GASTONIA, N.C. — Spectrum Consultants, a Gastonia-based advisor to senior living communities, has acquired Holleran Consulting, a community engagement research and consulting firm specializing in resident and employee surveys for senior living. The goal of the acquisition is to diversify Spectrum’s services, according to the buyer. “Holleran provides an avenue for us to develop strategic marketing and positioning for senior living communities based on feedback and the voice of residents and staff — the true essence of a community’s aspirational culture,” says Hoppy Sell, Spectrum’s president. The Holleran suite of …
NEW YORK CITY and WARRENTON, Va. — Greystone, a national commercial real estate finance firm, and Monticello, which provides specialized private real estate and asset-based lending, have announced plans to combine their seniors housing and healthcare lines of business under a new joint venture. The joint venture will provide capital finance products and services for the seniors housing and healthcare industry. Greystone is the top healthcare lender in the United States for FHA-insured loans, originating over $3 billion overall in seniors housing and healthcare finance across FHA, Fannie Mae, Freddie …
BALTIMORE — As a part of its long-term growth and business strategy, Erickson Living today unveiled its plan to evolve its brand identity and change the company’s name to Erickson Senior Living. The rebranding comes as the company, which oversees a portfolio of more than $1 billion, continues to invest heavily to enhance and expand its network of senior living communities and directly connect its offerings to a population anticipated to double to 98 million by 2060. Based in Baltimore, Erickson Senior Living’s portfolio consists of 20 communities in 11 …
BALTIMORE — CFG Bank (CFGB), a Baltimore-based lender, has launched the Jack and Nancy Dwyer Workforce Development Program. The non-profit organization seeks to help resolve the effects of systemic poverty and inequality and help fix the turnover crisis and burnout due to staffing shortages in the healthcare industry by creating a pathway to advance career opportunities in the nursing profession. CFGB donated $1 million to jumpstart the program. As part of this initiative, CFGB also announced a partnership with and $1 million donation to Living Classrooms, a nonprofit serving Baltimore …
DALLAS — Steven Vick has retired as chairman and CEO of Pegasus Senior Living, a Dallas-based operator formed in 2016 to take over management of a portfolio of Welltower-owned seniors housing assets. Co-founder Chris Hollister has assumed both roles effective immediately. “I have been battling some health problems for several years and felt it was time to retire,” says Vick. “Chris has been my partner and co-founder in Pegasus since day one. I am confident he and his team will carry on the mission and the work to deliver quality …
NEW YORK CITY — Lument Securities has assisted one of the largest groups of skilled nursing providers in the Midwest with the successful sale and transition of approximately 36 operating affiliates, consisting of approximately 4,000 licensed beds, to a newly formed employee stock ownership plan (ESOP). As a result of the transaction, the company is now fully employee-owned through its employee stock ownership trust. “ESOP transactions are gaining in popularity in recent years and can serve as an effective solution for operating company owners,” says Laca Wong-Hammond, head of M&A …
SEATTLE — Merrill Gardens, a Seattle-based owner-operator has launched a new brand aimed at middle-market seniors named Truewood by Merrill. As the roll out continues over the coming months there will be 23 Truewood communities located in 13 states. The Truewood by Merrill communities are former Blue Harbor communities that Merrill purchased in 2019 in a joint venture with ReNew REIT. The main changes in the communities are in operations, with the new brand designed for seniors whose annual income ranges from $40,000 to $50,000. Monthly rental rates for Truewood …
DALLAS — Buckner Retirement Services, a Dallas-based nonprofit operator, is implementing a series of leadership promotions as part of a long-term strategic plan. The first was for Charlie Wilson, who was promoted from senior vice president to president. Wilson started at Buckner 21 years ago as the director of quality improvement and regulatory compliance. Under his leadership, the nonprofit provider doubled in size, opening two new communities and acquiring a third. Albert Reyes, president/CEO of the parent company Buckner International, retains the chief executive officer role for the retirement division. …
NEWTON, Mass. — Five Star Senior Living Inc. (NASDAQ: FVE) has unveiled a new strategic plan to reposition its senior living management business to focus on larger independent living, assisted living and memory care communities, as well as standalone active adult and independent living communities. As part of the implementation of this new plan, Five Star is amending its management arrangements with Diversified Healthcare Trust (NASDAQ: DHC) to allow for the transition of 108 smaller senior living communities with approximately 7,500 living units, which Five Star currently manages for DHC, …
RED BANK, N.J. — Locust Point Capital has closed Locust Point Seniors Housing Debt Fund II, the firm’s second fund focused on its direct lending strategy to the seniors housing and care sector. The Red Bank-based firm launched its $312 million debut fund in 2016. Fund II closed above its target at $428 million after receiving strong interest from a diverse group of investors, including pension funds, endowments, foundations, insurance companies and wealth advisors. Approximately three quarters of the commitments came from United States-based investors, with the remaining coming from …