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AcquisitionsAssisted LivingNewsSouth Carolina

Blueprint Negotiates Sale of 61-Unit Florence Place in South Carolina

by Jeff Shaw

FLORENCE, S.C. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Florence Place, an assisted living and memory care community in Florence, approximately 80 miles east of Columbia. Originally constructed in 1999, the purpose-built seniors housing community featured 61 units in a prominent location within the submarket. Blueprint marketed the opportunity alongside 16 communities located throughout the Southeast, Midwest and Mid-Atlantic. The undisclosed seller decided to market the portfolio at the start of 2023, following the successful implementation of rate increases, which resulted in double-digit revenue growth over …

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Company NewsNewsOperations

Industry Veterans Andrew Agins, Justin Dickinson Launch Operator Evolve Senior Living

by Jeff Shaw

CHICAGO — Andrew Agins and Justin Dickinson have announced the launch of Evolve Senior Living, a Chicago-based operator. The two partners and co-founders both worked at Anthology Senior Living, a Chicago-based operator and subsidiary of CA Senior Living Co. “For the last two decades, we have been not only owners of seniors housing communities but also worked in various capacities in the sector including development, acquisitions, asset management, operations and technology,” the pair said in a press release. “We recognize the challenges in the industry. We also understand the strategies …

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FinanceIdahoNewsOregonSkilled NursingWashington

CFG Provides $13.8M Mezzanine Loan for 12 Communities in the Northwest

by Jeff Shaw

BALTIMORE — Capital Funding Group (CFG), a Baltimore-based lender, has provided a $13.8 million mezzanine loan that supported the refinancing of eleven skilled nursing facilities and one assisted living facility.  In addition to the mezzanine debt, CFG helped the client place the senior debt, which totaled $78.5 million. The total financing package amounted to $93.3 million. The facilities, which span Washington, Idaho, and Oregon, comprise over 1,554 beds. Further details on the borrower and properties were not disclosed.

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FeaturesNews

Investment in Infrastructure, Processes is Key to Owner-Operator Success, Says Expert Panel

by Jeff Shaw

ATLANTA — Today’s seniors housing market is a tough one, characterized by an inflationary environment and high operational costs. Amid the challenges the industry currently faces, owner-operators within the sector must focus on controlling expenses, such as labor and insurance, to maintain profitability — and earlier is better when it comes to planning to mitigate these expenses. Eric Mendelsohn, CEO and president of National Health Investors, a REIT that specializes in seniors housing, emphasized the importance of labor market analysis in the underwriting stage of operations. “Labor is a key …

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NewsPeopleTechnology

Sunrise Senior Living Hires Marco Trecroce as Chief Technology Officer

by Jeff Shaw

MCLEAN, Va. — Sunrise Senior Living, a McLean-based senior living operator, has hired Marco Trecroce as chief technology officer (CTO). With more than 25 years of global executive leadership experience, Trecroce’s breadth of functional expertise spans multiple industries including hospitality, travel, retail and professional services. Most recently he served as global chief information officer at The Four Seasons Hotels & Resorts.  Prior to Four Seasons, Trecroce held executive roles at Loblaw Cos. Limited, a retail and wholesale food retailer; Masterfile Corp., a business-to-business sales and advertising company; and Opodo Group …

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NewsPeople

Spiezle Hires Jason Maguire as Senior Project Manager

by Jeff Shaw

SPRINGFIELD, Pa. — Spiezle Architectural Group has hired Jason Maguire as a senior project manager. Maguire has more than 20 years of architectural design experience. He most recently worked at Bernardon in Wilmington, Delaware, where he oversaw multiple large-scale senior living projects, from independent living to assisted living and memory care. Maguire is the state director for the Delaware Disaster Assistance Program through AIA and a member of the Committee of 100, a non-partisan, nonprofit association of Delaware business leaders that works to promote responsible economic development and address issues …

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CaliforniaFinanceNewsSkilled Nursing

G Capital Markets Provides $9.6M HUD Refinancing for Trellis Chino in California

by Jeff Shaw

CHINO, Calif. — G Capital Markets, a new advisory firm launched this summer by Grant Goodman, has arranged a $9.6 million HUD refinancing for Trellis Chino, a skilled nursing facility in Chino. Built in 2018, the community comprises all private rooms and exclusively cares for short-term, high-acuity rehabilitation patients. After leasing up during COVID, the building has performed strongly with near 100 percent occupancy, according to G Capital. The borrower, Encore Capital Ventures, is a real estate investment and capital solutions firm with a portfolio of healthcare and other real …

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CaliforniaFinanceNewsSkilled Nursing

CFG Funds $43.4M HUD Refinancing for Skilled Nursing Facility in Bakersfield, California

by Jeff Shaw

BAKERSFIELD, Calif. — Capital Funding Group (CFG) has provided a $43.4 million HUD loan for a 140-bed skilled nursing facility in Bakersfield. The transaction converts an existing bridge loan into a HUD loan following the property’s stabilization.  The initial financing, also executed by CFG, allowed the nationally recognized borrower to acquire the property. Patrick McGovern originated the transaction for CFG.

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NewsPeople

Watercrest Promotes Johnita Jackson-Hannah to Vice President of Clinical Operations

by Jeff Shaw

VERO BEACH, Fla. — Watercrest Senior Living Group, a Vero Beach-based operator, has promoted Johnita Jackson-Hannah to vice president of clinical operations. The announcement comes on the cusp of her five-year anniversary with the organization, having joined the Watercrest family in the fall of 2018 as a clinical specialist. After joining Watercrest in 2018, Jackson-Hannah quickly advanced into the role of regional clinical director, successfully leading a rapidly growing number of clinical teams as Watercrest Senior Living expanded by nearly a dozen communities from Florida to Virginia. Jackson-Hannah’s clinical expertise …

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