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Standard Communities Acquires 466-Unit Affordable Portfolio in Metro Chicago

by Jeff Shaw

CHICAGO and BOLINGBROOK, Ill. — Standard Communities has acquired the 145-unit Commonwealth Apartments in Chicago and 321-unit Greenleaf Apartments in Bolingbrook, both of which are affordable seniors housing communities. Standard plans to make $46 million in renovations. Standard led a public-private partnership in the acquisitions. According to Crain’s Chicago Business, Standard paid $110 million for the communities, but the total cost of the deal adds up to $192 million including renovations, fees, reserves and other expenses. Planned renovations include updated kitchens and bathrooms, new energy-efficient appliances, flooring and communal spaces …

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CaliforniaFinanceNewsNorth CarolinaTexas

Cushman & Wakefield Arranges $51M Refinancing of Three-Property Kisco Portfolio

by Jeff Shaw

ESCONDIDO, Calif; SAN ANTONIO; and WINSTON-SALEM, N.C. — Cushman & Wakefield has arranged $51 million in financing for Kisco Senior Living. The loan refinances debt on three Kisco properties: Cypress Court in Escondido, Villa de San Antonio in San Antonio and Heritage Woods in Winston-Salem. The properties provide independent living and assisted living services. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker and Sam Dylag represented the borrower in the transaction. A national bank provided the capital.

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NewsPeople

Commonwealth Senior Living Hires Mark Miyasaki as CFO

by Jeff Shaw

CHARLOTTESVILLE, Va. — Commonwealth Senior Living, a Charlottesville-based owner-operator, has hired Mark Miyasaki as chief financial officer, Stephanie Pfingsten as senior vice president of resident care and Archie McAlexander as director of clinical services. Miyasaki will oversee financial operations for all Commonwealth communities and the management company. He brings over 20 years of experience in managing the financials and operations of senior living communities and real estate. He previously served as chief financial officer for Sodalis Senior Living. Pfingsten has over 21 years of experience in nursing system development and …

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FeaturesNews

CEO Panel: Tough Economic Times Call for Return to Basics

by Jeff Shaw

PHILADELPHIA — As the dust settles from the COVID-19 pandemic, and complications such as inflation and higher interest rates continue to hurt the economy, now is the time for seniors housing owners and operators to focus on their fundamentals. “We have to get back to business. That’s really our focus in 2023,” said Wendy Nowokunski, president of owner-operator Northbridge Cos. “Not that we ever lost sight of it, nor will we lose sight of the fact that our associates are our most important investment, but we really need to make …

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AcquisitionsAssisted LivingNebraskaNews

Blueprint Brokers Sale of 110-Unit Community in Omaha

by Jeff Shaw

OMAHA, Neb. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a Class A, 110-unit assisted living and memory care community in Omaha. A Midwest-based developer that works in multiple asset classes sold the asset to Cedarhurst Senior Living for an undisclosed price. Blueprint Capital Markets assisted in arranging acquisition financing through a regional bank. The community was over 95 percent occupied at the time of sale.

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Company NewsInvestmentNews

Rockwood Capital, Doyenne Healthcare Capital Launch $100M Seniors Housing Joint Venture

by Jeff Shaw

NEW YORK CITY and CHICAGO — Rockwood Capital and Doyenne Healthcare Capital (DHC) have formed a joint venture to invest up to $100 million of equity in seniors housing communities across the country. Financial terms of the venture were not disclosed. “We view seniors housing as a complementary strategy for our existing ‘live-space’ investment program,” says David Becker, co-managing partner of Rockwood. “We believe that significant demographic tailwinds continue to support the sector. We also believe that the operational disruption caused by the pandemic coupled with the current capital markets …

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NewsOperationsPeople

Chapters Living Hires Becky Kaufmann, Tyler Brady

by Jeff Shaw

ST. LOUIS — Chapters Living, a St. Louis-based assisted living operator, has hired Becky Kaufmann and Tyler Brady to its team. Kaufmann joins Chapters as the senior vice president of quality of life and memory support. With over 16 years of experience as a healthcare executive with an emphasis on senior living, Kaufmann will develop both the memory care programming and total quality management platforms. With over 13 years of financial analysis and strategy experience, Brady joins the company as senior vice president of strategic finance. He will lead the …

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AcquisitionsNewsTexas

CBRE Brokers Sale of The Village at River Oaks in Houston

by Jeff Shaw

HOUSTON — CBRE has negotiated the sale of The Village at River Oaks, a Class A independent living, assisted living and memory care community in the River Oaks neighborhood of Houston. Harrison Street and Bridgewood Property Co. sold the asset to a fund affiliated with Blue Moon Capital Partners. The price and number of units were not disclosed. CBRE’s National Senior Housing team members John Sweeny, Aron Will, Garrett Sacco and Scott Bray represented the seller in the deal. CBRE National Senior Housing’s debt and structured finance team of Aron …

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CCRCDevelopmentFinanceNewsPennsylvania

Ziegler Arranges $19M Financing for Living Branches Expansion in Pennsylvania

by Jeff Shaw

HATFIELD, SOUDERTON and LANSDALE, Pennsylvania — Ziegler has arranged $19 million in bond financing for Living Branches, a nonprofit seniors housing and affordable housing operator. Living Branches was founded in 2008 upon the merger of Dock Woods, a life plan community founded in 1981 in Lansdale, and Souderton Mennonite Homes, a life plan community in Souderton originally founded in 1917. The corporation also operates The Willows of Living Branches, a personal care community in Hatfield founded in 1942, and two HUD housing organizations located on the Dock Woods campus. The …

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AcquisitionsAssisted LivingNewsOperationsTexas

Ridgeline Takes Over Operations of Parsons House of Frisco in Texas

by Jeff Shaw

FRISCO, Texas — Ridgeline Management Co. has taken over operations of Parsons House of Frisco, renaming the property The Ridge at Frisco. The Ridge at Frisco is a three-story assisted living community that has served the Frisco area since 2001. The Ridge at Frisco is the fourth community added to the Ridgeline’s portfolio in recent months. It joins The Peaks at Millcreek in Salt Lake City; The Ridge at Oregon City in Oregon City, Oregon; and Ridge at The Stratford in Phoenix. These communities are a part of an aggressive …

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