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Active AdultDevelopmentFeaturesNews

Del Webb Must Continue to Innovate, Urges PulteGroup CEO at NIC Fall Conference

by Hayden Spiess

By Matt Valley AUSTIN, Texas — The Del Webb active adult brand, long associated with Sun Belt markets, is gaining traction in the Midwest, says Ryan Marshall, president and CEO of Atlanta-based PulteGroup Inc. (NYSE: PHM), parent company of Del Webb. But unlike Sun City, Arizona — the pioneering planned retirement community developed by Del Webb starting in 1960 — today’s developments are much smaller in scale. Del Webb Hickory Greens, located about 25 miles southwest of Cleveland in Columbia Township, Ohio, officially opened in March of this year. The 622-home community is …

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DevelopmentIndependent LivingNewsPennsylvania

Hankin Group Announces $67M Expansion at Community in Metro Philadelphia

by Hayden Spiess

EXTON, Pa. — Vertically integrated real estate company Hankin Group has announced plans for a $67 million expansion project at Eagleview Landing, its senior living community in Exton, roughly 30 miles west of Philadelphia.  Upon completion, the expansion will add 117 independent living residences to the property, which currently totals 107 assisted living and memory care units, with 9,000 square feet of amenity space.  The new building will also feature additional amenity space, including a fitness center, indoor pool, spa, theater, game rooms and golf simulator. Residents will also have access …

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Affordable HousingDevelopmentGeorgiaNews

Columbia Residential Completes $35M Redevelopment at Legacy at East Lake in Atlanta

by Hayden Spiess

ATLANTA — Columbia Residential, in partnership with Atlanta Housing and other public and private stakeholders, has completed a $35 million redevelopment at Legacy at East Lake in Atlanta and reopened the community.  Originally built in the 1970s, the property features 149 studio and one-bedroom apartments across eight stories. Units are reserved for residents age 55 and older and households earning at or below 30, 50 and 60 percent of the area median income. Rents are capped at 30 percent of household income through project-based vouchers.  Financing for the redevelopment included $12.4 …

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AcquisitionsAssisted LivingIndependent LivingNewsTexas

Berkadia Brokers Sale of 124-Unit Community in Austin

by Hayden Spiess

AUSTIN, Texas — Berkadia has brokered the sale of Village on the Park Onion Creek, a 124-unit independent and assisted living facility located in South Austin. A publicly traded REIT acquired the property for an undisclosed price.  Cody Tremper, Mike Garbers, Ross Sanders and Dave Fasano of Berkadia Seniors Housing & Healthcare arranged the sale on behalf of the seller, Bridgewood Property Co., the original developer.  Bridgewood’s wholly owned management company, The Aspenwood Co., will continue to operate the property on behalf of the new owner. 

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Independent LivingNew YorkNews

Focus Healthcare Partners Underway on $28M Renovation at Independent Living Property in New York

by Hayden Spiess

PORT WASHINGTON, N.Y. — Focus Healthcare Partners is currently underway on a $28 million renovation project at an independent living property in Port Washington.  Focus Healthcare recently acquired the community, which is being rebranded as The Sinclair at Port Washington. Previously, the community was operated as The Harborside. The property’s new name pays homage to author Sinclair Lewis, who lives in Port Washington during the early 1900s.  Planned upgrades include a new wellness center, apartment renovations, refreshes to interior common spaces, a new culinary program, a movie theater, expanded outdoor recreation …

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AcquisitionsAssisted LivingFloridaIndependent LivingMemory CareNews

Distinctive Living Acquires Ownership of South Florida Community in Joint Venture

by Hayden Spiess

NAPLES, Fla. — Senior living operator, developer and investor Distinctive Living has acquired ownership of Seascape at Naples, a community located in Naples, in a joint venture with an undisclosed global investment firm.  Totaling 198 units, Seascape at Naples features independent living, assisted living and memory care residences. Amenities at the property, which Distinctive Living manages, include a heated pool, bistro, salon, spa, fitness center, outdoor courtyard and walking paths.  According to the company, having partial ownership will allow Distinctive Living to fully integrate its proprietary operation solutions.  “Seascape at Naples …

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Company NewsNewsPeople

Argentum Appoints Amy Porchetta Vice President of Development and Revenue Operations

by Hayden Spiess

ALEXANDRIA, Va. — Argentum, a national association representing senior living communities, has announced the appointment of Amy Porchetta to the role of vice president of development and revenue operations.  Most recently, Porchetta — who has more than 20 years of experience in fundraising, corporate partnerships and strategic growth — served as the senior director of business development at the USO.  In her new role at Argentum, Porchetta will oversee revenue generation initiatives, corporate partnerships and development strategies to advance Argentum’s mission.  “Amy’s proven track record in building high-impact partnerships and driving …

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Assisted LivingCaliforniaDevelopmentFinanceMemory CareNews

Quality Senior Housing Foundation, Sunrise Senior Living Receive $80.1M Financing for New Community in Southern California

by Hayden Spiess

LONG BEACH, Calif. — Quality Senior Housing Foundation and Sunrise Senior Living have received $80.1 million in financing for the development of a new community in Long Beach. JLL Capital Markets and H.J Sims arranged the tax-exempt bond financing on behalf of the borrowers.  Quality Senior Housing Foundation will own the community, which Sunrise Senior Living will operate. Upon completion, the property — Sunrise of Long Beach — will comprise 102 licensed beds across 86 apartments. Residences will include 62 assisted living units and 24 memory care units. Sunrise Development Inc. …

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Company NewsIndependent LivingLegal IssuesNewsSkilled Nursing

NHI Issues Notice of Non-Compliance to Tenant NHC 

by Hayden Spiess

MURFREESBORO, Tenn. — National Health Investors (NYSE: NHI), has issued a formal, written notice to an affiliate of National HealthCare Corp. (NYSE: NHC) that the tenant is in default under its master lease with NHI.  According to NHI, NHC is in non-compliance with multiple non-monetary provisions of the master lease agreement, which dates back to October 1991. The affiliate of NHC occupies 32 of NHI’s skilled nursing facilities and three of the company’s independent living facilities.  According to an SEC filing by NHC, the company’s lease agreement with NHI includes a …

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AcquisitionsAssisted LivingMemory CareNewsTexas

Sonida Acquires 98-Unit Community in Dallas-Fort Worth Metro

by Hayden Spiess

MANSFIELD, Texas — Sonida Senior Living has completed the acquisition of a 98-unit community located in Mansfield. Sonida purchased the property for $15.6 million, funding the transaction with cash on hand and proceeds from its senior secured revolving credit facility.  Built in 2016, the property features 62 assisted living and 36 memory care residences and is situated directly across form a 294-bed hospital. Sonida plans to complete aesthetic improvements to common areas and amenity spaces over the next year.  This acquisition brings Sonida’s total Texas portfolio to 21 properties. 

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