By Steven Leone and Richard C. Quinn, Spiezle Architectural Group Over the past several years, design trends have painted an interesting picture for future life plan communities that stray from what we have seen for decades. Life plan communities (previously known as continuing care retirement communities, or CCRCs) are nothing new. But with an older population growing and thriving, these life plan communities (LPCs) are shifting away from the traditional continuum of care-based models to a more independent version of health- and wellness-centric focus with little to no care. This …
CCRC
ARIZONA — VIUM Capital has provided a $13.7 million HUD refinancing for a nonprofit continuing care retirement community (CCRC) in Arizona. The transaction replaces a bridge loan, which VIUM also provided in January 2021. The property features 12 independent living, 93 assisted living and 94 skilled nursing beds. Further details were not disclosed.
Ziegler Arranges Acquisition Financing for 203-Unit Village at Brookwood CCRC in Burlington, North Carolina
BURLINGTON, N.C. — Ziegler has arranged three separate loans to fund the acquisition of The Village at Brookwood (TVAB), a continuing care retirement community (CCRC) in Burlington. Opened in 2003, TVAB features 155 independent living units, 12 assisted living units, 12 memory care units and 24 skilled nursing units on a 47-acre plot. The buyer, Well-Spring, is the current operator and also owns/operates a second CCRC in nearby Greensboro. Alamance Regional Medical Center originally developed TVAB, but the health system was acquired by Cone Health in 2011, after which Well-Spring …
Buckner Names David Ummel as New Executive Director at Buckner Westminster Place in Longview, Texas
LONGVIEW, Texas — Buckner Retirement Services has named David Ummel as the new executive director at Buckner Westminster Place in the East Texas city of Longview. Ummel most recently served as executive director for Calder Woods in Beaumont, which Buckner Retirement Services also operates. A 14-year veteran of Buckner, Ummel worked for Buckner Children and Family Services (BCFS) and Buckner church/ministry engagement prior to his move to Buckner Retirement Services. As a Buckner church engagement officer, he oversaw Faith Fosters Texas, a statewide initiative engaging the faith-based community with the …
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 …
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 …
Ziegler Arranges $71M Bond Financing for Shenandoah Valley Westminster-Canterbury in Winchester, Virginia
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, …
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.
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 …
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 …