Author

Jeff Shaw

Affordable HousingDevelopmentFloridaNews

Housing Trust Group Breaks Ground on $44M Naranja Grand Affordable Community in Leisure City, Florida

by Jeff Shaw

LEISURE CITY, Fla. — Housing Trust Group (HTG) has started construction of Naranja Grand, an affordable housing community for seniors in Leisure City, approximately 25 miles southwest of Miami. The $44 million project is a collaborative effort between HTG and Miami Lakes-based Elite Equity Development. The eight-story property will feature 120 units reserved for income-qualifying residents age 55 and older who earn at or below 30, 60, and 70 percent of the area median income (AMI). Monthly rents will range from $580 to $1,625. Construction is slated for completion in …

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AcquisitionsAssisted LivingColoradoNews

ESI Arranges $31.5M Sale of Balfour at Littleton in Colorado

by Jeff Shaw

LITTLETON, Colo. — Evans Senior Investments (ESI) has arranged the sale of Balfour at Littleton, a seniors housing community in the Denver suburb of Littleton. United Properties sold the 86-unit assisted living and memory care community for $31.5 million, or $366,279 per unit.  Built in 2018, the trophy asset was 97 percent occupied. Over the past 12 months, the community consistently maintained an average occupancy of 95 percent, even with new supply coming into the market, according to ESI. The buyer was an investment group based in Ohio.

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AcquisitionsAssisted LivingNewsTexas

Blueprint Brokers Sale of 93-Unit Community in Preston Hollow Neighborhood of Dallas

by Jeff Shaw

DALLAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 93-unit assisted living and memory care community in the Preston Hollow area of Dallas. The seller was a national developer and investor looking to create an exit strategy in order to maximize value for more than a dozen geographically disparate, older-vintage communities. The communities were purchased in a sizeable portfolio transaction pre-COVID, under a value-add thesis contemplating operator transitions to create regional groupings coupled with the intent to meaningfully invest in renovations and repositioning. Unfortunately, according to …

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NewsPeople

Patriot Angels Hires Mary Sue Patchett as Strategic Advisor for New Business

by Jeff Shaw

HENDERSONVILLE, Tenn. — Patriot Angels, a Hendersonville-based organization that helps veterans pay for senior living, has hired Mary Sue Patchett as strategic advisor for new business. Patchett has 40 years of experience in senior living and healthcare. She was a community executive director before spending more than two decades as a senior executive leader at Brookdale Senior Living, most recently as executive vice president of community and field operations.

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CCRCFinanceFloridaNews

Ziegler Arranges $10.5M Bond Financing for Jacaranda Trace in Venice, Florida

by Jeff Shaw

VENICE, Fla. — Ziegler has arranged $10.5 million in bond financing for Jacaranda Trace, a seniors housing community in the Gulf Coast city of Venice. The borrower is Convivial Life Inc. Jacaranda Trace is part of a multi-phase, master-developed campus originally built in 1998 consisting of 436 independent living residences (apartments and villas), 19 assisted living units, 36 memory care units and a clubhouse on approximately 33 acres.  In June of 2022, the borrower used a portion of the proceeds of the issuance of 2022 bonds in the total amount …

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AcquisitionsCompany NewsNews

Transforming Age, Elder Care Alliance Complete Affiliation Agreement

by Jeff Shaw

BELLEVUE, Wash. — Transforming Age, a Bellevue-based nonprofit operator, has completed its affiliation with Elder Care Alliance (ECA).  By combining their expertise, the two organizations aim to strengthen and grow their mission impact and better address the evolving needs of older adults across the economic spectrum, according to Transforming Age. Transforming Age is one of the nation’s largest nonprofit senior living providers, serving more than 125,000 older adults by integrating housing, community services, technology, philanthropy and partnerships.  Guided by a similar set of values and rich culture, San Francisco Bay …

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AcquisitionsAssisted LivingNewsNorth Carolina

Blueprint Brokers Sale of 54-Unit Community in Concord, N.C.

by Jeff Shaw

CONCORD, N.C. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 54-unit assisted living and memory care community in Concord, a northeastern suburb of Charlotte. Constructed in the late 1990s in a prominent location, Blueprint marketed the asset as a rare opportunity to acquire a performing, but not yet stable, community in an urban submarket of the high-barrier-to-entry, Certificate of Need state. The buyer was a newly formed joint venture between a Midwest-based investment group and Carolinas-based operator. The seller and price were not disclosed. Kyle Hallion, …

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GeorgiaNewsOperationsSouth Carolina

SLIB Negotiates New Tenants for Two Communities in Georgia, South Carolina

by Jeff Shaw

WATKINSVILLE, Ga., and MURRELLS INLET, S.C. — Senior Living Investment Brokerage (SLIB) has arranged a new tenant for two communities in the Southeast cities of Watkinsville and Murrells Inlet. Combined, the properties offer 159 units of assisted living and memory care. The landlord is a seniors housing and healthcare REIT. The new tenant is a Tennessee-based operator with a large presence throughout the Southeast. Bradley Clousing and Daniel Geraghty handled the transaction for SLIB.

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FinanceNewsPeople

LCS Names Dan Lahey as Chief Financial, Investment Officer

by Jeff Shaw

DES MOINES, Iowa — LCS, a Des Moines-based senior living operator, has promoted Dan Lahey to executive vice president and chief financial and investment officer.  Lahey will direct all financial and real estate operations for the organization and provide leadership for financial planning and analysis, accounting, treasury, tax, community finance, investments, capital markets, and asset and portfolio management for LCS. Lahey established himself as an industry leader in various roles in the finance and real estate teams since joining LCS in 2008. He joined LCS as an accounting and tax …

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Affordable HousingDevelopmentFinanceMassachusettsNews

MassDevelopment Issues $25.8M in Bond Financing for Elizabeth Brook Apartments in Stow, Massachusetts

by Jeff Shaw

STOW, Mass. — MassDevelopment has issued $25.7 million in tax-exempt bond financing to fund renovation and expansion of Elizabeth Brook Apartments, an affordable seniors housing community in Stow, approximately 25 miles west of Boston. SEHC Elizabeth Brook Apartments Limited Partnership, an affiliate of Stow Elderly Housing Corp., is developing the project, which includes renovating the existing 50 units while adding a 37 additional units. The new building will be adjacent to the existing apartment complex and will create a campus and continuum of care. Minuteman Senior Services will provide case …

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