NEWTON, Mass. — Diversified Healthcare Trust (Nasdaq: DHC) has entered into agreements with AlerisLife Inc. and seven different operators to transition the management of 116 of DHC’s senior living communities managed by Five Star Senior Living, the operating division of AlerisLife. The transition of these management agreements will occur in tranches beginning this month (September) and is expected to be completed by year’s end. AlerisLife is also selling all its assets, including its 17 owned communities, and expects to complete a full wind-down of its business and operations in the …
BOSTON — Phoenix3 Holdings, a collection of boutique culinary and hospitality solutions companies, has announced that it is rebranding and transitioning to Phoenix3 Collective. The company operates dining and hospitality programs within the senior living sector. Additionally, Phoenix3 has acquired Quality Culinary Solutions (QCS), an advisory firm dedicated to transforming dining operations within self-operated seniors housing communities. Phoenix3’s full suite now includes seven brands — Innovative Hospitality Solutions, Centicor Procurement Services, CrossCheck Quality Assurance, Culinour, Infuse Hospitality, QCS and Restaura, a dining management company for seniors housing communities.
NEWTON, Mass. — MassDevelopment has issued a $134.9 million tax-exempt bond to Lasell Village Inc. for the renovation and expansion of a senior living community located on the campus of Lasell University in Newton. The financing will fund the purchase of 1.4 acres of land owned by Lasell University and the construction of a new building. Upon completion, the new building will feature 42 independent living apartments, a bistro, fitness and wellness centers, a multipurpose room, common space and other amenities. Lasell Village is a charitable corporation that was formed in …
NEWTON, Mass. — Diversified Healthcare Trust (DHC), a Massachusetts-based real estate investment trust focused on healthcare properties, has secured two financings totaling $94 million. The financings include a $64 million five-year mortgage loan and a $30.3 million ten-year Fannie Mae mortgage loan. DHC plans to use the loans to repay the remaining $100 million of the company’s 9.75 percent senior notes due June 2025. A portfolio of six seniors housing communities managed by Five Star Senior Living secures the financings. With a fixed interest rate of roughly 6.6 percent, the $64 …
NEWTON, Mass. — Diversified Healthcare Trust (DHC), a Massachusetts-based REIT that owns roughly $7.2 billion of healthcare properties across 36 states, has received a $109 million mortgage financing through Freddie Mac. The 10-year, fixed-rate loan is secured by seven senior living communities comprising 1,184 units. Five Star Senior Living, the operating division of AlerisLife Inc., manages the properties, which are located in five states. DHC plans to use the proceeds to redeem a portion of its outstanding 9.750 percent senior notes due in 2025. “This new 10-year loan through Freddie Mac …
NEWTON, Mass. — Diversified Healthcare Trust (DHC) has announced the closing of a $135 million portfolio sale. Originally announced in September of last year, the sale involves the disposition of 18 triple-net leased senior living communities. Totaling 876 units, the properties are located across 10 states. Brookdale Senior Living acquired the portfolio. Massachusetts-based DHC plans to use the proceeds from the transaction to pay down its senior secured notes due in January 2026. “By divesting of these non-core assets, we are continuing to focus DHC’s portfolio on high-performing communities with significant …
WEYMOUTH, Mass. — Elksy Development has completed the construction of and opened Cornerstone of Weymouth, a new independent living community located in Weymouth, roughly 15 miles south of Boston. Architecture and design firm Meyer designed the building, which totals 154,962 square feet with 147 units. Amenities at the community include a theater room, game room, library, salon, fire pit, pickleball court, bocce court, outdoor grills and gardening beds. The property features three dining venues, including a coffee bar, pub and full-service restaurant. Sona Senior Living will operate the community on behalf …
BOSTON — 2Life Communities has received funding in the form of low-income housing tax credits, state bond funds and rental subsidies from the state of Massachusetts for the development of an affordable seniors housing community in the Boston neighborhood of Mattapan. Massachusetts Gov. Maura Healey’s administration awarded the funding. Dubbed Brooke House at Olmsted Village, the project will comprise 127 apartments reserved for seniors earning at or below 60 percent of the area median income. The property will also feature a 2,400-square-foot public community space with a small convenience store. Brooke House will …
CHICAGO — Investment management firm Harrison Street has sold a 1,186-unit seniors housing portfolio to Morgan Stanley Real Estate Investing (MSREI), the private real estate investment arm of Morgan Stanley Investment Management. Originally acquired by Harrison Street in a joint venture partnership with Brightview Senior Living in 2014, the portfolio comprises eight communities located in the Baltimore, Philadelphia and Boston-Providence metros. Jay Wagner, Rick Swartz, Aaron Rosenzweig, Tim Hosmer and Sean Kirk of JLL National Seniors Housing Capital Markets brokered the sale on behalf of Harrison Street. Allison Holland and Alex …
LUDLOW, Mass. — WinnCos. and Westmass Area Development Corp. have opened The Residences at Mill 8, a 95-unit mixed-income seniors housing community. Situated within a former mill building, the $43.2 million project features apartments for residents age 55 and older, with 43 units reserved for residents earning at or below 60 percent of the area median income (AMI), 40 market-rate units and 12 units reserved for residents earning at or below 30 percent of the AMI. All of the units have been leased, and full occupancy is expected by Dec. 1. …
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