MULVANE, Kan. — Boston Capital has invested in the development of Homestead Senior Residences Mulvane II, a 24-unit affordable seniors housing community in Mulvane, approximately 16 miles southwest of Wichita. The general partner is Homestead Affordable Housing. The property will be located adjacent to Homestead Senior Living Mulvane Phase I, a 40-unit development built in 2012. The amount of Boston Capital’s investment was not disclosed. LK Architecture LLC designed the community, which will be restricted to residents 62 or older earing up to 80 percent of the area median income …
TENNESSEE — Monticello has provided $41 million to refinance two skilled nursing properties totaling 336 beds in Tennessee. The names and specific locations of the properties were not disclosed The borrower is an experienced owner and operator with a current portfolio of 8,752 licensed beds. Prior to this deal, Monticello financed the sponsor’s acquisition of a number of facilities over the last several years in multiple transactions.
KENNETT SQUARE, Pa. — David Jones, Kendal Corp.’s vice president for development, will retire June 26 after 27 years with the organization. Since joining Kendal in 1992, Jones has collaborated with executive directors, affiliate boards of directors and staff throughout the Kendal system. The nonprofit owner-operator is based in Kennett Square. During Jones’s tenure, Kendal added 11 new affiliates in seven states. He has served as project leader for the design and construction of several Kendal communities and has overseen renovations and expansions on many Kendal campuses. Over the past …
AUSTIN, Texas — Ziegler, acting as bank placement agent, has arranged $110.9 million in financing for Westminster, a nonprofit continuing care retirement community (CCRC) in West Central Austin. LCS has managed the property since 1981. Located on approximately 9.3 acres, the community comprises 327 independent living units, 22 assisted living units, 30 memory care units and 55 skilled nursing beds. The financing is a combination of $63.9 million in bank bonds and a $47 million short-term loan. The borrower expects to retire the short-term loans using entrance fees from an …
MONTGOMERY, Ala. — Legendary Living and Integral Senior Living have unveiled a new strategic partnership to develop multiple best-in-class senior living projects, with the first being Legendary Living Montgomery in East Montgomery. Legendary Living Montgomery will be the second senior housing project for the Destin, Florida-based developer. The campus will comprise 50 age-restricted cottages, 64 units for independent living and 73 units for assisted living, 24 of which will be dedicated to those with memory impairment. Construction of Legendary Living Montgomery is scheduled to begin this year, with a planned …
SPRINGFIELD, Pa. — Tryko Partners has purchased the Harlee Manor and Springfield Commons skilled nursing campus in Springfield, approximately 12 miles west of downtown Philadelphia. Located on more than six acres, the property totals 173 skilled nursing beds and personal care units. It will be rebranded as Springfield Rehabilitation & Healthcare Center and Springfield Crossings. The acquisition price was not disclosed. Tryko is planning to immediately start a $2.5 million improvement plan for both the physical plant and programming. Tryko Partners’ regional portfolio includes three additional skilled nursing facilities in …
FRANKLIN, Wis. — New Perspective has opened New Perspective|Franklin, a seniors housing community in the southwestern Milwaukee suburb of Franklin. The property totals 149 units of independent living, assisted living and memory care. “Despite opening during the pandemic, our senior living community has received a fantastic response from the Franklin area with initial move-ins even exceeding our initial expectations,” says Chris Hyatt, partner and president with New Perspective.
SCOTTSDALE, Ariz. — Cadence Living has hired David Haack as chief marketing officer. Haack has over 27 years of experience in sales and marketing in the senior living and healthcare industries. Most recently, he was executive vice president and chief marketing officer for Living Care Lifestyles. Previous employers include Mercury Pharmacy Services, Emeritus and Sun Healthcare Group. Based in Scottsdale, Cadence Living is currently developing, owns and/or operates communities throughout the South and West.
As developers dial back on new supply and absorption continues at a healthy pace, the vacancies begin to recede. By Bendix Anderson The phone continues to ring at the leasing office at Woodside Place of Washington in Washington, Pa., even though businesses across the U.S. have closed their doors to slow the spread of the novel coronavirus. Half of the 36 units at Woodside Place were already occupied in March 2020, even though the new standalone memory care facility had only opened its doors a few weeks before in February. …
Pandemic creates numerous legal issues for seniors housing operators. (Editor’s note: This column was written by law specialists at Hanson Bridgett. Because of the wide variety of challenges, the law firm asked each subject matter expert to write about his or her area of expertise.) The COVID-19 pandemic has struck our industry hard, requiring us to reexamine all our practices. There are myriad long-term implications that will change seniors housing. Safety Protocols: Senior living offers a spectrum of services — independent living, assisted living, memory care, skilled nursing and CCRCs. …