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Webinar Panelists: Occupancy Landscape Improves, but High Interest Rates Continue to Stall Transactions

by Jeff Shaw

On its surface, now is a difficult time to be in seniors housing development or operations. Rising interest rates have made financing or refinancing challenging. Occupancy rates, while improving, are still well below pre-pandemic levels. Expenses have increased dramatically, particularly for labor, while rent increases haven’t been able to keep up. JP LoMonaco, now an appraiser with CBRE after the company bought his former appraisal firm Valuation & Information Group in June, notes that the work he does reflects the tough times. “We saw a sudden shift from new loan …

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AcquisitionsAssisted LivingMichiganNews

SLIB Brokers Sale of 122-Unit Bella Vita Portfolio in Michigan

by Jeff Shaw

HARTLAND and GRAND BLANC, Mich. — Senior Living Investment Brokerage (SLIB) has arranged the sale of two Bella Vita-branded seniors housing communities in Michigan. The communities are located approximately 26 miles from each other between Detroit and Flint. Bella Vita – Hartland is located on 6.8 acres and totals 41,534 square feet of livable area, with 61 units offering both assisted living and memory care. Bella Vita- Grand Blanc is located on 4.65 acres and totals 41,508 square feet of livable space, with 61 units also providing both assisted living …

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NewsPeopleTexas

Juniper Communities Promotes Kathryn Bainbridge to Regional Director of Operations for Texas

by Jeff Shaw

BLOOMFIELD, N.J. — Juniper Communities, a Bloomfield-based operator, has promoted Kathryn Bainbridge to regional director of operations for Texas.  Bainbridge will support five Juniper Villages-branded communities within the state serving as a resource to the executive directors and leadership team members. For the past 4.5 years, Bainbridge was the nursing home administrator at Juniper Village at Brookline Rehabilitation and Skilled Care in State College, Pennsylvania. In all, she has been with Juniper Communities about nine years, and has worked in senior living for more than 20 years. Bainbridge received her …

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Active AdultFinanceNew JerseyNews

JLL Arranges $47M Financing for Amaranth at North Brunswick in New Jersey

by Jeff Shaw

NORTH BRUNSWICK, N.J. — JLL Capital Markets has arranged $47 million in financing for the recently constructed Amaranth at North Brunswick, a 222-unit active adult community in North Brunswick, approximately midway between Newark and Trenton. JLL represented the borrower, The Kaplan Companies, in securing the seven-year, fixed-rate loan from Nuveen Real Estate. Proceeds were utilized to retire its existing construction loan. Amaranth at North Brunswick features one- and two-bedroom floorplans with up to 1,397 square feet of living space.  Michael Klein, Matthew Pizzolato and Michael Meisner led the JLL Capital …

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Affordable HousingCaliforniaFinanceNews

BWE Provides $12M in Freddie Mac Loans for Five-Property Affordable Portfolio in California

by Jeff Shaw

CALIFORNIA — BWE has provided five Freddie Mac Targeted Affordable Housing loans to refinance four affordable housing developments in El Dorado County and one in Sonoma County. Jon Killough and John Roberts, Vice President in the firm’s originated the loans on behalf of the undisclosed borrower. “California remains a center of the country’s housing crisis, so it’s critical that low-income housing developments like these have the financing they need to thrive and serve their residents,” says Killough. The five loans include:

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CCRCNewsOregonPeople

Rose Villa CCRC in Portland, Oregon Announces CEO Transition Plan

by Jeff Shaw

PORTLAND, Ore. — Vassar Byrd has announced plans to resign as CEO of Rose Villa, the nonprofit continuing care retirement community (CCRC) in Portland she has served for 17 years.  Byrd’s decision follows the completion of Rose Villa’s 10-year master plan and campus redevelopment. A departure date has not been set and Byrd will continue serving as CEO while an executive search is underway. Byrd joined Rose Villa in 2006. In 2014, she spearheaded a comprehensive campus redevelopment that has earned recognition and industry accolades for its award-winning design, environmentally …

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Affordable HousingCaliforniaDevelopmentNews

Page & Turnbull Converts Mortuary in Los Angeles into 120-Unit Affordable Community

by Jeff Shaw

LOS ANGELES — Page & Turnbull has completed the adaptive reuse project that converted the former Pierce Brothers Mortuary and attached garage in Los Angeles into a 120-unit affordable seniors housing community. Called Washington View Apartments, Page & Turnbull reconstructed and transformed the two-story mortuary and garage into modern living spaces that incorporate designs from the building’s Spanish Colonial revival-style, including a seismic upgrade and full ADA compliance.  Designed by Meyer & Holler, the mortuary was designated as a City of Los Angeles Historic-Cultural Monument in 1993 as an excellent …

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CaliforniaDevelopmentIndependent LivingNews

C.W. Driver Breaks Ground on $56M MonteCedro Expansion in Altadena, California

by Jeff Shaw

ALTADENA, Calif. — C.W. Driver Cos. has broken ground on its second and final phase of construction at Episcopal Communities & Services’ MonteCedro senior living community in Altadena, approximately 15 miles north of Los Angeles.  Totaling approximately 101,862 square feet, the project adds four residential buildings, including 40 independent living apartments and a terrace restaurant. The new $56M villa-style buildings will be two and three stories in height, with two of the structures positioned over a below-grade parking garage podium level. All four buildings will be designated as California licensed …

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AcquisitionsAssisted LivingNewsTennessee

Blueprint Negotiates Sale of 48-Unit Community in Chattanooga, Tennessee

by Jeff Shaw

CHATTANOOGA, Tenn. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 48-unit assisted living community in Chattanooga. An institutional REIT sold the asset to an investor looking to grow its regional platform in the Southeast. The price was not disclosed. The building was constructed in 2000 and historically has performed well, according to Blueprint. Kyle Hallion and Brooks Blackmon led the transaction for Blueprint.

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NevadaNewsOperationsPeople

Integral Names Robert Sanderson as Executive Director of Escalante at the Lakes in Las Vegas

by Jeff Shaw

LAS VEGAS — Integral Senior Living has named Robert Sanderson as executive director of Escalante at the Lakes in Las Vegas.   Prior to joining Escalante at the Lakes, Sanderson earned experience in the senior living industry as a memory care director. Escalante at the Lakes is located in the western portion of the city, near downtown Summerlin and a variety of hospitals, shopping and dining.

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