LEESBURG and COLUMBUS, Ga. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of two Oaks Senior Living communities in the Middle Georgia municipalities of Leesburg and Columbus. The properties feature 154 units of assisted living and memory care. Oaks Senior Living, which will stay on as operator, sold the assets to a 1031 exchange fund. The price was not disclosed. Bradley Clousing and Daniel Geraghty of SLIB handled the transaction.
SPRINGFIELD, Ore. — Ziegler has acted as financial advisor in a debt placement totaling $24 million. The borrower, Onelife Senior Living, will use the funds to develop Esther Assisted Living Community, a 103-unit property in Springfield, a suburb of Eugene. The Esther will be the fifth assisted living/memory care community owned by Onelife in Oregon. The financing provides a construction and bridge term for Onelife to build and stabilize the community prior to placing long-term, permanent, fixed-rate financing via long-term agency debt. The transaction was closed with asset management firm …
Cut Costs, Save Time and Recruit and Retain Good Workers The growth of the aging population is creating more demand for senior living options. But growing demand is colliding with a labor shortage, adding to the workload and strain on senior living communities. Scalable, streamlined HR infrastructure can help. Efficient and cost-effective solutions can cut expenses and reduce the amount of executive time spent on staffing issues. Enhanced back-office systems can also help boost recruitment and retention efforts. “Everything we do is designed and built around taking the burden off …
GLENDORA, Calif. — Clearwater Living has opened the sales office at Clearwater at Glendora, a 117-unit assisted living and memory support community in Glendora, approximately 25 miles east of Los Angeles. Construction on Clearwater at Glendora began in spring of 2021. The two-story, 117,000-square-foot property is being built on nearly three acres. When it is completed later this year, the community will feature 88 assisted living and 29 memory care apartments with studio, companion, one-bedroom and two-bedroom layouts.
RICHMOND, Va. — Watercrest Senior Living Group has opened the sales office at Watercrest Richmond, a 98-unit senior living development in Richmond. Watercrest Richmond will feature 76 assisted living and 22 memory care. This is the first senior living development project partnered between Watercrest and Harbert Seniors Housing Fund II. Construction began in January 2021. An opening date was not released.
MORENO VALLEY, Calif. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Rancho Belago, a 94-unit assisted living and memory care in the Inland Empire city of Moreno Valley. Totaling 125 beds, the community was built in 2014, totals approximately 98,700 square feet and is situated on approximately 7.3 acres of land. The seller was a local developer based in greater Los Angeles area. The buyer is a group based on the West Coast that was looking to expand their presence within California. The buyer plans to optimize …
The “What’s Ahead For Seniors Housing Staff, Leaders and HR: A Study on 2022 Business Priorities” webinar took place April 14 and was hosted by Seniors Housing Business and sponsored by Paychex. The discussion focused on staff retention and engagement; diversity, equity, and inclusion initiatives; and resiliency strategies for the industry. In a time of labor shortages, keeping staff happy and well trained has become particularly difficult for senior living communities. Using Paychex’s recent survey results on workforce challenges, this webinar explores the most challenging aspects of managing staff, the Great …
MINNEAPOLIS — Transwestern Real Estate Services, through its Midwest Capital Markets team, has brokered the sale of Hiawatha Suites, an assisted living and memory care facility in Minneapolis. Transwestern’s Harrison Wagenseil and Erik Coglianese represented the seller, a local developer of multifamily, single-family and assisted living facilities, in the transaction. The buyer was not disclosed. While the price and number of units were not disclosed, the price represents over $200,000 per bed. “In the senior and assisted living space, COVID had a particularly poignant impact on values and occupancy,” says …
HAVERHILL, Mass. — Benchmark Senior Living has named Nick Barash as executive director of Benchmark Senior Living at Haverhill Crossings, an assisted living and memory care community in Haverhill, located along the New Hampshire border north of Boston. Barash comes to Benchmark from Atria Merrimack Place in Newburyport, located just 15 miles east of his new employer, where he was also executive director. Previously, he was with Landmark Senior Living communities in Beverly. Barash graduated from James Madison University with a bachelor’s degree in kinesiology.
CHARLESTON, S.C. — Lument has arranged a $24.5 million bridge loan to refinance construction debt for an assisted living and memory care community in Charleston. Kevin Oakley and Steve McGee led the transaction for Lument. The community opened during the pandemic, which caused the lease-up to proceed slower than anticipated. The bridge loan, placed with a national bank via Lument’s debt syndications group, refinanced high-cost construction debt that was nearing maturity and allowed the borrower time and flexibility to focus on operations. “Completing this refinance via the bridge loan resulted …
