Author

Jeff Shaw

Affordable HousingDevelopmentNew JerseyNews

Alpert Group Breaks Ground on 65-Unit Affordable Community in West Orange, New Jersey

by Jeff Shaw

WEST ORANGE, N.J. — The Alpert Group LLC has broken ground on a 65-unit affordable seniors housing community in West Orange, approximately 20 miles west of Manhattan. Located at 46 Mount Pleasant Ave., the project will be situated in the town’s central business district, adjacent to the town hall, police facility, and Renna House senior apartments. The five-story building will include one-bedroom and two-bedroom units, on-site parking, modern amenities and age-friendly features. Five units are reserved for formerly homeless residents. The income-restricted community is helping to satisfy West Orange’s affordable …

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AcquisitionsFloridaNews

Walker & Dunlop Negotiates Sale of 172-Unit Grand Living at Lakewood Ranch in Sarasota, Florida

by Jeff Shaw

SARASOTA, Fla. — Walker & Dunlop’s investment sales team has arranged the sale of Grand Living at Lakewood Ranch in Sarasota, a Gulf Coast city south of Tampa. The 172-unit community offers independent living, assisted living and memory care. The Class A facility was built in 2019.  The sellers, led by Ryan Cos. US Inc., ultimately chose an institutional core fund as the buyer. The price was not disclosed.  Despite the challenges posed by the COVID-19 pandemic, the asset demonstrated remarkable resilience, achieving a 99 percent occupancy rate, a robust …

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AcquisitionsAssisted LivingFinanceNewsWisconsin

Ziegler Arranges Acquisition Financing for St. Elizabeth Manor 

by Jeff Shaw

WISCONSIN — Ziegler has acted as exclusive financial advisor to Opal Senior Living on obtaining financing for the acquisition of a 72-unit assisted living and memory care community located in Wisconsin named St. Elizabeth Manor. Ziegler provided structuring advice and loan placement services.

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IllinoisMissouriNewsOperationsSkilled Nursing

ESI Arranges Lease Transaction for a Midwest Skilled Nursing Portfolio

by Jeff Shaw

ILLINOIS and MISSOURI — Evans Senior Investments (ESI) has secured a tenant and executed a 10-year lease agreement for a large skilled nursing and supportive living portfolio spanning across Illinois and Missouri.  The portfolio comprises 13 communities located totaling over 1,600 licensed beds. The lease consisted of a ten-year term with a purchase option.  Evans Senior Investments selected a regional Midwest group as the tenant. Neither the tenant nor landlord were disclosed.

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AcquisitionsAssisted LivingCaliforniaNews

SLIB Negotiates Sale of 140-Unit San Clemente Villas by the Sea in California

by Jeff Shaw

SAN CLEMENTE, Calif. — Senior Living Investment Brokerage (SLIB) has arranged the sale of San Clemente Villas by the Sea, a 140-unit assisted living and memory care community in the Orange County city of San Clemente. The facility was built in 2002 and totals 131,765 square feet on approximately 3.3 acres of land. The seller’s family developed and managed the property, but now plan to exit the seniors housing space. The buyer was private equity group based in Southern California, which selected an experienced West Coast operator. The price was …

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AcquisitionsAssisted LivingNewsWisconsin

Blueprint Brokers Sale of 80-Unit Community in Appleton, Wisconsin

by Jeff Shaw

APPLETON, Wis. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of an 80-unit assisted living and memory care community in Appleton, near Lake Winnebago southwest of Green Bay. A national developer/investor engaged Blueprint to create an exit strategy in order to maximize value for more than a dozen geographically disparate, older-vintage communities. These 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 invest in renovations and repositioning. Unfortunately, the cumulative impact of …

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AcquisitionsCompany NewsIllinoisMissouriNews

Lutheran Senior Services Agrees to Acquire St. Louis Home Health

by Jeff Shaw

ST. LOUIS — Lutheran Senior Services (LSS), a nonprofit provider of care, services and senior living for older adults in Missouri and Illinois, has agreed to acquire St. Louis Home Health (SLHH) for an undisclosed price. LSS, which already provides home health services among its offerings, cited the SLHH’s orthopedic expertise as a key reason for the acquisition, as well as its extended footprint in Illinois. The transaction is expected to close at the end of this month.

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DevelopmentFeaturesFinanceNewsPeople

CEOs Tackle Labor Issues, Rent Growth, Borrower Challenges During InterFace Panel Discussion

by Jeff Shaw

PHILADELPHIA — The wants and needs of the labor force in seniors housing are different today than they were pre-pandemic, forcing operators to adapt on many levels, said Lynne Katzmann, founder and CEO of Juniper Communities. “The gig economy has created a new set of demands on us that we haven’t had to face before.”  Katzmann has her finger on the pulse. Bloomfield, New Jersey-based Juniper is an owner and operator of 29 senior living communities in four states with a resident capacity of 2,300 and 1,750 employees. Ultimately, workers …

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FeaturesNews

As Markets Settle Down, ‘the Hardest Part is Over,’ Say Webinar Panelists

by Jeff Shaw

The last few years have been a time of unpredictability in seniors housing, as the combined factors of pandemic recovery, rapidly rising interest rates, high inflation and labor shortages weighed heavily on investors and operators. “There have been a lot of predictions and forecasts since 2020,” said JP LoMonaco, executive vice president at CBRE. “A lot have been spot on; a lot have been way off base. As we approach the end of 2023, it seems like forecasts about what the American economy will do in 2024 are more varied …

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DevelopmentMassachusettsNews

Kisco Plans 159-Unit The Newbury of Brookline on Former College Campus in Metro Boston

by Jeff Shaw

BROOKLINE, Mass. — Kisco Senior Living has opened The Newbury of Brookline, a 159-unit seniors housing community in the first-ring Boston suburb of Brookline. Part of Kisco’s upscale portfolio, the development is situated on the historic Newbury College site. Welltower purchased the campus in 2019 and announced at that time its plans to convert the site into seniors housing. The development is scheduled to open in fall 2024. With 190,000 square feet of new construction and 20,000 square feet of restoration to the historic Mitton House, the project includes 81 independent living, …

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