Tuesday, September 26, 2023
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CaliforniaDevelopmentNews

Confluent, MorningStar Plan 233-Unit Project in Tustin, California

by Jeff Shaw

TUSTIN, Calif. — Confluent Senior Living and MorningStar Senior Living have entered into an Exclusive Negotiating Agreement (ENA) with the City of Tustin to lead the development of MorningStar at Tustin Legacy. Located in Orange County, the 283,000-square-foot community will feature 145 independent living, 60 assisted living and 28 memory care units. The main buildings will be between four and five stories high surrounded by 29 single-story independent living cottages. The site, formerly the Marine Corps Air Station (MCAS) Tustin, is located within the 1,600-acre Tustin Legacy community. The location …

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FinanceIdahoNevadaNewsOregon

Berkadia Arranges $40.8M in Financing for Three Communities in the West

by Jeff Shaw

IDAHO, NEVADA and OREGON — Berkadia Seniors Housing & Healthcare has arranged a total of $40.8 million in financing for a skilled nursing facility in Idaho, transitional care facility in Nevada, and an independent living, assisted living and memory care community in Oregon. For the Idaho property, Jay Healy closed an $8.3 million 232/223(f) HUD loan to refinance a Berkadia and Live Oak Bank bridge loan for the asset’s acquisition. The five-star, 60-bed facility was built in 2017. The loan features an 80 percent loan-to-value ratio and 35-year term. Occupancy …

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Company NewsNewsTechnology

Serviam Care Network Announces Partnership with WelcomeHome

by Jeff Shaw

KANSAS CITY, Mo. — Serviam Care Network, a Kansas City-based technology company and network of senior care providers, has partnered with WelcomeHome Software to drive its mission of expanding its efforts to bring value-based care services to its members. “In the next decade, senior living will move to a value-based care system,” states a press release from the company. “Serviam is committed to helping senior living operators access the right tools, systems and revenue streams to embrace and succeed under this care delivery model. This strategic shift to fully focus …

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Affordable HousingDevelopmentFloridaNews

Mixed-Use Development Surrounding Tampa Bay Rays’ $1.3B Ballpark to Include 600 Units of Seniors Housing

by Jeff Shaw

ST. PETERSBURG, Fla. — The Tampa Bay Rays, a Major League Baseball team, have reached an agreement with the City of St. Petersburg and Pinellas County to move forward with a new ballpark and surrounding development. The Hines Historic Gas Plant Partnership will lead the project on the 86-acre site where the team’s current stadium sits. The project will include nearly 8 million square feet of mixed-use space along with the new ballpark to ensure the team stays in St. Petersburg for years to come. The team has played at …

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Assisted LivingCaliforniaFinanceNews

JLL Arranges $43.2M Loan for Varenita of Westlake in Thousand Oaks, California

by Jeff Shaw

THOUSAND OAKS, Calif. — JLL Capital Markets has arranged $43.2 million in financing for Varenita of Westlake, an 86-unit assisted living and memory care community in Thousand Oaks, approximately 40 miles west of Los Angeles. JLL represented the borrower, Westlake Senior Living, Center LLC, to secure the five-year loan from a regional bank. The Class A community consists of 58 assisted living units and 28 memory care units across three stories with surface and underground parking. The community features a mix of predominantly one-bedroom units, with some studios and two-bedroom …

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Assisted LivingNewsPeopleVirginia

Silverstone Senior Living Names Ray Dennison as Executive Director of The Providence Fairfax

by Jeff Shaw

FAIRFAX, Va. — Silverstone Senior Living has named Ray Dennison as the new executive director at The Providence, a luxury assisted living and memory care community in Fairfax, approximately 15 miles west of Washington, D.C. Dennison will oversee the day-to-day operations, care and programming for the rental senior living community.  Prior to joining The Providence, Dennison served as the executive director of various communities in the Washington, D.C. area, including Elance Luxury Living at West End in Alexandria and numerous Sunrise Senior Living properties. The Providence is one of three …

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AcquisitionsAssisted LivingNewsSouth Carolina

Blueprint Negotiates Sale of 61-Unit Florence Place in South Carolina

by Jeff Shaw

FLORENCE, S.C. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Florence Place, an assisted living and memory care community in Florence, approximately 80 miles east of Columbia. Originally constructed in 1999, the purpose-built seniors housing community featured 61 units in a prominent location within the submarket. Blueprint marketed the opportunity alongside 16 communities located throughout the Southeast, Midwest and Mid-Atlantic. The undisclosed seller decided to market the portfolio at the start of 2023, following the successful implementation of rate increases, which resulted in double-digit revenue growth over …

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Company NewsNewsOperations

Industry Veterans Andrew Agins, Justin Dickinson Launch Operator Evolve Senior Living

by Jeff Shaw

CHICAGO — Andrew Agins and Justin Dickinson have announced the launch of Evolve Senior Living, a Chicago-based operator. The two partners and co-founders both worked at Anthology Senior Living, a Chicago-based operator and subsidiary of CA Senior Living Co. “For the last two decades, we have been not only owners of seniors housing communities but also worked in various capacities in the sector including development, acquisitions, asset management, operations and technology,” the pair said in a press release. “We recognize the challenges in the industry. We also understand the strategies …

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FinanceIdahoNewsOregonSkilled NursingWashington

CFG Provides $13.8M Mezzanine Loan for 12 Communities in the Northwest

by Jeff Shaw

BALTIMORE — Capital Funding Group (CFG), a Baltimore-based lender, has provided a $13.8 million mezzanine loan that supported the refinancing of eleven skilled nursing facilities and one assisted living facility.  In addition to the mezzanine debt, CFG helped the client place the senior debt, which totaled $78.5 million. The total financing package amounted to $93.3 million. The facilities, which span Washington, Idaho, and Oregon, comprise over 1,554 beds. Further details on the borrower and properties were not disclosed.

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FeaturesNews

Investment in Infrastructure, Processes is Key to Owner-Operator Success, Says Expert Panel

by Jeff Shaw

ATLANTA — Today’s seniors housing market is a tough one, characterized by an inflationary environment and high operational costs. Amid the challenges the industry currently faces, owner-operators within the sector must focus on controlling expenses, such as labor and insurance, to maintain profitability — and earlier is better when it comes to planning to mitigate these expenses. Eric Mendelsohn, CEO and president of National Health Investors, a REIT that specializes in seniors housing, emphasized the importance of labor market analysis in the underwriting stage of operations. “Labor is a key …

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