DALLAS — Sonida Senior Living Inc. (NYSE: SNDA), a Dallas-based owner-operator of communities and services for seniors, has entered into loan modification agreements with Fannie Mae covering all 37 of its communities mortgaged through the government-sponsored entity. On June 29, Sonida entered into a comprehensive forbearance agreement with Fannie Mae as the first of a two-step process to modify all existing mortgage agreements with Fannie Mae. The modifications finalize the comprehensive restructuring. The terms of the Fannie Mae loan modifications were consistent with those set forth in the forbearance agreement. …
LAS VEGAS — ZNest.com, a Las Vegas-based seniors housing referral platform. has acquired Odom Senior Care, which was launched by two-time NBA champion and former reality TV star Lamar Odom earlier this year to provide referral services for senior care. As part of the deal, Odom will assume the position of chief creative officer at ZNest.com. Odom embarked on a mission to demystify the complex world of senior living and care after recognizing the challenges families face when searching for quality, affordable care solutions. Inspired by Odom’s 96-year-old grandmother, Odom …
DALLAS — Lifespace Communities, a Dallas-based operator, has hired Swapna Tavtum as vice president of data and analytics. Tavtum will oversee all data and analytics, leading the organization in harnessing and serving up data as business intelligence to support Lifespace in making informed decisions, improve operations, achieve strategic objectives and find revenue-generating opportunities. Tavtum has over 17 years of experience leading digital transformations that improve operations and grow revenue through advanced analytics strategies. She has led large digital transformation projects for organizations like Starbucks, PVH, Southeastern Grocers and Rent-A-Center, and …
WAREHAM, Mass. — Pennrose and Wareham Redevelopment Authority (WRA) have begun construction on Littleton Drive, a 93-unit mixed-income development for families. The project is being built on a vacant, 16-acre plot in Wareham, a South Coast city along Buzzards Bay and just west of Cape Cod. It is scheduled for completion in summer 2024. Plans for Littleton Drive include a 49-unit family development with a mix of workforce and affordable apartments and a 44-unit affordable development for seniors age 62 and older. One-, two-, and three-bedroom apartments will be available …
SMITHTOWN, N.Y. — Live Oak Bank has provided a $29 million loan for Benchmark Senior Living. The financing replaced the original construction debt for a 101-unit assisted living and memory care community in the Long Island town of Smithtown. Benchmark opened the community in 2018.
As operators build back occupancy post-pandemic, they’re also drawing up new blueprints for success. Operators are trying to figure out what baby boomers want in a senior living community. A renewed emphasis on customer service is critical. New marketing strategies are embracing the latest technology, even artificial intelligence. “Brand” and “culture” are two words that operators bring up over and over again. While the labor crunch has eased a bit, operators are still shorthanded. Effective recruitment and retention practices are vital for sound operations. Happy employees make for happy residents …
SOUTH DENNIS, Mass. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 128-bed skilled nursing facility in the Cape Cod town of South Dennis. Through a bifurcated process between Blueprint’s seniors housing group and behavioral healthcare group, the broker approached a targeted variety of skilled nursing investors and alternative use investors. Housing Assistance Corp. Cape Cod acquired the asset and embarked on a capital expenditure plan to revitalize the asset and will ultimately convert the community into housing. The seller and price were not disclosed. The Blueprint …
CHICAGO — The Admiral at the Lake board of directors has announced it intends to end its affiliation and become an independently operated continuing care retirement community. The property is located near Montrose Beach in Chicago’s Uptown neighborhood. “The board of directors worked closely with expert advisors, our stakeholders and the management team to analyze the opportunities that exist for The Admiral at the Lake under a variety of scenarios,” says Laura McKee, board chair. “With this new path forward, we will continue to provide elevated senior living services to …
CHATTANOOGA, Tenn. — Charter Senior Living has taken over management of Summit View Senior Community in Chattanooga. Charter will rebrand the independent living and assisted living community as Charter Senior Living of Chattanooga. Charter plans to renovate and update the community’s cosmetic features and plans to maintain the current staff and add additional staff as needed.
CYPRESS, Texas — Caldwell Communities has opened Cadence Creek at Towne Lake, an active adult community in Cypress, a suburb of Houston. The community features one- and two-bedroom apartments and cottages ranging from 760 to 1,230 square feet. The number of units was not disclosed. Caldwell opened its first community in nearby Spring at the end of 2022.