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‘Seniors Housing Is Our Highest-Conviction Sector,’ Harrison Street Executives Say

by Hayden Spiess

By Hayden Spiess CHICAGO — New players are increasingly drawn to the seniors housing sector due to strong market fundamentals and the industry’s proven performance. Limited new inventory and high occupancies, along with a robust population of aging individuals and rent growth, are generating healthy returns for investors.  “The fundamentals have never been stronger,” says Tom Errath, managing director and head of research at Harrison Street Asset Management.  Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for …

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Assisted LivingDevelopmentMemory CareNew YorkNews

Benchmark, National Development Plan 90-Unit Community on Long Island

by Hayden Spiess

EAST ISLIP, N.Y. — Benchmark Senior Living and National Development have acquired a property in East Islip on Long Island, with plans to develop a new seniors housing community at the site.  The community, Benchmark at East Islip, will total 90 units, with 64 assisted living and 26 memory care apartments. Expected to open in 2028, the property will comprise roughly 88,000 square feet. Amenities at the community will include multiple dining venues, a theater, fitness center, salon and landscaped outdoor spaces.  Benchmark currently operates 70 senior living communities throughout New …

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CFG Provides $318.8M in Financing for Skilled Nursing Operator

by Hayden Spiess

BALTIMORE — Capital Funding Group (CFG) has provided $318.8 million in financing across two transactions for a skilled nursing operator.  The transactions include $288.8 million in acquisition financing for a portfolio of 22 skilled nursing facilities totaling 1,884 beds, as well as a $30 million working capital line of credit for the borrower’s full skilled nursing portfolio. The portfolio totals 40 properties and 4,224 beds across Missouri, Kansas and Ohio.  Andrew Jones and Catherine Mansel of CFG originated the acquisition financing, and Jeff Stein and Jim Ginty originated the working capital …

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AcquisitionsArizonaNews

Berkadia Arranges Sale, Financing of 147-Unit Community in Scottsdale, Arizona

by Hayden Spiess

SCOTTSDALE, Ariz. — Berkadia has arranged the sale and financing of Acoya Shea, a senior living community located in Scottsdale. Opened in September 2023, the property totals 147 units. Dave Fasano, Ross Sanders, Cody Trember and Mike Garbers of Berkadia brokered the sale on behalf of the seller, Harrison Street Asset Management.  Austin Sacco, Garrett Sacco, Steve Muth and Alec Rosenfeld of Berkadia advised the undisclosed buyer on the financing.  Cogir Senior Living will continue to operate the community on behalf of the new ownership. Amenities at the property include multiple …

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AcquisitionsCompany NewsNewsUncategorized

Bridgepoint to Acquire Kayne Anderson Real Estate for $1.4B

by Hayden Spiess

BOCA RATON, Fla. — Investment management firm Bridgepoint Group has entered into an agreement to acquire Florida-based Kayne Anderson Real Estate for roughly $1.4 billion. The deal is scheduled to be completed before the end of this year, subject to shareholder and regulatory approvals.  Founded in 2007, Kayne Anderson Real Estate invests in alternate real estate sectors, including student housing, seniors housing, multifamily and self-storage. The company maintains approximately $22 million in assets under management, including debt.  Since entering the seniors housing space in 2013, Kayne Anderson Real Estate has invested …

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CCRCDevelopmentFinanceNewsVirginia

Ziegler Closes $171M Financing for LifeSpire of Virginia

by Hayden Spiess

GLEN ALLEN, Va. — Ziegler has closed approximately $171 million in bond financing for Virginia Baptist Homes doing business as LifeSpire of Virginia. Based in Glen Allen, the nonprofit company owns and operates five continuing care retirement communities in Virginia.  LifeSpire’s properties include Lakewood in Richmond, The Culpeper in Culpeper, The Chesapeake in Newport News, The Glebe in Daleville and The Summit in Lynchburg. Together, the communities total 952 independent living, 225 assisted living, 108 memory care and 226 skilled nursing units.  Proceeds from the bonds will be used to refund …

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Company NewsNewsPeople

Benchmark Appoints Sam Usen Senior Vice President, General Counsel

by Hayden Spiess

WALTHAM, Mass. — Benchmark Senior Living has appointed Sigrid “Sam” Usen senior vice president and general counsel.  In her role, Usen will lead the company’s legal department, providing strategic counsel. She most recently served as assistant general counsel and chief compliance officer at The RMR Group, a publicly traded alternative asset management firm. RMR Group’s portfolio includes 208 senior living properties.  Usen also previously practiced law at Skadden, Arps, Slate, Meagher & Flom LLP and worked at Merrilly Lynch as vice president and senior counsel.  “Sam has been a trusted voice …

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AcquisitionsAssisted LivingMemory CareNewsTexas

Juniper Adds Two Texas Communities to Portfolio

by Hayden Spiess

FREDERICKSBURG, Texas and SAN ANTONIO — Juniper Communities has acquired two Texas communities.  The properties include Poet’s Walk in San Antonio and The Villages of Windcrest in Fredericksburg. In addition to owning the communities, Juniper will operate them moving forward.  Poet’s Walk totals 70 memory care units, and The Villages of Windcrest features 57 assisted living apartments and 24 memory care apartments.  Juniper currently operates 28 senior living communities in New Jersey, Pennsylvania, Delaware, Texas and Colorado. 

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Company NewsNewsPeople

Brookdale Names Margaret Cabell Chief Sales Officer

by Hayden Spiess

BRENTWOOD, Tenn. — Brookdale Senior Living has named Margaret Cabell as the company’s new chief sales officer. This marks a return for Cabell, who earlier in her career spent 15 years at Brookdale in various leadership roles.  Cabell most recently served as chief community relations officer and head of sales at A Place for Mom, a for-profit senior care referral service and lead aggregator. Prior to that, she held the role of chief executive officer of Harmony Senior Services.  “As chief sales officer, Margaret’s leadership will be instrumental in advancing our …

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NewsOperationsSouth CarolinaVirginia

AgeWell Senior Living Assumes Management of Seven Communities in Virginia, South Carolina

by Hayden Spiess

NORTH PALM BEACH, Fla. — AgeWell Senior Living has assumed the management of seven communities located in Virginia and South Carolina.  The properties include communities in Berryville, Fishersville and Harrisonburg, Virginia, as well as communities in Camden, Fort Mill, Harstville and Indian Land, South Carolina.  “We are excited to welcome these communities to AgeWell,” says David Mills, president and chief operating officer of Florida-based AgeWell. “This expansion reflects our commitment to thoughtful growth and our belief that strong community operations begin with exceptional resident and team member experiences.” Established in 2009, …

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