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CCRCDevelopmentFinanceNewsNorth Carolina

Ziegler Arranges $44.4M Bond Financing for The Forest at Duke in Durham, North Carolina

by Jeff Shaw

DURHAM, N.C. — Ziegler has arranged $44.4 million in bond financing for The Forest at Duke, a 47-acre continuing care retirement community just south of Duke University in Durham. The Forest at Duke opened in 1992 and currently serves over 360 residents across 154 apartments, 88 cottages (242 total independent living units), 34 assisted living units and 58 licensed skilled nursing beds. Proceeds of the bonds will be used for a renovation project that will include 90 new units (32 assisted living and 58 skilled nursing) in a “small house” …

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AcquisitionsCCRCNewsPennsylvania

SLIB Brokers Sale of 168-Bed St. Mary’s East in Erie, Pennsylvania

by Jeff Shaw

ERIE, Pa. — Senior Living Investment Brokerage (SLIB) has arranged the sale of St. Mary’s East, a continuing care retirement community in Erie. The original building was constructed in 1929 and the campus underwent several additions and renovations with the last project completed in 2010. It features 139 skilled nursing beds and 29 units / 58 beds of residential and personal care. The seller was a local nonprofit looking to focus on its other campus, which is a true entry fee CCRC model. The buyer and price were not disclosed.

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AcquisitionsCCRCIowaNebraskaNews

Lifespace Sells Two CCRC Campuses in Midwest to Immanuel Communities

by Jeff Shaw

LINCOLN, Neb., and DES MOINES, Iowa — Immanuel Communities has acquired two continuing care retirement community (CCRC) campuses in Lincoln and Des Moines. Lifespace Communities, also a nonprofit owner-operator, was the seller. Terms of the transaction were not disclosed. Deerfield and Grand Lodge at the Preserve will join Immanuel’s portfolio in third-quarter 2021. The campuses comprise 349 apartments with a mix of independent living, assisted living, memory care, residential care, and skilled-nursing and long-term care. The acquisitions are part of Immanuel’s plans to expand its Midwest presence.

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CCRCConnecticutDevelopmentNews

Benchmark Begins 20-Unit Assisted Living Expansion at Meadow Ridge in Redding, Connecticut

by Jeff Shaw

REDDING, Conn. — Benchmark Senior Living has started construction of a new assisted living neighborhood at Meadow Ridge, a continuing care retirement community in Redding, approximately 40 miles northeast of New York City. With an anticipated opening date of early 2022, the new assisted living neighborhood will feature 20 one- and two-bedroom apartments capable of serving up to 28 residents. In addition, it will offer a restaurant-style dining room, recreation room, living area, card room and parlor, library and two secure outdoor patios. It will occupy two floors in the …

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CCRCNewsPeopleTexas

Buckner Retirement Services Promotes Danica McGuire to Executive Director of Ventana by Buckner

by Jeff Shaw

DALLAS — Buckner Retirement Services has promoted Danica McGuire to executive director of Ventana by Buckner, a high-rise continuing care retirement community in Dallas. McGuire previously served as the community’s associate executive director. Ventana’s previous executive director, Chuck Childress, is now the director of operations for Buckner Retirement Services, the faith-based, nonprofit senior living provider that operates Ventana. McGuire began her career in aging services as a social work intern. She then worked in various leadership roles including assisted living director, activity director, marketing director and assistant administrator. In 2010, …

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AcquisitionsCCRCIndianaMissouriNews

Boncrest Resource Group Buys Two Brookdale CCRCs in Missouri, Indiana

by Jeff Shaw

RAYMORE, Mo., and INDIANAPOLIS — Subsidiaries of Boncrest Resource Group Inc. have acquired two continuing care retirement communities (CCRCs) from Brookdale Senior Living: Foxwood Springs in the Kansas City suburb of Raymore and Robin Run Village in Indianapolis. Following a brief transition period where Brookdale will continue to manage the properties, Boncrest plans to install Texas-based ER Senior Management as operator. The new operator specializes in active adult and age-in-place communities. The acquisitions are the first for Boncrest, a nonprofit organization based in Atlanta formed in 2017 to address the …

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CCRCDevelopmentNew JerseyNews

LCS Completes $8M Renovation at Laurel Circle in Bridgewater, New Jersey

by Jeff Shaw

BRIDGEWATER, N.J. — Life Care Services has completed an $8 million renovation project at Laurel Circle, a life plan community in Bridgewater, located between New York City and Philadelphia. The 28,317-square-foot renovation added a new bistro-style, grab-and-go dining venue; enhanced the wellness and fitness center, salon, main lobby and common areas in independent living; and redesigned spaces in The Arbor health center. Laurel Circle features 202 units on 28 wooded acres. Hord Coplan Macht (HCM) served as the architect and interior designer for the renovation.

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AcquisitionsCCRCMichiganNews

Sage Healthcare Partners Wins Bankruptcy Auction, Will Buy Henry Ford Village CCRC for $76.3M

by Jeff Shaw

DEARBORN, Mich. — An affiliate of Sage Healthcare Partners has been awarded the winning bid to acquire Henry Ford Village out of bankruptcy. Located on 35 acres, Henry Ford Village is a continuing care retirement community (CCRC) in the Detroit suburb of Dearborn. Sage’s bid of $76.3 million exceeded the $69M stalking horse bid placed by MED Healthcare Partners in March. The transaction is subject to bankruptcy court approval, as well as regulatory approvals and customary closing conditions. In accordance with the terms outlined in the asset purchase agreement presented …

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CCRCDevelopmentFinanceNewsPennsylvania

Ziegler Arranges $39.3M Bond Financing for Londonderry Village in Palmyra, Pennsylvania

by Jeff Shaw

PALMYRA, Pa. — Ziegler has arranged $39.3 million in bond financing for Lebanon Valley Brethren Home. The funds will be used to finance an expansion project at Londonderry Village, a seniors housing community in Palmyra, a small borough near Harrisburg. The 146-acre campus features 374 independent living units, 38 personal care units and 88 skilled nursing beds. The expansion includes developing a 40-acre tract of farmland at the southern boundary of the campus, and will add 35 new independent living units along with a model home, sales office and clubhouse. …

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CCRCFinanceNew YorkNews

HJ Sims Arranges $102.1M Financing for Fountaingate Gardens in Commack, New York

by Jeff Shaw

COMMACK, N.Y. — HJ Sims has arranged a $102.1 million financing for Fountaingate Gardens, an independent living community being built in Commack, located on Long Island. The Gurwin Healthcare System has been providing healthcare services to Long Island residents since 1988 through the Gurwin Jewish Nursing and Rehabilitation Center and the Fay J. Lindner Assisted Living Residences. Gurwin Jewish Healthcare Foundation acquired land adjacent to Fay J. Lindner Residences with the goal of completing the continuum of care through development of an independent living community to be known as Fountaingate …

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