LANSING, Mich.— The national Moving Forward Nursing Home Quality Coalition and the Michigan Health Endowment Fund have launched an initiative to improve nursing home operations and resident quality of life in Michigan. Over the next six months, the initiative plans to convene a team of state government leaders, experts, clinicians, advocates and residents along with national Moving Forward Coalition leaders to address nursing home quality improvement opportunities in Michigan based on action plans from the coalition. The initiatives may include creating stronger career pathways for certified nursing assistants. “The enormous …
DES MOINES, Iowa — Care Purchasing Services (CPS), an LCS Company, has hired David Mercugliano as director of business development. CPS is a group purchasing for the senior living industry. Its national purchasing power allows its members to realize cost savings from more than 250 suppliers in operations, food service, medical supplies, therapy, pharmacy and more. In his new role, Mercugliano will be responsible for increasing CPS membership to ensure our overall purchasing power and solutions grow, remain strong and drive results for members. His role will work alongside senior …
MORRISVILLE, N.Y. — KeyBank Community Development Lending and Investment (CDLI) has provided a $9 million construction loan and $12 million in Low-Income Housing Tax Credit (LIHTC) equity for the construction of an affordable senior housing property in Morrisville, a tiny village of just over 2,000 residents in Central New York. Community View Apartments will consist of 61 units for residents age 55 and older earning no more than 30 percent, 40 percent, 50 percent and 60 percent of the area median income. Of the 61 units, 20 will be covered …
ONANCOCK, Va. — Commonwealth Senior Living has started construction on an expansion of Commonwealth Senior Living at the Eastern Shore in Onancock, a small town near Chesapeake Bay on the Delmarva Peninsula. The $2.4 million project will add eight memory care apartments, convert spaces into eight assisted living apartments, and adding spaces for a new living room and lounge area. Construction is scheduled for completion in April 2024. Commonwealth Senior Living at the Eastern Shore currently features independent living, assisted living and memory care. Once construction is complete, the community …
PENNSYLVANIA — Capital Funding Group (CFG) has provided $34.7 million in bridge-to-HUD financing for the acquisition of three skilled nursing facilities. The facilities, which are located in Pennsylvania, total 299 beds. The buyer, seller, price and locations were not disclosed. Craig Casagrande and Andrew Jones originated the transaction for CFG.
MARSHFIELD, Wis., and RAMSEY, Minn. — Health Dimensions Group has taken over management of Stoney River of Marshfield and Stoney River of Ramsey. The two communities offer assisted living and memory support services. The owner is Stoney River.
CHICAGO — Partner Valuation Advisors, a Chicago-based national commercial real estate valuation advisory firm, has expanded its seniors housing team with the hiring of seven professionals. The new additions are spread across five states and include Shawn-James O’Connor, executive vice president; Patrick McCrae, director; Andrea Roberts, director; Bradley Grossa, director; Allison Stavinoha, director; Karlie Guta, senior vice president; and Jacob Sandler, associate. O’Connor brings over 23 years of expertise in seniors housing and health care. Throughout his career, he has focused on valuation and consulting engagements encompassing a diverse range …
ST. JOHNS, Fla. — Quality Senior Living (QSL) has started construction of The Blake at St. Johns, an assisted living and memory care community in St. Johns, a southern suburb of Jacksonville. The community, which QSL Management will operate, features 70 assisted living apartments and 48 memory care apartments. Development costs are estimated at $35 million. The two-story, 115,000-square-foot building is designed around two landscaped interior courtyards. Arrive Architecture Group designed the project. The Blake at St. Johns is part of a planned development that includes St. Thérése, an early-learning …
NEWTON, Mass. — Diversified Healthcare Trust (NASDAQ: DHC), a Newton-based REIT, has announced that a non-monetary event of default has occurred under its $450 million credit facility. The facility requires DHC to maintain collateral properties with an aggregate appraised value of at least $1.09 billion. The facility allows the facility’s administrative agent to periodically reappraise the collateral properties. On June 23, the administrative agent notified DHC that the reappraised value of the 61 medical office and life sciences properties securing the facility had declined from $1.34 billion to $1.05 billion, …
WASHINGTON, D.C. — The American Seniors Housing Association (ASHA) has released a new report detailing the senior living priorities of the baby boomer generation, members of which will largely be the industry’s residents for the next 25 years. “In the years to come, many of the nation’s 76 million baby boomers will transition into seniors housing,” says David Schless, ASHA president and CEO. “It’s imperative that industry leaders understand the baby boomers’ expectations so they can meet their needs and position themselves for success.” The report — “Boomers and the …