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CaliforniaFinanceIndependent LivingNews

CBRE Arranges $38.4M Refinancing for The Plaza at Lantern Crest in Santee, California

by Jeff Shaw

SANTEE, Calif. — CBRE has arranged a $38.4 million refinancing for The Plaza at Lantern Crest, a 113-unit independent living community in Santee, a northeastern suburb of San Diego. The borrower is The Grant Cos. Aron Will, Bill Chiles, Matt Kuronen and Michael Cregan of CBRE National Senior Housing, arranged the financing. Built in 2021, the four-story community is situated on 3.8 acres within a larger 34-acre campus that provides a full continuum of care to its residents. The collection of Lantern Crest communities represents one of the highest quality …

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AcquisitionsCompany NewsInvestmentNewsOperations

LTC Seeks to Sell, Transition 35-Community Portfolio as Brookdale Elects to End Lease

by Jeff Shaw

WESTLAKE VILLAGE, Calif. — LTC Properties Inc. (NYSE: LTC ), a REIT that primarily invests in seniors housing and healthcare properties, has announced plans to diversify its portfolio through the transition and possible sale of some of the properties in its Brookdale Senior Living (NYSE: BKD) portfolio, following Brookdale’s election not to exercise its lease renewal option. Brookdale is contractually obligated to pay rent on the portfolio of 35 assisted living communities across eight states through the end of the lease term on Dec. 31, 2023. The portfolio represents 8.4 …

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AcquisitionsAffordable HousingNewsVermont

Affordable Housing Investment Brokerage Negotiates Sale of Three Affordable Communities in Vermont

by Jeff Shaw

WILLISTON and ST. ALBANS, Vt. — Affordable Housing Investment Brokerage Inc. (AHIB) has negotiated the sale of a three-property affordable seniors housing portfolio in the greater Burlington area. Consisting of 191 units across all properties, the three communities — Hawk’s Nest in St. Albans, and Falcon Manor and Eagle Crest in Williston — serve independent senior tenants and were all developed under the Section 42 Low Income Housing Tax Credit program. The price was not disclosed. AHIB’s Kyle Shoemaker represented both the seller, a local development company, and the buyer, …

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DevelopmentLegal IssuesNewsPeople

Beacon Communities Hires Justin Babineaux as Associate General Counsel of Property Management

by Jeff Shaw

BOSTON — Beacon Communities, a developer in the affordable, market-rate and mixed-income property space, including seniors housing, has hired Justin Babineaux as associate general counsel of property management. Most recently, Babineaux served as staff attorney at Columbia Residential, where he managed and oversaw legal matters relating to fair housing and regulatory compliance. In his new role, Babineaux will serve as primary legal support for the property management team in all legal aspects of the ownership and management of affordable and mixed-income housing communities. Reporting to Beacon’s general counsel, he will …

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FeaturesNewsOperationsTechnology

Operators Say Storytelling is the Key to Selling

by Jeff Shaw

LOS ANGELES — Participants in the “Best-in-Class Operators” panel at France Media’s InterFace Seniors Housing West conference, held Feb. 2 at the Omni Los Angeles, had one task, albeit a large one: provide the blueprint for operational success in a challenging market. Though there were various strategies thrown out to combat the whack-a-mole challenges currently plaguing operators, panelists noted that the goal of seniors housing remains the same in any market: to increase occupancy and rents, which is done by providing a product people not only need, but also want. …

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Affordable HousingDevelopmentHawaiiNews

EAH Housing Breaks Ground on $58M Affordable Community in Hilo, Hawaii

by Jeff Shaw

HILO, Hawaii — EAH Housing has broken ground on Hale Nā Koa ‘O Hanakahi, an affordable seniors housing community for veterans in Hilo, located on the east coast of the “Big Island” of Hawaii. Development costs are estimated at $58 million. In partnership with Hawaii Island Veterans Memorial Inc. (HIVM), EAH Housing will develop the residential component of the master-planned complex that will also include a community-based outpatient clinic. The property will be built on 5.5 acres owned by the County of Hawaii. The 92-unit affordable living community will be …

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AcquisitionsIllinoisNews

Cushman & Wakefield Brokers $20M Sale of Historic River Glen of St. Charles in Metro Chicago

by Jeff Shaw

ST. CHARLES, Ill. — Cushman & Wakefield has arranged the sale of River Glen of St. Charles, located within the former Delnor Hospital in St. Charles, which was built in 1939. Located approximately 35 miles west of Chicago, the community features 106 units of independent living, assisted living and memory care. The original hospital building has been converted into a modern, well-amenitized campus. Bridge Investment Group sold the asset to Citrine Senior Communities, a joint venture between affiliates of Citrine Investment Group and Jaybird Capital, for $20 million. Jaybird Senior …

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NewsOperationsPeople

Watercrest Senior Living Group Hires Shelley Beville as Regional Director of Clinical Operations

by Jeff Shaw

VERO BEACH, Fla. — Watercrest Senior Living Group, a Vero Beach-based operator, has hired Shelley Beville to its executive leadership team as regional director of clinical operations (RDCO). Beville joins fellow RDCO Johnita Jackson, and the team will work to ensure Watercrest’s standards of care, operations and associate training are met by the clinical teams in all Watercrest senior living communities. Beville brings over 33 years of experience in healthcare, with the majority of time dedicated to the senior living industry. She most recently served as RDCO for a large …

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DevelopmentMassachusettsNews

LCS Nears Completion of The Delaney at The Vale in Woburn, Massachusetts

by Jeff Shaw

WOBURN, Mass. — Life Care Services (LCS) has announced a summer 2023 opening for The Delaney at The Vale, an independent living, assisted living and memory care community in the Boston suburb of Woburn. Boston-based architect DiMella Shaffer designed the community. The number of units and development costs were not disclosed. The Delaney is part of The Vale, the master-planned redevelopment of the former Kraft Atlantic Gelatin Facility, which closed in 2015. In addition to The Delaney, The Vale offers retail and office space, landscaped areas and walking paths, preservation …

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AcquisitionsConnecticutNewsSkilled Nursing

Blueprint Negotiates Sale of 180-Bed Skilled Nursing Facility in Wallingford, Connecticut

by Jeff Shaw

WALLINGFORD, Conn. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a vacant, 180-bed skilled nursing facility in Wallingford, approximately midway between Hartford and New Haven. The buyer was a Florida-based developer with local ties to Wallingford. No further details were disclosed.

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