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Affordable HousingDevelopmentNewsPennsylvania

Pennrose Breaks Ground on 55-Unit Good Shepherd Affordable Community in Philadelphia 

by Jeff Shaw

PHILADELPHIA — Pennrose, Wynnefield Overbrook Revitalization Corporation (WORC) and other project partners have broken ground on Good Shepherd, a 55-unit, affordable seniors housing community at the site of the former Good Shepherd Presbyterian Church in the Overbrook neighborhood of Philadelphia.  The project is slated to be completed in Fall 2025.  The four story, 53,000 square foot affordable housing community will offer one-bedroom apartments for seniors earning between 20 percent and 60 percent of the area Mmdian income (AMI), about $430 to $1,290 for a one-person household. The sustainable building will …

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AcquisitionsAssisted LivingKentuckyNews

SLIB Negotiates Sale of Four-Property Portfolio in Henderson, Kentucky

by Jeff Shaw

HENDERSON, Ky. — Senior Living Investment Brokerage (SLIB) has arranged the sale of four assisted living and independent living communities in Henderson, just across the Ohio River from Evansville, Indiana. The communities offer a combined 120 assisted living units and 38 independent living units. They were built in 2000, 2014, 2017 and 2019. The seller was a local owner-operator that developed and operated these assets since their inception. The buyer is a Kentucky-based owner-operator looking to grow its portfolio strategically in Western Kentucky. The price was not disclosed. Ryan Saul …

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AcquisitionsGeorgiaNewsOperations

Thrive Takes Over Management of Three Communities in Georgia

by Jeff Shaw

COCHRAN, JESUP and THOMSON, Ga. — Thrive Senior Living has taken over operations at three senior living communities in the state of Georgia, located in Cochran, Jesup and Thomson.  A Georgia-based family owns the properties, which are all under the At Home Senior Living brand.  “Communities in smaller towns like Cochran, Jesup, and Thomson exude the classic Southern charm that makes them feel like home,” says Sebby Kannukkaden, Thrive president and CFO. “However, they often miss out on valuable opportunities given their size and location. Our goal with these communities …

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Company NewsNewsPeople

LCS CEO Joel Nelson Announces Retirement Plan, COO Chris Bird to Take Reins

by Jeff Shaw

DES MOINES, Iowa — After nearly four decades in the senior living industry, LCS CEO Joel Nelson has announced his succession plan.  Nelson has led the Des Moines-based owner-operator since 2018, one of only four who have held the title since the company’s start in 1971. Chris Bird, LCS president and chief operating officer, will be promoted to president and CEO, effective Jan. 1.  Nelson will continue to serve chairman of the LCS board and as a member of the company’s investment committee. He will also complete his remaining term …

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FinanceMarylandNews

Berkadia Arranges $47.4M Financing for Modena Reserve at Kensington in Maryland

by Jeff Shaw

KENSINGTON, Md. — Berkadia has arranged a $47.4 million loan for Modena Reserve at Kensington, a 135-unit seniors housing community in Kensington, a suburb north of Washington, D.C.  The borrowers are Solera Senior Living, McCaffery and an institutional investor. A debt fund provided the capital. Steve Muth and Austin Sacco of Berkadia Seniors Housing & Healthcare led the transaction. The three-year, nonrecourse loan features interest-only payments throughout the term. The loan refinances a maturing construction loan.  The community opened in late 2021 and reached stabilized occupancy within 24 months.

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AcquisitionsFinanceNewsSkilled NursingTexas

Oxford Finance Provides $47M Credit Facility to Creative Solutions in Healthcare Inc.

by Jeff Shaw

FORT WORTH, Texas — Oxford Finance LLC has provided a $47 million senior credit facility to Creative Solutions in Healthcare Inc., a Fort Worth-based seniors housing investor. Funds drawn at closing were used to finance the acquisition of two skilled nursing facilities in Texas, totaling 228 beds. Additionally, the credit facility includes a substantial delayed draw commitment, providing the company with the flexibility to finance future acquisitions. Creative Solutions in Healthcare is a family-owned company with more than 170 long-term care communities throughout the state of Texas.

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AcquisitionsMichiganNewsSkilled Nursing

ESI Brokers Sale of 108-Bed Countryside Care Center in Jackson, Michigan

by Jeff Shaw

JACKSON, Mich. — Evans Senior Investments (ESI) has arranged the sale of Countryside Care Center, a skilled nursing facility in Jackson.  The transaction was executed on behalf of an independent owner-operator looking to recycle capital and exit the industry. Countryside Care Center is situated 40 miles west of Ann Arbor and 35 miles south of Lansing. The facility was built in 1968 and licensed for 108 skilled nursing beds.  Despite its longstanding presence, the center was facing challenges at the time of marketing, operating only 80 of its beds with …

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Company NewsNewsPeopleTexas

Buckner Retirement Services Appoints Ken Robbins as Interim President 

by Jeff Shaw

DALLAS — Buckner Retirement Services, a nonprofit operator based in Dallas, has hired Ken Robbins to serve as interim president.  Robbins will help a transition in leadership as the provider seeks a replacement for Charlie Wilson following his resignation as president. Wilson’s resignation is effective Aug. 31 after serving with Buckner for 24 years.  Over the next three weeks, Wilson will work closely with Robbins to bring him up to speed on the organization and the seven Buckner senior living communities it operates. Jeff Gentry, executive vice president and chief …

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AcquisitionsAssisted LivingKansasNewsSkilled Nursing

SLIB Brokers Sale of 65-Unit Hillside Village in De Soto, Kansas

by Jeff Shaw

DE SOTO, Kan. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Hillside Village, a seniors housing community in De Soto, approximately 20 miles southwest of Kansas City. Hillside Village offers 38 assisted living units and 27 skilled nursing units, totaling 95 licensed beds. The seller was a local owner existing the business. The buyer is a public company headquartered in California. The price was not disclosed. Ryan Saul, Nick Cacciabando and Jeff Binder led the transaction for SLIB.

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CCRCNewsPeopleTexas

Brazos Presbyterian Homes Holding Promotes Deidre Kinsey to Chief Executive Officer

by Jeff Shaw

HOUSTON — Brazos Presbyterian Homes Holding Inc. has promoted Deidre Kinsey to CEO. A 30-year veteran of the senior living industry, Kinsey most recently served two years as the company’s chief operating officer. She will lead the Houston-based nonprofit organization’s three continuing care retirement communities: Brazos Towers at Bayou Manor and The Hallmark in Houston and Longhorn Village in Austin. In her new CEO role, Kinsey aims to unite Brazos Presbyterian Homes Holding into a cohesive, multisite organization by leveraging each senior living community’s strengths, a broader talent pool, shared …

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