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CaliforniaCCRCFinanceNews

Cambridge Realty Capital Provides $15.4M Refinancing for Casa de Flores, Bayside Care Center in Morro Bay, California

by Jeff Shaw

MORRO BAY, Calif. — Cambridge Realty Capital has provided a $15.4 million first mortgage loan to refinance Casa de Flores and Bayside Care Center. Located in Morro Bay, a seaside city approximately midway between Los Angeles and San Francisco, Casa de Flores and Bayside Care Center form a single campus offering assisted living and skilled nursing services.  Hymie Barber, Cambridge’s national originations manager, led the refinancing team. The fully amortizing, 34-year loan was provided for the owner, a California limited liability company, through the HUD Section 232/223(f) mortgage insurance program. …

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AcquisitionsCompany NewsNewsTechnology

SilverAssist Acquires Oasis Senior Advisors in Third-Party Services Merger

by Jeff Shaw

NEW YORK CITY — SilverAssist, a New York-based provider of senior care resources and solutions, has acquired Oasis Senior Advisors, a national franchise network spanning over 130 locations across the United States. The strategic move was in response to the growing need for comprehensive and personalized senior care solutions in a rapidly aging society, according to SilverAssist. SilverAssist is a comprehensive senior assistance platform, connecting seniors and their families with trustworthy information, expert guidance and quality services to simplify senior life.Founded in 2014 by Tim Evankovich, Oasis Senior Advisors provides …

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AcquisitionsCompany NewsNews

Kisco, Balfour Partner to Form 35-Community Company

by Jeff Shaw

LOUISVILLE, Colo., and CARLSBAD, Calif. — Balfour Senior Living, based in Louisville, has become an affiliate of Kisco Senior Living, based in Carlsbad. Andy Kohlberg, the CEO and founder of Kisco, and Michael Schonbrun, the CEO and founder of Balfour along with co-founder and general counsel Susan Juroe, broke the news in a joint statement. Since their founding 30 years ago, the two luxury seniors housing companies have followed parallel paths. The combination of the two companies will be geographically complementary, according to Balfour and Kisco executives. The new entity …

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Affordable HousingDevelopmentFinanceNew JerseyNews

NJEDA Approves $20M in Tax Credits for Affordable Seniors Housing Developments in New Jersey

by Jeff Shaw

NEWARK and WASHINGTON TOWNSHIP, N.J. — The New Jersey Economic Development Authority (NJEDA) has approved two additional senior residential development projects for Aspire funds. The two projects, one located in Newark and the other in Washington Township, will include 164 housing units for seniors, all of which will be affordable. To date, the board has now approved a total of $294 million in Aspire funds for residential projects, leading to the creation and preservation of over 1,500 housing units, nearly 70 percent of which will be affordable. With the development …

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DevelopmentNewsPeople

Formation Development Group Hires Michael Duggan as Senior Vice President

by Jeff Shaw

ALPHARETTA, Ga. — Formation Development Group LLC (FDG), a senior living development firm based in Alpharetta, has hired Michael Duggan as senior vice president. Duggan joins FDG from Anthology Senior Living where he spent eight years and served most recently as executive vice president, overseeing the development and construction teams. In his tenure at Anthology, he oversaw the growth of the development platform to over 30 projects across the country.  Duggan’s focus at FDG will be to lead the firm’s development strategy and execution. Formation Development Group, founded in 2007, …

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DevelopmentIndependent LivingNewsTexas

Journey Capital Starts Phase III Expansion at Edition of Saginaw in Texas

by Jeff Shaw

SAGINAW, Texas — Journey Capital has broken ground on the third phase of development at Edition of Saginaw Senior Living in Saginaw, just north of Fort Worth.  The phase will add 36 independent living cottages to the property. In partnership with Journey Capital’s affiliate operating arm led by Shawn Corzine of SilverPoint Senior Living, Journey unveiled Phase I of the Edition of Saginaw Senior Living community in January 2022, featuring 22 independent living cottages. Phase II is currently under construction will add a 71-bed assisted living and memory care facility …

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Affordable HousingCaliforniaDevelopmentNews

Milestone Completes Siesta Senior Apartments in Sonoma, California

by Jeff Shaw

SONOMA, Calif. — Milestone Housing Group will host a grand opening this week for Siesta Senior Apartments, an affordable housing community for seniors in Sonoma. Located on a 2.3-acre site, the three-story community offers 92 one-bedroom units. Housing Trust Silicon Valley, a nonprofit community loan fund, provided financing for the project.

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AcquisitionsAssisted LivingNewsUtah

SLIB Negotiates Sale of Two Communities in Utah

by Jeff Shaw

SANDY and DRAPER, Utah — Senior Living Investment Brokerage (SLIB) has arranged the sale of two assisted living and memory care communities in Utah. The properties are located just a few miles from each other in the southern Salt Lake City suburbs of Sandy and Draper. The communities were built in 2001 and consist of a total of 140 units. The properties total 35,334 and 53,255 square feet, and are situated on approximately 1.56 and 2.10 acres of land. The seller is a private equity group divesting to focus on …

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AcquisitionsAssisted LivingIowaKansasNews

Blueprint Arranges Sale of Two Assisted Living Communities in the Midwest

by Jeff Shaw

IOWA and KANSAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of two assisted living communities in Iowa and Kansas. Both communities were originally constructed in the mid- to late 90s, were purpose built for assisted living, and are located in markets with strong senior demographics, according to Blueprint. Blueprint marketed the opportunity as a component of two larger portfolios that totaled 23 seniors housing communities throughout the Southeast, Midwest and Mid-Atlantic. The buyer was a regional owner-operator. The seller, price, and names and locations of the communities …

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CCRCDevelopmentFinanceMassachusettsNews

MassDevelopment Issues $5M Bond Financing for Improvements at Glenmeadow in Longmeadow, Massachusetts

by Jeff Shaw

LONGMEADOW, Mass. — MassDevelopment has issued $5 million in tax-exempt bond financing on behalf of Glenmeadow Inc., a nonprofit life plan community. The borrower will use proceeds to complete several projects at its campus in Longmeadow, located along the Connecticut border just south of Springfield.  Projects include completing the demolition of the existing natatorium building and constructing a new building to house a natatorium and a wellness center; renovating dining venues; upgrading electric, plumbing and HVAC systems; installing rooftop solar panels; and buying equipment, fixtures and furniture.  This financing complements …

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