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Formation Development Group Hires Michael Duggan as Senior Vice President

by Jeff Shaw

ALPHARETTA, Ga. — Formation Development Group LLC (FDG), a senior living development firm based in Alpharetta, has hired Michael Duggan as senior vice president. Duggan joins FDG from Anthology Senior Living where he spent eight years and served most recently as executive vice president, overseeing the development and construction teams. In his tenure at Anthology, he oversaw the growth of the development platform to over 30 projects across the country.  Duggan’s focus at FDG will be to lead the firm’s development strategy and execution. Formation Development Group, founded in 2007, …

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DevelopmentIndependent LivingNewsTexas

Journey Capital Starts Phase III Expansion at Edition of Saginaw in Texas

by Jeff Shaw

SAGINAW, Texas — Journey Capital has broken ground on the third phase of development at Edition of Saginaw Senior Living in Saginaw, just north of Fort Worth.  The phase will add 36 independent living cottages to the property. In partnership with Journey Capital’s affiliate operating arm led by Shawn Corzine of SilverPoint Senior Living, Journey unveiled Phase I of the Edition of Saginaw Senior Living community in January 2022, featuring 22 independent living cottages. Phase II is currently under construction will add a 71-bed assisted living and memory care facility …

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Affordable HousingCaliforniaDevelopmentNews

Milestone Completes Siesta Senior Apartments in Sonoma, California

by Jeff Shaw

SONOMA, Calif. — Milestone Housing Group will host a grand opening this week for Siesta Senior Apartments, an affordable housing community for seniors in Sonoma. Located on a 2.3-acre site, the three-story community offers 92 one-bedroom units. Housing Trust Silicon Valley, a nonprofit community loan fund, provided financing for the project.

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AcquisitionsAssisted LivingNewsUtah

SLIB Negotiates Sale of Two Communities in Utah

by Jeff Shaw

SANDY and DRAPER, Utah — Senior Living Investment Brokerage (SLIB) has arranged the sale of two assisted living and memory care communities in Utah. The properties are located just a few miles from each other in the southern Salt Lake City suburbs of Sandy and Draper. The communities were built in 2001 and consist of a total of 140 units. The properties total 35,334 and 53,255 square feet, and are situated on approximately 1.56 and 2.10 acres of land. The seller is a private equity group divesting to focus on …

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AcquisitionsAssisted LivingIowaKansasNews

Blueprint Arranges Sale of Two Assisted Living Communities in the Midwest

by Jeff Shaw

IOWA and KANSAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of two assisted living communities in Iowa and Kansas. Both communities were originally constructed in the mid- to late 90s, were purpose built for assisted living, and are located in markets with strong senior demographics, according to Blueprint. Blueprint marketed the opportunity as a component of two larger portfolios that totaled 23 seniors housing communities throughout the Southeast, Midwest and Mid-Atlantic. The buyer was a regional owner-operator. The seller, price, and names and locations of the communities …

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CCRCDevelopmentFinanceMassachusettsNews

MassDevelopment Issues $5M Bond Financing for Improvements at Glenmeadow in Longmeadow, Massachusetts

by Jeff Shaw

LONGMEADOW, Mass. — MassDevelopment has issued $5 million in tax-exempt bond financing on behalf of Glenmeadow Inc., a nonprofit life plan community. The borrower will use proceeds to complete several projects at its campus in Longmeadow, located along the Connecticut border just south of Springfield.  Projects include completing the demolition of the existing natatorium building and constructing a new building to house a natatorium and a wellness center; renovating dining venues; upgrading electric, plumbing and HVAC systems; installing rooftop solar panels; and buying equipment, fixtures and furniture.  This financing complements …

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Affordable HousingDevelopmentFinanceMassachusettsNews

2Life Communities Receives $7.6M HUD Grant Funding for 127-Unit Affordable Project in Boston

by Jeff Shaw

BOSTON — 2Life Communities has received more than $7.6 million from the U.S. Department of Housing and Urban Development’s (HUD) Office of Multifamily Housing Programs.  The funding is part of HUD’s recent announcement of $160 million in grants awarded to nonprofit organizations across the country that support the development of new or redeveloped affordable multifamily rental housing and ongoing project-based rental assistance for low- and very-low-income seniors.  The Section 202 Supportive Housing for the Elderly grant funding for 2Life will go towards creating 127 new affordable apartments for seniors with …

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AcquisitionsActive AdultNewsNorth Carolina

Berkadia Negotiates Sale of Active Adult Community in Charlotte, North Carolina

by Jeff Shaw

CHARLOTTE, N.C. — Berkadia has arranged the sale of an active adult community in Charlotte.  David Fasano, Ross Sanders, Cody Tremper, and Mike Garbers of Berkadia Seniors Housing & Healthcare led the transaction on behalf of the seller, Evergreen Residential. The property opened in fall 2020 and displayed an impressive lease-up velocity. The property is located in one of Charlotte’s exclusive master-planned communities. The local area offers an array of shopping, fitness and entertainment opportunities and boasts high median household incomes and housing values. The buyer, price and name of …

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AcquisitionsAssisted LivingGeorgiaNews

SLIB Brokers Sale of 94-Unit Personal Care Community in Georgia

by Jeff Shaw

GEORGIA — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 94-unit personal care community in Georgia.  The buyer is a regional owner-operator looking to make significant capital improvements to the community.  Daniel Geraghty and Bradley Clousing led the transaction for SLIB. Further details were not disclosed.

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CaliforniaDevelopmentNews

Belmont Village Tops Out 177-Unit Community in San Ramon, California

by Jeff Shaw

SAN RAMON, Calif. — Belmont Village Senior Living has completed vertical construction of Belmont Village San Ramon, its fifth community in the Bay Area.  The property is located within the Bishop Ranch master-planned community, which includes retail, dining and entertainment. Harrison Street Real Estate is the development partner, with Synovus Bank and Cadence Bank providing debt. Belmont Village San Ramon is a six-story, 175,320 square-foot senior living community that is scheduled to open in late 2024.  With views of Mount Diablo and surrounding hills, Belmont Village San Ramon offers independent …

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