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Ben Mohns
AcquisitionsIllinoisNew YorkNews

Harrison Street Sells New York Seniors Housing Portfolio for $600M

by Hayden Spiess

CHICAGO — Investment management firm Harrison Street Asset Management has sold a portfolio of seniors housing communities located in the state of New York for more than $600 million. The buyer was not disclosed, but multiple media outlets report the buyer was senior living giant Ventas Inc. (NYSE: VTR). The portfolio comprises five communities. Harrison Street developed the properties in partnership with B2K Development between 2016 and 2022. Amenities at the communities include swimming pools, theaters, fitness centers, libraries and lifestyle programming.  “This transaction exemplifies Harrison Street’s ability to produce value by …

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ColoradoFinanceIllinoisNews

Spectrum Retirement Receives $330M Refinancing for Seniors Housing Portfolio in Midwest, Southwest

by Hayden Spiess

DENVER — Spectrum Retirement, a Denver-based seniors housing owner-operator, has received $330 million for the refinancing of a portfolio of eight seniors housing properties that are located across the Midwest and Southwest U.S. Ryan Stoll and Taylor Mokris of BWE, a national commercial and multifamily mortgage banker, arranged the financing on behalf of Spectrum Retirement. The nonrecourse debt was structured with full-term interest-only payments and a “competitive” interest rate. “We are honored that Spectrum chose BWE to represent them in the debt capital markets for such a complex transaction,” says …

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Company NewsIllinoisNewsPeople

Covenant Living Names Tony Galvan Vice President of Resident Experience

by Hayden Spiess

SKOKIE, Ill. — Tony Galvan has joined Covenant Living Communities and Services as vice president of resident experience. Covenant is a non-profit, faith-based senior living organization. In this new role, Galvan is responsible for working with the organization’s 20 communities in all areas impacting resident life, ranging from wellness initiatives to lifestyle programming and more.  While Covenant has always placed a strong emphasis on enhancing the resident experience, this is the first leadership position to spearhead those efforts under the umbrella of operations, according to the organization. Galvan has more than …

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Company NewsIllinoisNewsPeople

Kiser Group Launches New Seniors Housing Division

by Hayden Spiess

CHICAGO — Multifamily brokerage firm Kiser Group has launched a new seniors housing division. As part of the new division, industry veteran Mark Myers will join the firm as partner.  Myers brings more than 30 years of experience. Since 1995, he has closed more than 800 seniors housing transactions totaling over $12 billion.  “Mark is one of the most accomplished brokers in the seniors housing space and we’re excited to partner with him launching seniors housing brokerage at Kiser Group,” says Lee Kiser, principal and managing broker at Kiser Group. “His leadership …

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Company NewsIllinoisNewsTechnology

Charter Partners With LifeLoop to Support Memory Care Program

by Hayden Spiess

NAPERVILLE, Ill. — Owner and operator Charter Senior Living has announced a new strategic partnership with LifeLoop, a senior living technology company.  Illinois-based Charter, which has a portfolio of 72 senior living communities, has deployed a LifeLoop resident engagement solution to support its Flourish Memory Care program for adults with Alzheimer’s and other forms of dementia.  Charter communities now use the 1N2L by LifeLoop solution, which offers cognitive care content and programming with more than 7,000 curated experiences.  “LifeLoop enables our community teams to deliver personalized enrichment programming at a scale …

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Assisted LivingFinanceIllinoisIndependent LivingMemory CareNews

Canyon Partners Provides $47M Refinancing for Seniors Housing Community in Chicago

by Hayden Spiess

CHICAGO — Canyon Partners Real Estate has provided a $47 million senior loan for the refinancing of American House Oak Park, a 174-unit seniors housing community in Chicago. A joint venture between affiliates of AEW Capital Management and REDICO was the borrower.  Located in the Oak Park neighborhood, the property comprises 74 independent living, 65 assisted living and 35 memory care units. Amenities at the community include a rooftop lounge, roof terraces, fitness options, a salon, game room, art studio and theater.  Newmark facilitated the financing.

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Affordable HousingDevelopmentIllinoisNews

Evergreen Real Estate Group Breaks Ground on 80-Unit Affordable Seniors Housing Community in Metro Chicago

by Hayden Spiess

FRANKLIN PARK, Ill. — Evergreen Real Estate Group has broken ground on Leyden Senior Apartments, a new affordable seniors housing community in Franklin Park, roughly 20 miles outside Chicago.  Upon completion, the development will comprise 80 units. Roughly 20 percent of the residences will be reserved for seniors earning at or below 50 percent of the area median income (AMI), with the remainder reserved for seniors earning at or below 60 percent of the AMI.  The project is a public-private partnership between developer Evergreen Real Estate Group — which will also …

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AcquisitionsAssisted LivingIllinoisMemory CareNews

Tutera Senior Living & Health Care Acquires, Plans to Reopen 75-Unit Community in Metro Chicago

by Hayden Spiess

MATTESON, Ill. — Tutera Senior Living & Health Care has acquired a 75-unit seniors housing community located in Matteson, roughly 30 miles south of Chicago. Built in 2021 for $21 million, the property formerly operated under the name Alexi Senior Living before closing in 2022. Tutera plans to make improvements to the community and reopen it as Ridgeland Senior Living this spring.  Situated on 5.5 acres, the 81,589-square-foot development features 55 assisted living and 20 memory care residences. Amenities at the property will include a restaurant-style dining room; poker area and …

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AcquisitionsArizonaAssisted LivingIllinoisMemory CareMissouriNewsTennessee

Inland Acquires 635-Unit Senior Living Portfolio

by Hayden Spiess

OAK BROOK, Ill. — An affiliate of Inland Real Estate Acquisitions has acquired a 635-unit senior living portfolio. The portfolio comprises three newly constructed Clarendale communities — Clarendale of Chandler in Chandler, Arizona; Clarendale of St. Peters in St. Peters, Missouri; and Clarendale at Indian Lake in Hendersonville, Tennessee.  Amenities at the properties, which feature independent living, assisted living and memory care residences, include swimming pools, wellness centers, full-service salons, entertainment, dining and access to outpatient services and 24-hour security.  The portfolio’s average occupancy was 92 percent at the time of …

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AcquisitionsIllinoisIndependent LivingMemory CareNewsSkilled Nursing

Continuum Brokers $42M Sale of Senior Living Community in Metro Chicago

by Hayden Spiess

BARTLETT, Ill. — Continuum Advisors has brokered the $42 million sale of The Oaks at Bartlett, a senior living community located in Bartlett, roughly 35 miles northwest of downtown Chicago.  Built in 2007, the property totals 283 units, with 10 cottages, 154 independent living apartments, 16 memory care units and 54 skilled nursing units.  Michael Flanagan of Flanagan & Associates served as the receiver for the property, which recently defaulted on its bond obligations. Certus Living has operated the community since the default.  David Kliewer and Jay Jordan of Continuum arranged …

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