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 …
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Webinar: What’s Ahead For Seniors Housing Staff, Leaders and HR
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 …
CHARLOTTE, N.C. — Charter Senior Living has taken over management of The Social at Cotswald in Charlotte, and has renamed the community Charter Senior Living of Charlotte. The asset offers assisted living and memory care services. The number of units was not disclosed. The change in management will increase the family of Charter Senior Living retirement communities to more than 40 throughout the United States.
LIVERMORE and SOQUEL, Calif. — JLL Capital Markets has arranged $16.3 million in acquisition financing for two land sites totaling 12.7 acres for the development of seniors housing communities in the Bay Area municipalities of Livermore and Soquel. JLL worked on behalf of the borrower, Calson Management, to secure the $10.5 million and $5.8 million one-year, fixed-rate loans through Barnett Capital Limited. The first site totals nine acres and will be developed into a 128-unit seniors housing community offering assisted living and memory care. The property is near local retail, …
COLUMBUS and LEESBURG, Ga. — 1031 Crowdfunding has acquired a 154-unit assisted living and memory care portfolio located in Middle Georgia. The price and seller were not disclosed. The two properties are located in Columbus, along the Alabama border in Western Georgia, and Leesburg, approximately 75 miles southeast of Columbus. Completed in 2018 and 2019, Oaks at Oakland Plantation and Oaks at Grove Park include two buildings over 16 acres with six hospitals within a 25-mile radius of the locations. The acquisitions were made through the buyer’s affiliate 1031 CF …