Tough competition, dead-end career paths and lack of clear culture hurt many operators
WILLISTOWN, Pa., and ROSELAND, N.J. — Formation-Shelbourne Senior Living Services has sold two Solana-branded, Class A seniors housing communities for $98.3 million. The buyer was not disclosed.
DALLAS — Nonprofit operator Presbyterian Communities and Services is nearing completion of the $93 million expansion of Presbyterian Village North, a continuing care retirement community in Dallas.
IRVINE, Calif. — Lauralee Martin has left her position as president and chief executive officer at seniors housing investor HCP (NYSE: HCP). Michael McKee, the company’s executive chairman, will take over the position until a permanent replacement can be found.
ATHENS, Ga. — LTC Properties Inc. (NYSE:LTC), a seniors housing and healthcare REIT, has acquired Village at Athens, a 70-unit assisted living and memory care community in Athens, for $14.3 million.
CHICAGO — Senior Lifestyle Corp. has promoted Justin Robins to executive vice president and chief administrative officer.
ODGEN, Utah — Love Funding, a lender based in Washington, D.C., has arranged a $6.6 million bridge loan for the construction of Shadow Valley Assisted Living and Memory Care, a 62-bed community in Ogden, approximately 35 miles north of Salt Lake City.
BALTIMORE — Erickson Living, a Baltimore-based developer and operator of continuing care retirement communities, has hired Sean Sands as the company’s new vice president of business strategy and development.
CARY, N.C. — Real estate developer HHHunt has started construction of Spring Arbor of Cary, an 80-unit assisted living and memory care community in the Raleigh suburb of Cary. Development costs are estimated at $23.2 million.
LOUISVILLE, Ky. — Cushman & Wakefield has negotiated the sale of a two-property, 145-unit seniors housing portfolio in suburban Louisville, comprised of Elmcroft at Oaklawn and Elmcroft of Valley Farms, for an undisclosed price.