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Jeff Shaw

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Welltower CEO in No Hurry to Jump Back into Development Arena

by Jeff Shaw

CHICAGO — Welltower CEO Shankh Mitra believes it could be a few years before seniors housing development will once again be feasible for the giant healthcare REIT to undertake because of strong headwinds facing the industry, including the “out-of-control” cost of construction. Construction costs have increased 50 percent or more over the past five years, according to Mitra. “I don’t see how that [cost] comes down meaningfully unless we solve the labor situation.”  There were 363,000 job openings in the construction industry at the end of July, up 10,000 from …

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CCRCDevelopmentMinnesotaNews

Lyngblomsten Opens 168-Unit CCRC in Lino Lakes, Minnesota

by Jeff Shaw

LINO LAKES, Minn. — Lyngblomsten, a Minnesota-baed nonprofit senior services organization, has opened Lyngblomsten at Lino Lakes, approximately 20 miles northeast of Minneapolis. Located on 16 acres, Lyngblomsten at Lino Lakes is home to 20 detached rental townhomes and a multi-level senior living building that includes 96 independent living apartments, 35 assisted living apartments and 17 memory care suites. A second phase is planned to later add a skilled nursing wing. This is Lyngblomsten’s first continuing care retirement community (CCRC) campus to be constructed since 1912 (the other being its …

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FeaturesNewsTechnology

In-Room Monitoring Technology Can Improve Medical Outcomes, Staff Morale

by Jeff Shaw

Data on occupancy and expenses plays an invaluable role in helping operators understand their business. Still, that data often has a sizable blind spot inside the resident rooms. That gap in knowledge was the topic of a webinar held Oct. 17, titled “Inside the Resident Room: In-Unit Data Helps Seniors Housing Operators Improve Safety & Increase Profitability.” Monitoring company EyeWatch LIVE sponsored the Seniors Housing Business webinar.  The panel of industry experts included Joshua Freitas, chief research officer, CERTUS Senior Living; Susan Coppola, founder and CEO, Benessere Health Advisory; Jesse English of …

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Assisted LivingFinanceNew YorkNews

JLL Arranges $29M Financing for Whisper Woods of Smithtown in Long Island

by Jeff Shaw

SMITHTOWN, N.Y. — JLL Capital Markets has arranged $29 million in financing for Whisper Woods of Smithtown, a 101-unit, 136-bed assisted living and memory care community in Smithtown. JLL represented the borrowers, Sculptor Real Estate and Benchmark Senior Living. A regional bank, a new lending partner for both groups, provided the three-year loan. Built in 2018, Whisper Woods of Smithtown is a Class A community located in Long Island’s Suffolk County, approximately 50 miles from Manhattan, which is accessible by a 90-minute train ride from Smithtown. The JLL Capital Markets …

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NewsPeople

Priority Life Care Promotes Dave Kloster, Matt Lanzi, Johanna Ruble to Leadership Positions

by Jeff Shaw

FORT WAYNE, Ind. — Priority Life Care, a Fort Wayne-based senior living operator has promoted three of its employees to leadership positions. Dave Kloster was appointed as the executive vice president of operations, while Matt Lanzi and Johanna Ruble were both promoted to regional vice president of operations. Priority Life Care operates 58 communities.

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AcquisitionsCompany NewsNewsOperations

AgeWell Solvere to Manage 14-Property Sonata Portfolio, Merge Leadership Teams

by Jeff Shaw

NORTH PALM BEACH, Fla. — AgeWell Solvere Living, a North Palm Beach-based operator, has assumed management of the entire, 14-property portfolio of Sonata Senior Living. The move will function as a merger, integrating both organizations’ leadership teams. The merger of management and leadership teams is aimed at enhancing the quality and depth of support and offerings that the combined company will provide to investors, residents and team members. The company will continue to operate out of its offices in North Palm Beach and will retain the Sonata Senior Living office …

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FeaturesNews

Partner Valuation Advisors Survey Shows Investor Expectations for Leverage, Cap Rates

by Jeff Shaw

CHICAGO — Seniors housing investors expect that capitalization rates will increase over the next 12 months, according to the inaugural edition of the Seniors Housing Investor Survey. Partner Valuation Advisors, a Chicago-based valuation firm, completed the survey in September with over 100 respondents. The purpose of the survey is to identify current trends in the seniors housing sector, which has seen numerous changes due to the impacts of increased interest rates/cost of debt and inflation, according to Partner Valuation Advisors. These factors led to declining transactional and lending volume in …

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FinanceFloridaNews

Cambridge Provides $29.2M Refinancing for Aravilla Sarasota in Florida

by Jeff Shaw

SARASOTA, Fla. — Cambridge Realty Capital has provided a $29.2 million first mortgage loan to refinance Aravilla Sarasota in Sarasota. The loan is fully amortizing with a 35-year term. Tony Marino of Cambridge arranged the financing for a Florida-based limited liability company. Cambridge’s early rate lock program was utilized, which allowed the owner to avoid the recent run-up in interest rates.

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