MEMPHIS, Tenn. — Grace Management Inc. has assumed management responsibilities for The Summit of Germantown in Memphis. The community features 122 independent living units, 34 assisted living units and 24 memory care units. This transition represents an expansion in the greater Memphis market for Grace, complementing an existing community, Town Village Audubon Park.
JENISON, Mich. — Ziegler has arranged $52.1 million in bond financing for Sunset Manor Inc., a nonprofit owner-operator based in the West Michigan city of Jenison. Sunset Manor was established in 1973 to care for the elderly residents of West Michigan and beyond. Sunset owns and operates four facilities in Jenison, Grandville and Grand Haven. Per the 2023 LeadingAge Ziegler 200, Sunset Manor is the 138th largest nonprofit senior living provider in the nation with a total of 696 units consisting of 384 independent living units and 312 assisted living units. …
GREENVILLE, S.C. — Berkadia has arranged the sale of The Aspens Verdae, a newly built, 159-unit active adult community in Greenville. Texas-based active adult developer Aspens Senior Living sold the community to Charleston-based Blaze Capital Partners and Partners Group, acting on behalf of its clients. Located in Greenville’s master-planned, 1,100-acre Verdae neighborhood, the Aspens Verdae provides convenient access to retail, restaurants, healthcare and outdoor activities. The property was built in 2022 and features one-bedroom and two-bedroom apartments. Cody Tremper, Mike Garbers, Dave Fasano and Ross Sanders led the Berkadia team.
SPARTANBURG, S.C. — Blueprint Healthcare Real Estate Advisors has arranged the entity-level sale of White Oak Management, an operator with a portfolio of 15 skilled nursing facilities totaling more than 2,000 beds in North Carolina and South Carolina. Led by the Cecil Family, Spartanburg-based White Oak was originally founded in 1964 and has since expanded across the Carolinas. In addition to its 15 facilities, White Oak also owned and operated an ancillary pharmacy company dedicated to servicing the portfolio. The facilities enjoyed a demonstrated track record of strong profitability, with …
BRICK, N.J. — Brick-based Marquis Health Consulting Services has appointed a new leadership team for its expanding senior living division: Alan Eserner and Jules Dewey are serving as vice presidents of operations and sales, respectively. The pair will oversee a growing portfolio of more than a dozen Marquis-serviced assisted living and independent living communities in New Jersey, Pennsylvania and Maryland. Eserner, a licensed nursing home administrator, has more than 15 years of executive and management experience. He joined Marquis in 2021 and has played a significant role in the company’s …
PASADENA, Calif. — Community Preservation Partners (CPP) has acquired Green Hotel Apartments, an affordable seniors housing complex in downtown Pasadena, a suburb of Los Angeles. This is the 15th community in the greater Los Angeles area for CPP and the 41st in the state. Built in the 1890s, Green Hotel Apartments is listed on the National Register of Historic Places and is a Pasadena Historic Monument. The 139-unit property is a seven-story mix of studio and one-bedroom units serving seniors earning between 30 and 60 percent of the area median income …
WEST BEND, Wis. — Evans Senior Investments (ESI) has arranged the sale of Samaritan Health Center, a county-owned facility in West Bend, approximately 30 miles north of Milwaukee. The community was originally built in 1969 and renovated in 2009. The facility offers three licensed programs: a skilled nursing facility, an assisted community-based residential facility (CBRF), and a supportive living, apartment-style residential care apartment complex (RCAC). Altogether, the center provides 186 beds, including 131 skilled nursing beds, 24 RCAC beds and 31 CBRF beds. At the time of marketing, Samaritan Health …
NEW YORK CITY — Cushman & Wakefield has hired Matthew Yance as a director for the firm’s valuation and advisory group as part of the senior living and care specialty practice. Based out of the firm’s New York office, Yance will focus on institutional valuations and market studies across the United States. Yance has nine years of experience focusing on the senior living sector. Previously, he was at Newmark, where he co-led the senior housing and healthcare team. In that position he oversaw a team of appraisers focused on the …
ORANGEBURG, S.C. — Ziegler has acted as sell-side advisor in the disposition of The Oaks of Orangeburg, a 122-bed skilled nursing facility in Orangeburg, approximately 35 miles southeast of Columbia. The facility, located in a rural area of the state, is adjacent to a larger independent living campus that was not included in this sale. A privately held healthcare real estate investment and management company out of Skokie, Illinois purchased the property. The new operator is PACS Group Inc.
WAUKEGAN, Ill. — The U.S. Department of Housing and Urban Development has completed a $28 million Rental Assistance Demonstration (RAD) transaction with the Waukegan Housing Authority (WHA) to expand affordable housing options for low-income seniors in Waukegan, a suburb north of Chicago. Constructed in 1964, Ravine Terrace is a 98-unit, eight-story building that is in extensive need of repair and improvements due to its advanced age. The transaction funds the rehabilitation and reconfiguration of 56 studio apartments into 28 larger, one-bedroom homes; and the renovation of 42 one-bedroom homes. Additionally, …
