SALT LAKE CITY — Bridge Investment Group Holdings Inc. (NYSE: BRDG) has launched a $75 million program to acquire, develop and operate needs-based seniors housing assets within the United States. As part of the venture, StepStone Real Estate co-invested in an existing portfolio managed by Salt Lake City-based Bridge and intends to help build the platform by co-investing in other seniors housing assets identified by Bridge in the future. “Bridge’s partnership with StepStone represents a strategic milestone as we continue to expand our needs-based seniors housing strategy,” says Robb Chapin, …
BLOOMFIELD, N.J. — QX Global Group, a Bloomfield-based business process outsourcing company, has acquired an 80 percent stake in Austin, Texas-based Chazey Partners, a management consulting and advisory firm specializing in business and digital transformation. The Chazey Partners team brings decades of experience in implementing and operating business support and shared services organizations around the globe, with experience in robotic process automation (RPA) and artificial intelligence (AI). Together, QX and Chazey Partners will work to deliver solutions that cover consulting, digital services and business process outsourcing. Clientele includes seniors housing …
MORRISVILLE, N.C. — K4Connect, a Morrisville-based health technology company that builds tech for older adults, has received $12 million in additional venture financing since the beginning of the COVID-19 pandemic. The credits the “undeniable need for dependable and scalable resources that can support the older adult population with easy access to important information, socialization tooling, communications and safety.” New investors include Forte Ventures, Second Century Ventures (National Association of Realtors), and senior living industry leaders such as Daniel Decker, president of CoastWood Senior Housing Partners; William Petty, BPOC founder and …
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 …
DILLSBURG, Pa. — Presbyterian Senior Living (PSL) has announced that James Bernardo, president and CEO, will retire at the end of 2022. Bernardo has been employed at PSL for 37 years, serving in a number of positions from executive director to chief operating officer and for the last three years as president and CEO. During his long career in aging services, Bernardo also served on the board of directors of LeadingAge, as the association’s treasurer, and past chair of its membership and education committees, in addition to serving as past …
ORLANDO — Senior living veteran Scott McCorvie has launched a new venture, Vita Senior Living. The Orlando-based company is looking for value-add acquisitions in Florida. “Vita is Latin for Life, and that’s exactly what our mission and purpose is each day — to improve lives, plain and simple,” says McCorvie, CEO of the new company. “Each investment includes a specific plan to update the design and aesthetic appeal. Even relatively minor changes to the FF&E, unit mix, lighting, technology and community amenities can make a huge impact to the resident’s …
ITASCA, Ill. — Henricksen, an Itasca-based contract furniture dealership specializing in office, healthcare, education, government, senior living and hospitality spaces, has acquired Synergy Business Environments. The acquisition will combine the companies’ strengths, product and industry knowledge, and commitment to client service to expand Henricksen’s presence. Synergy Business Environments has officially changed its name to Synergy, A Henricksen Company. Synergy Business Environments is a full-service contract furniture and architectural solutions company with offices in Nashville, Knoxville and Chattanooga, Tennessee. Synergy Business Environments and Henricksen share key manufacturer partnerships, including HNI, OFS, …
IRVINE, Calif. — Sabra Health Care REIT Inc. (NASDAQ: SBRA) has entered into a definitive agreement to amend the company’s master lease with a tenant, Avamere Group. Avamere’s annual base rent on the current portfolio has been reduced roughly 30 percent to $30.7 million from $44.1 million. No changes have been made to the lease maturity date (May 31, 2031) or the annual base rent escalator (2.75 percent). Sabra plans to recapture this rent reduction as the portfolio’s performance improves. Starting with the second lease year, Sabra will participate in …
NEW HOLLAND, Pa. — Three of Pennsylvania’s leading nonprofit, faith-based senior living organizations — Allegheny Lutheran Social Ministries of Altoona (ALSM), Liberty Lutheran Services of Ambler and Garden Spot Communities of New Holland — have announced plans to affiliate under the new parent company name Ilumin. The affiliation is subject to the receipt of certain regulatory approvals and consents, which the three organizations hope to receive by spring of 2022. The goal of Ilumin is to introduce innovative new services and programs to residents, offer employees more career opportunities, and …
NEWTON, Mass. — Five Star Senior Living Inc. (NASDAQ: FVE), a Newton-based operator, has rebranded as AlerisLife Inc. The company’s common shares now trade on the Nasdaq stock market under the new ticker symbol ALR. Aleris is a Latin word meaning “to foster, nourish and develop,” signifying the company’s intent to continue fostering, developing and expanding its lifestyle services. The name change reflects the company’s organizational restructuring over the past two years and its strategic decision to continue delivering a resident experience to senior living and active adults, while also …