JACKSONVILLE, Fla. — Pearlmark has provided a $33 million mezzanine loan for the development of RISE @ Glen Kernan Park, a 308-unit active adult development in Jacksonville’s Southside neighborhood. Pearlmark closed the financing via its Pearlmark Mezzanine Realty Partners V LP investment vehicle. Benefit Street Partners provided the senior debt piece, the amount of which was not disclosed. Taylor Williams of Walker & Dunlop arranged the project capitalization on behalf of the borrower, RISE, a locally based multifamily development firm with five other projects in the Jacksonville market. RISE @ …
PFLUGERVILLE, Texas — Integral Senior Living has named Michael Salyers as executive director of Sage Valley Senior Living in the Austin suburb of Pflugerville. Salyers has been working in hospitality for 25 years in various leadership roles within the hotel industry. After years of working around the U.S., the University of Houston graduate returned to Texas in 2018 to combine his experience in hospitality with his passion for serving others in senior living. Salyers has worked in independent living, assisted living and memory care in the Austin, Houston and San …
PHILADELPHIA — DIGroup Architecture has appointed Kate Haas and Debbie Koehler to the role of associate. Haas, who has been with DIG for a total of eight years, has risen through the ranks from interior designer to senior interior designer to being named director of interior design last year. Her areas of specialization include interior architecture design strategy, concept development, programming, space planning, 3D modeling, rendering, detailed construction documentation, finish material and furniture selections. In addition, Haas directs, manages and mentors a team of interior designers. A graduate of Virginia …
PORTLAND, Ore. — Ziegler, as exclusive financial advisor to the seller, has arranged the acquisition of Parkview Christian Retirement Community in Portland. Founded by members of the Columbia Baptist churches, the nonprofit Oregon Baptist Retirement Home Society opened its doors in 1944. The community expanded several times over the next 40 years. In 1987, the organization moved to its current location in northeast Portland and expanded again 10 years later. Today, the campus consists of 115 rental independent living apartments and 62 assisted living units spread over approximately six acres …
COLUMBIA, MO., and HOUSTON — CareTrust REIT Inc. (NYSE: CTRE) has acquired three skilled nursing facilities for approximately $55.6 million, inclusive of transaction costs. The portfolio, consisting of 210 skilled nursing beds and 24 assisted living units, will be added to CareTrust’s existing master lease with affiliates of PACS Group Inc., which has been operating the facilities for a third-party landlord. Two of the facilities are located in Houston and one is located in Columbia. The acquisition increases annual rent under the existing PACS master lease by approximately $5 million. …
PORTLAND, Ore. — Rose Villa Senior Living, an independent continuing care retirement community in Portland, has appointed Glen Lewis as its next CEO. The outgoing CEO, Vassar Byrd, left to take the CEO role at Kendal in December after overseeing a 10-year transformation plan at Rose Villa. Lewis joins Rose Villa after nearly 20 years in the senior living and hospitality industries, most recently as executive director at Edgewater, a WesleyLife community in Des Moines. Previously, he was executive director at an independent senior living community in Portland and Seattle-based Aegis Senior …
REDMOND, Wash. — Emerald Communities, a Redmond-based nonprofit seniors housing organization serving Emerald Heights and Heron’s Key, has appointed Uche Okezie as its newest board member. In her role on the board, Okezie will serve Emerald Communities, Emerald Heights and Heron’s Key for a three-year term. She will also attend seven board meetings annually, serve on one or more board committees and task forces, and collaborate for the good of the three organizations. Okezie has nearly two decades of project and relationship management experience in multifamily housing, government and nonprofit …
BROOKLINE, Mass. — MassDevelopment has issued a $39.9 million tax-exempt bond on behalf of 32 Marion Apartments LLC, an affiliate of Brookline Housing Authority, which will use proceeds to build 115 units of affordable housing for seniors and individuals with disabilities in Brookline’s Coolidge Corner neighborhood. The new one-bedroom units in the Boston suburbs will be rented to households earning no more than 60 percent of area median income ($62,340 for a one-person household) and will replace 60 outdated existing public housing units on the property. Bond proceeds will also …
DALLAS — Looking forward to the rest of 2024, seniors housing investors expect capitalization rates to stay flat or compress, rents to rise faster and operating expenses to continue to increase. That’s according to a seniors housing investor survey by BBG, a Dallas-based commercial real estate services firm. Conducted in January 2024, the survey garnered insights from key players across the U.S. seniors housing market, including investors, developers, lenders and brokers. The methodology and number of respondents were not disclosed. Seniors housing property types analyzed in the survey include active …
STAMFORD, Conn. — Benchmark Senior Living has taken over operations of the former Sunrise of Stamford, an assisted living and memory care community in Stamford, approximately 25 miles northeast of New York City. The 83-unit community will now be called Benchmark at Stamford.Including the new addition, Benchmark currently operates 65 senior living communities throughout the Northeast, including 20 in Connecticut and eight in Fairfield County. The company offers independent living, assisted living, memory care and respite care.