Author

Jeff Shaw

CCRCDevelopmentFinanceNewsVirginia

Ziegler Arranges $423.5M Bond Financing for Westminster-Canterbury on Chesapeake Bay in Virginia Beach

by Jeff Shaw

VIRGINIA BEACH, Va. — Ziegler has arranged $423.5 million in bond financing for Westminster-Canterbury on Chesapeake Bay (WCCB), a continuing care retirement community in Virginia Beach. The community is located on a 12-acre property fronting the Chesapeake Bay and currently includes 424 independent living units, 66 assisted living units, 14 memory care units and 108 skilled nursing beds. In addition, WCCB owns and operates a 172-unit rental independent living community called Opus Select, located a half mile away from the community. WCCB is carrying out an expansion to the community, …

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AcquisitionsAssisted LivingNewsSouth Carolina

SLIB Negotiates Sale of 128-Unit Portfolio in South Carolina

by Jeff Shaw

SUMTER, CENTRAL and GREENWOOD, S.C. — Senior Living Investment Brokerage (SLIB) has arranged the sale of three assisted living communities in South Carolina. The properties are located in the cities of Sumter, Central and Greenwood. They total a combined 128 units. The seller was a seniors housing and healthcare real estate investment trust (REIT). The buyer was a Florida-based seniors housing operator with a regional presence in South Carolina. The price was not disclosed. Bradley Clousing and Daniel Geraghty of SLIB handled the transaction.

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Affordable HousingDevelopmentNew YorkNews

Related Cos., Sterling Equities Break Ground on 2,500-Unit Willets Point Affordable Housing Project in Queens

by Jeff Shaw

NEW YORK CITY — Queens Development Group, a joint venture between Related Cos. and Sterling Equities, has broken ground on the first phase of a 2,500-unit affordable housing project in the New York City borough of Queens. The project includes some units reserved for seniors.  The project, named Willets Point, will be the city’s largest affordable housing development in 40 years, according to the joint venture. Wells Fargo has arranged a total of $360 million in financing for Phase I of the development, with a $236.5 million construction loan and …

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Affordable HousingDevelopmentNewsWest Virginia

Cornerstone Community Development Plans $51M Adaptive Reuse Project in Huntington, West Virginia

by Jeff Shaw

HUNTINGTON, W.VA. — Cornerstone Community Development Corp. plans to convert the historic Prichard Hotel in downtown Huntington into an affordable seniors housing property.  The $51 million renovation will comprise converting the former hotel rooms into 108 residential living spaces, as well as repositioning the first two floors for healthcare services and additional community resources.  Cornerstone Community Development’s partners on the project include Christ Temple Church, Winterwood Development and CVS Health, which is investing more than $17 million in the project. The timeline for construction was not disclosed.

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AcquisitionsCompany NewsNews

Retirement Unlimited Acquires Brandywine Living, Forming 59-Property East Coast Owner-Operator

by Jeff Shaw

ROANOKE, Va., and MOUNT LAUREL, N.J. — Roanoke-based Retirement Unlimited Inc. (RUI) has acquired Mount Laurel-based Brandywine Living. The combined companies total 59 communities and 6,739 units of independent living, assisted living and memory care. Terms of the transaction were not disclosed. Brandywine’s 31 senior living communities are predominately concentrated in New Jersey, with additional communities located in Connecticut, Delaware, Maryland, New York and Pennsylvania. Following the transaction, the communities will continue to operate under the Brandywine Living brand to ensure continuity for both residents and staff.  RUI currently manages …

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Affordable HousingDevelopmentFinanceFloridaNews

Pinnacle Receives $41.2M in Financing for Affordable Development in Miramar, Florida

by Jeff Shaw

MIRAMAR, Fla. — Pinnacle has received $41.2 million in financing to start construction of Pinnacle at La Cabaña, a 110-unit affordable housing development for seniors in the Miami suburb of Miramar. Construction is scheduled to begin this January.  Pinnacle at La Cabaña will consist of one- and two-bedroom apartments with enhancements to ensure adaptability for aging residents. Of the total units, 11 will be available for seniors earning up to 28 percent of the area median income and the remaining will be affordable to seniors earning up to 60 percent …

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NewsPeople

Cogir Senior Living Names Gottfried Ernst as Chief Operating Officer

by Jeff Shaw

SACRAMENTO — Cogir Senior Living, a Sacramento-based owner-operator, has hired Gottfried Ernst as chief operating officer.  Ernst joins the Cogir team from Discovery Senior Living Management LLC. He brings more than 20 years of experience within the hospitality and senior living industries and held prior executive leadership roles at Brookdale Senior Living, Harbor Retirement Associates and Green Courte Partners LLC. He was inducted into Brookdale’s President Circle in 2005 and helped develop and implement several Argentum award-winning programs.

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Affordable HousingDevelopmentFloridaNews

T.D. Jakes, New Urban to Develop Two Affordable Housing Communities in South Florida Totaling 350 Units

by Jeff Shaw

HALLANDALE BEACH and MIAMI GARDENS, FLA. — T.D. Jakes Real Estate Ventures (TDJREV) and New Urban Development will build two affordable housing communities in South Florida. Located in Hallandale Beach, the first property will comprise 200 mixed-income multifamily units on five acres. The groundbreaking is scheduled for the first quarter of 2024. The second community will be located in Miami Gardens, adjacent to the Miami Gardens Senior Family Center. Upon completion, the development will feature 150 affordable senior living units on seven acres. Amenities will include a clubhouse and walking …

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AcquisitionsArizonaNews

SLIB Arranges Sale of 143-Unit Community in Scottsdale, Arizona

by Jeff Shaw

SCOTTSDALE, Ariz. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 143-unit independent living and assisted living community in the Phoenix suburb of Scottsdale. The community totals approximately 145,000 square feet on 3.3 acres of land. The seller is an independent owner based in Southern California that had used multiple management companies over the past few years. The Utah-based buyer is the current management company, which has a national seniors housing portfolio. Matthew Alley, Jason Punzel, Vince Viverito and Brad Goodsell of SLIB handled the transaction.

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NewsPeople

Lutheran Social Ministries of Maryland Hires Paige Mills-Haag as Vice President of Philanthropy

by Jeff Shaw

WESTMINSTER, Md. — Lutheran Social Ministries of Maryland has hired Paige Mills-Haag as its vice president of philanthropy.  Mills-Haag is spearheading the senior living organization’s philanthropic efforts, including designing initiatives that advance the organization’s mission and overseeing charitable programs and initiatives in its continuing care retirement communities: Carroll Lutheran Village in Westminster and Lutheran Village at Miller’s Grant in Ellicott City. With over 17 years of expertise in philanthropy and nonprofit leadership, Mills-Haag has held executive roles in two senior living communities. Mills-Haag earned a bachelor’s degree in organizational leadership …

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