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CCRCFinanceNewsVirginia

Ziegler Arranges $18.9M Bond Refinancing for Kendal at Lexington in Virginia

by Jeff Shaw

LEXINGTON, Va. — Ziegler has arranged $18.9 million in bond financing for Kendal at Lexington, a continuing care retirement community in Lexington, a small city approximately 70 miles east of the West Virginia border. Kendal at Lexington was chartered in January 1995 on 84 acres in the Blue Ridge Mountains. Located roughly 1.3 miles from Washington & Lee University and Virginia Military Institute, Kendal at Lexington currently consists of 150 independent living units (55 apartments, 95 cottages), 19 assisted living units (includes one dual-occupancy unit) and 60 skilled nursing beds. …

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AcquisitionsCCRCNew HampshireNews

Covenant Living Acquires 222-Unit Hillside Village Keene CCRC in New Hampshire

by Jeff Shaw

KEENE, N.H. — Covenant Living Communities and Services has acquired Hillside Village Keene, a continuing care retirement community (CCRC) in Keene, 20 miles north of the Massachusetts border. Covenant acquired the community out of bankruptcy and has renamed it Covenant Living of Keene. Grandbridge Real Estate Capital’s David Kliewer, Jay Jordan and Allen McMurtry arranged the $33 million sale. Situated on 66 acres, the property opened in 2019 and features 141 independent living units, 43 assisted living units, 18 assisted memory care units and 20 nursing care suites. Entrance fees …

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CCRCCompany NewsFinanceNewsPeople

Erickson Senior Living Hires Christian Sweetser as Chief Financial Officer

by Jeff Shaw

BALTIMORE — Erickson Senior Living, a Baltimore-based developer and manager of continuing care retirement communities (CCRCs), has hired Christian Sweetser as chief financial officer (CFO). Sweetser will oversee the planning, implementation and direction of Erickson Senior Living’s fiscal function and performance. This includes participating in the development of the company’s strategic plans and programs while evaluating and advising on long-range plans, as well as providing financial and trend analysis. Prior to joining Erickson Senior Living, Sweetser most recently served as CFO of Silverado, an Irvine, California-based memory care company. Before …

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CCRCFinanceNewsVirginia

Ziegler Arranges $53M Bond Financing for CCRC in Charlottesville, Virginia

by Jeff Shaw

CHARLOTTESVILLE, Va. — Ziegler has arranged $53 million in bond financing for Westminster-Canterbury of the Blue Ridge (WCBR), a continuing care retirement community in Charlottesville. WCBR is located 4.6 miles from the main campus of the University of Virginia and 5.4 miles from Thomas Jefferson’s Monticello. Since opening in 1990, WCBR has seen continual growth and expansion, currently offering 281 independent living units (221 apartments and 60 cottages), 45 assisted living units, 12 memory care beds and 52 nursing beds. The financing included two series of bonds, which will refund …

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CCRCNewsPeopleVirginia

Pinnacle Living Promotes Michael Shaw to Vice President of CCRC Operations

by Jeff Shaw

RICHMOND, Va. — Pinnacle Living has promoted Michael Shaw from an executive director position to vice president of continuing care retirement community (CCRC) operations. In this role, Shaw will support executive directors in the five Pinnacle Living communities across Virginia. He was previously the executive director at Cedarfield, a 90-acre CCRC in Henrico County, Virginia. Pinnacle hired Paul Gregg to fill the vacancy left by Shaw’s promotion. He holds a master’s degree in aging services and nonprofit management from North Carolina State University, as well as a bachelor’s degree from …

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CCRCColoradoDevelopmentNews

PMMA Breaks Ground on $140M Aberdeen Ridge CCRC in Colorado Springs

by Jeff Shaw

COLORADO SPRINGS, Colo. — Presbyterian Manors of Mid-America (PMMA) has broken ground on Aberdeen Ridge, a continuing care retirement community (CCRC) campus in Colorado Springs. In 2018, PMMA acquired a Texas nonprofit corporation, which owned an undeveloped 15.3-acre site within Garden of the Gods National Park, and which already had the permits and approvals for a senior living community. Aberdeen Ridge is scheduled for completion in 2023 and will feature 171 one- and two-bedroom independent living residences, 40 assisted living apartments and 24 memory care suites. The homes will vary …

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AcquisitionsCCRCNewsPennsylvania

Tryko Partners Acquires 415-Bed CCRC Campus in Langhorne, Pennsylvania

by Jeff Shaw

LANGHORNE, Pa. — Tryko Partners has expanded its Greater Philadelphia real estate presence with the acquisition of the Attleboro Community, a continuing care retirement community in Langhorne. The 415-bed campus has been rebranded as Oxford Enhanced Senior Living. “Bucks County is a phenomenal market with a large senior population and strong hospital networks,” says Tryko’s Uri Kahanow, director of acquisitions. “The seller, Wilmac Corp., has done a fine job with this well-respected CCRC.” The campus’ skilled nursing facility, Oxford Rehabilitation & Healthcare Center, provides post-hospital care, short-term rehab and long-term …

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CCRCNewsPeople

Lifespace Communities Appoints Three Executives to Board of Directors

by Jeff Shaw

WEST DES MOINES, Iowa — Lifespace Communities, a nonprofit operator based in West Des Moines, has appointed three veteran business leaders to its board of directors. The company added David S. Williams III, co-founder and CEO of Care3 Inc.; Gary Blackford, chairman of Avanos Medical Inc.; and Jonathan Sokeye, chief financial officer of Carolina Complete Health Inc. Celebrating its 45th anniversary this year across 14 continuing care retirement communities in seven states, Lifespace will leverage the three board members’ expertise in healthcare, corporate finance, data and operations as the organization …

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CCRCFinanceHawaiiNews

Ziegler Arranges $52M Bridge Loan for Kalakaua Gardens in Honolulu

by Jeff Shaw

HONOLULU — Ziegler has arranged a bridge loan placement totaling $52 million for Kalakaua Gardens, a continuing care retirement community in Honolulu. The property features 164 units of independent living, assisted living, memory care and skilled nursing. The borrower is Island Paradise Investments (IPI). IPI opened Kalakaua Gardens in late 2016. The community is situated at the gateway to Waikiki within the lively Ala Moana enclave and in close proximity to several hospitals and medical clinics. The community was built for ohana-style living, where residents are encouraged to live and …

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CCRCFinanceNewsOhio

Ziegler Arranges $40.1M Bond Financing for Ohio Living

by Jeff Shaw

WESTERVILLE, Ohio — Ziegler has arranged $40.1 million in bond financing for Ohio Living, a Westerville-based owner-operator. Ohio Living owns and operates 12 senior living communities located throughout the state of Ohio, nine of which are full-service continuing care retirement communities. Proceeds of the bonds will be used to refinance a previous bond issue from 2013. In order to lock in attractive interest rates, the new bonds were priced on Oct. 13 with a six-month forward delivery for a planned closing on April 6, 2022. As a result of locking …

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