CCRC

PLANO, Texas — Ziegler has arranged $197.7 million in bond financing for the Outlook at Windhaven Forefront Living, a seniors housing community in Plano. The property is currently in the development process. Designs call for 153 independent living apartments, 30 independent living cottages, 32 assisted living units and 24 memory care units. The proceeds will be used to refinance the cost of acquiring, developing and constructing the retirement community. The borrower is Forefront Living, formerly known as Presbyterian Communities and Services. The financing comprises $109.5 million of tax-exempt bonds, $88.2 …

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ABILENE, AMARILLO and TYLER, Texas — Grandbridge Real Estate Capital’s seniors housing investment sales team has arranged the sale of a three continuing care retirement communities (CCRC) in Texas. Lifespace Communities acquired the properties from RSF Partners, Evergreen Senior Living Properties and ER Senior Management. The price was not disclosed. The 664-unit portfolio provides a full continuum of care including independent living cottages and apartments, assisted living, memory care and skilled nursing in a hybrid structure of entrance-fee and rental contracts. The properties include Wesley Court in Abilene, The Craig …

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WINCHESTER, Va. — Ziegler has arranged $71 million in bond financing for Shenandoah Valley Westminster-Canterbury (SVWC), a continuing care retirement community (CCRC) in Winchester, approximately 75 miles west of Washington, D.C. SVWC was founded in 1982 and provides housing, healthcare and other services to nearly 400 residents on its 87-acre campus through the operation of 218 independent living units (164 apartments and 54 cottages), 48 assisted living units, 12 memory care units and 51 skilled nursing beds. SVWC is completing an independent living unit expansion project known as the Hackwoods, …

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PHOENIX — BMO Harris Bank’s Healthcare Real Estate Finance group has closed on a $145 million, two-bank term facility for LCS and Westminster Capital. The borrowers will use the funds to recapitalize Sagewood, a continuing care retirement community in Phoenix. The property features 417 independent living, 44 assisted living, 28 memory care and 78 skilled nursing units.

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NORTH BERGEN, N.J. — Evans Senior Investments (ESI) successfully represented the sale of Hudson Hills Senior Living, a 212-unit continuing care retirement community (CCRC) in North Bergen, just across the Hudson River from Manhattan. Hudson Hills was originally constructed in 1897, with additional expansions in 1942, 1972, 1980 and 1990. The community features 59 independent living units, 81 assisted living units, 12 memory care units and 60 skilled nursing beds. ESI represented the seller, an independent owner-operator based in New Jersey. The buyer was an East Coast owner/operator expanding in …

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REDMOND, Wash. — Emerald Communities, a nonprofit senior housing and services organization based in Redmond, has appointed Alexander Candalla as vice president of operations. Candalla joins Emerald Communities with nearly three decades of experience in senior living. In his role as vice president of operations, he will be responsible for the oversight of operations for the life plan senior living communities of Emerald Heights and Heron’s Key. Candalla will also work with executive directors of each property to implement new programs and policies, develop short-term and long-term strategic goals, and …

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Kate Risa Paychex Seniors HR

Due to the nature of their clientele, senior living operators continually need to market their services to attract prospective new residents. But it’s not just new residents that they need to attract: it’s new employees as well. For the reality is that the senior living market faces some of the highest employee turnover rates in the service industry: upwards of 50 percent annually. Multiple factors are the culprit, including lower-than-average salaries, the difficulties of working with an aging and often high-acuity population, as well as few perceived opportunities for advancement, …

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POMPANO BEACH, Fla. — John Knox Village of Florida (JKV), a continuing care retirement community in the South Florida city of Pompano Beach, has broken ground on Westlake, a two-tower, $120 million expansion. The groundbreaking comes on the heels of the completion of The Pavilion, a $35 million addition that included a 380-seat cultural arts center, two restaurants and a bar. “Over the past five years, a master site plan has been developed to guide the capital improvements of our 70-acre campus and the opening of our Pavilion and, in …

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SOUTH CAROLINA — Ziegler has arranged $27.5 million in bond financing for The Lutheran Homes of South Carolina (LHSC). The borrower is a South Carolina-based nonprofit corporation that currently operates five life plan communities, three hospice offices and four non-medical in-home services agencies throughout South Carolina. LHSC operates a total of 1,077 units (409 independent living, 308 assisted living and 360 skilled nursing), ranking as the 83rd largest nonprofit senior living operator in the U.S. according to the 2021 LeadingAge Ziegler 200. First Horizon Bank, an LHSC existing banking partner, …

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  Seniors housing valuations — what can the industry expect in terms of future occupancy, inflation and interest rates? These were the most pressing topics of the “Inflation and Rising Interest Rates — Doom or Boom for the Seniors Housing Industry?” webinar, hosted by Seniors Housing Business and sponsored by V&IG. Hear how expert panelists are accounting for some of the most challenging questions in today’s market: What is driving investment in this space? How have return expectations changed since the beginning of the pandemic? How are increasing interest rates and/or inflation impacting …

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