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CCRCDevelopmentIndependent LivingNewsNorth Carolina

LCS Development Plans $90M Cypress Glen Expansion Project in Greenville, North Carolina

by Jeff Shaw

GREENVILLE, N.C. — LCS Development, An LCS Company, has received an undisclosed amount of financing for the community expansion and remodeling project at Cypress Glen, a senior living community in Greenville.  The $90 million project will add 57 independent living residences and include a new auditorium, expo kitchen, wine bar and remodeled amenities. LCS Development has led the planning, development and design, and will oversee the construction services.  The expansion is slated for completion by November 2025. Cypress Glen sits on over 95 scenic acres and is the only continuing …

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AcquisitionsAssisted LivingNewsTennessee

Blueprint Brokers Sale of Vacant Community in Memphis for Behavioral Health Conversion

by Jeff Shaw

MEMPHIS, Tenn. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a vacant assisted living community in Memphis. Blueprint’s behavioral healthcare team advised the seller on obtaining special zoning entitlements to seek a buyer looking to convert the property into a behavioral healthcare facility. The buyer originally planned to implement capital improvements and license the building as a substance abuse facility. However, during escrow, Blueprint was approached by an adolescent mental healthcare provider, expressing strong interest in leasing and operating the property. Blueprint introduced the buyer to the …

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NewsPeople

Western States Lodging and Management Promotes Dave Egbert to Vice President Operations Senior Living

by Jeff Shaw

SALT LAKE CITY — Western States Lodging and Management (WSLM), a Salt Lake City-based management and development firm focused on hospitality, senior living and multifamily housing, has promoted Dave Egbert to vice president operations senior living.  Egbert will provide operational leadership, planning, coordination and support to the WSLM’s Legacy Retirement Communities. Egbert has nearly 20 years of experience in the senior living and older adult healthcare field. With beginnings as a direct care provider, he has served in leadership positions, most recently as WSLM’s executive director at Legacy Village of …

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Assisted LivingColoradoDevelopmentNews

HDG Opens Terra Bluffs Community in Parker, Colorado

by Jeff Shaw

PARKER, Colo. — Health Dimensions Group (HDG), along with co-owners Ellipsis and Invesque, has opened Terra Bluffs, an assisted living and memory care community in Parker. The property is located southeast of Denver. Details such as the number of units were not disclosed. HDG provides oversight of the community’s day-to-day operations. Ellipsis is the project developer for the care community and Invesque is the project’s investment partner.

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Active AdultDevelopmentFinanceFloridaNews

Pearlmark Provides $33M Mezzanine Debt for Active Adult Development in Jacksonville

by Jeff Shaw

JACKSONVILLE, Fla. — Pearlmark has provided a $33 million mezzanine loan for the development of RISE @ Glen Kernan Park, a 308-unit active adult development in Jacksonville’s Southside neighborhood.  Pearlmark closed the financing via its Pearlmark Mezzanine Realty Partners V LP investment vehicle. Benefit Street Partners provided the senior debt piece, the amount of which was not disclosed.  Taylor Williams of Walker & Dunlop arranged the project capitalization on behalf of the borrower, RISE, a locally based multifamily development firm with five other projects in the Jacksonville market. RISE @ …

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Assisted LivingNewsPeopleTexas

Integral Names Michael Salyers Executive Director of Sage Valley Senior Living in Pflugerville, Texas

by Jeff Shaw

PFLUGERVILLE, Texas — Integral Senior Living has named Michael Salyers as executive director of Sage Valley Senior Living in the Austin suburb of Pflugerville. Salyers has been working in hospitality for 25 years in various leadership roles within the hotel industry. After years of working around the U.S., the University of Houston graduate returned to Texas in 2018 to combine his experience in hospitality with his passion for serving others in senior living. Salyers has worked in independent living, assisted living and memory care in the Austin, Houston and San …

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NewsPeople

DIGroup Architecture Names Two New Associates to Leadership Team

by Jeff Shaw

PHILADELPHIA — DIGroup Architecture has appointed Kate Haas and Debbie Koehler to the role of associate. Haas, who has been with DIG for a total of eight years, has risen through the ranks from interior designer to senior interior designer to being named director of interior design last year. Her areas of specialization include interior architecture design strategy, concept development, programming, space planning, 3D modeling, rendering, detailed construction documentation, finish material and furniture selections. In addition, Haas directs, manages and mentors a team of interior designers. A graduate of Virginia …

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AcquisitionsNewsOregon

Ziegler Arranges Sale of 177-Unit Parkview Christian Retirement Community in Portland, Oregon

by Jeff Shaw

PORTLAND, Ore. — Ziegler, as exclusive financial advisor to the seller, has arranged the acquisition of Parkview Christian Retirement Community in Portland. Founded by members of the Columbia Baptist churches, the nonprofit Oregon Baptist Retirement Home Society opened its doors in 1944. The community expanded several times over the next 40 years. In 1987, the organization moved to its current location in northeast Portland and expanded again 10 years later. Today, the campus consists of 115 rental independent living apartments and 62 assisted living units spread over approximately six acres …

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AcquisitionsMissouriNewsSkilled NursingTexas

CareTrust REIT Acquires Three-Property Skilled Nursing Portfolio in Texas, Missouri for $55.6M

by Jeff Shaw

COLUMBIA, MO., and HOUSTON — CareTrust REIT Inc. (NYSE: CTRE) has acquired three skilled nursing facilities for approximately $55.6 million, inclusive of transaction costs.  The portfolio, consisting of 210 skilled nursing beds and 24 assisted living units, will be added to CareTrust’s existing master lease with affiliates of PACS Group Inc., which has been operating the facilities for a third-party landlord. Two of the facilities are located in Houston and one is located in Columbia. The acquisition increases annual rent under the existing PACS master lease by approximately $5 million. …

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