Oct. 1 groundbreaking ceremony for Greenway Square, an independent living community in Indian Land, located across the North Carolina border from Charlotte. The $30 million, 180,000-square-foot community is the fourth RLC location in South Carolina.
WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) is funding the construction of The Residences at Kenilworth Park, an affordable assisted living community in Washington, D.C’s Ward 7. DCHFA issued $58 million in bond financing and underwrote $20 million in four percent Low Income Housing Tax Credit (LIHTC) financing for the 157-unit development. Apartments at The Residences at Kenilworth Park will be reserved for seniors age 60 and above who require assistance with two or more activities of daily living. Residents must earn 60 percent or less …
NASHVILLE, Tenn. — Brookdale Senior Living Inc. (NYSE: BKD) has secured $267 million of non-recourse mortgage debt and terminated its $250 million revolving credit facility. The company obtained 10-year mortgage financing from Capital One, National Association pursuant to Freddie Mac’s Capital Markets Execution Program. The financing includes $191 million of 2.89 percent fixed-rate notes and $76 million of adjustable rate notes with an initial rate of 2.64 percent. Brookdale is securing the loans with 16 senior living communities, most of which had previously secured Brookdale’s revolving credit facility. At the …