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Seniors Housing Developers Stay Active, Creative

by Jeff Shaw

LOS ANGELES — The advice offered by the Development Outlook panel at InterFace Conference Group’s Seniors Housing West, held Feb. 2 at the Omni Los Angeles, mirrors the advice many would give to their senior residents. Namely, “stay active and stay creative.” But these verbs take on a slightly different meaning when you’re talking about the smartest plays for seniors housing developers in a time when everything is changing. “The smarter operators and developers have been developing a pipeline,” said panelist Paul Mullin, principal at Flatiron Development Group. “The key is momentum. …

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AcquisitionsAssisted LivingCaliforniaFinanceNews

BWE Arranges Financing for Harrison Street Acquisition of Three-Property Oakmont Portfolio in California

by Jeff Shaw

AGOURA HILLS, LODI and SAN JOSE, Calif. — Bellwether Enterprise Real Estate Capital LLC (BWE), has arranged the financing for Harrison Street’s acquisition of three Class A seniors housing communities in California. Oakmont Management Group operates all three communities: Oakmont of Agoura Hills in Agoura Hills, Oakmont of Lodi in Lodi and Oakmont of Silver Creek in San Jose. The luxury properties offer assisted living and memory care services. Ryan Stoll, BWE’s national director of seniors housing and care, and Taylor Mokris, senior vice president for seniors housing and care, …

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AcquisitionsNewsTexas

Blueprint Brokers $21M Sale of The Inn at Los Patios in San Antonio

by Jeff Shaw

SAN ANTONIO — Blueprint Healthcare Real Estate Advisors has negotiated the sale of The Inn at Los Patios, a 166-unit independent living and assisted living community in San Antonio. Blueprint represented a court-appointed receiver to maximize proceeds for the trustee group and stakeholders involved. Though the community was 80 percent occupied and generating approximately $1 million of cashflow, Blueprint sold the upside of increasing occupancy by elevating the competitive profile and implementing minor expense efficiencies through regional operations. A New York-based private equity group acquired the property for $21 million …

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AcquisitionsIllinoisNewsSkilled Nursing

SLIB Negotiates Sale of 76-Bed Skilled Nursing Facility in Central Illinois

by Jeff Shaw

ILLINOIS — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 76-bed skilled nursing facility located approximately 80 miles west of Springfield, Illinois. The seller was a regional owner-operator looking to divest this asset from its portfolio to focus on core assets. The buyer was a regional owner and operator based on the East Coast looking to expand its presence in Illinois. The price and further details on the property were not disclosed.

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NewsPeople

Commonwealth Senior Living Hires Two, Promotes Five in Sales & Marketing Team

by Jeff Shaw

CHARLOTTESVILLE, Va. — Commonwealth Senior Living, a Charlottesville-based operator, has grown its sales and marketing team with the addition of two new hires and five promotions. The company promoted April Theus to senior sales specialist, Paul Adam to sales specialist, Stephanie Johnston to sales onboarding specialist, Kimberly Wilkerson to internet sales counselor and Taylor Davis to director of marketing and digital strategies. The company also welcomed Brian Weston as sales specialist in Michigan and Jennifer Walker as sales and marketing project associate.

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AcquisitionsAffordable HousingIllinoisNews

PEF Advisors Acquires 198-Unit Freedom Village Affordable Community in Homewood, Illinois

by Jeff Shaw

HOMEWOOD, Ill. — Preservation Equity Fund Advisors LLC (PEF Advisors) has acquired Freedom Village, an affordable seniors housing community in Homewood, approximately 20 miles south of downtown Chicago. Originally built in 1998 with tax credits from the Illinois Housing Development Authority, Freedom Village is a three-story building featuring 198 units in a mix of one- and two-bedroom floorplans. Apartments are reserved for seniors earning up to 60 percent of the area median income (AMI). Freedom Village was 98.5 percent occupied at the time of sale. The seller and price were …

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AcquisitionsGeorgiaNews

Chicago Pacific Founders Buys Two Celebration Village Communities in Georgia

by Jeff Shaw

ACWORTH and SUWANEE, Ga. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired Celebration Village Acworth in Acworth and Celebration Village Forsyth in Suwanee, both in the northern suburbs of Atlanta. Each property offers independent living, assisted living and memory care services. The communities offer a combined 474 units. Cushman & Wakefield’s Richard Swartz, Jay Wagner, Tim Hosmer and Christopher Remeika represented the seller in the transaction, a joint venture between AgeWell Living, The ASC Group and a large investment fund. Grace …

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FinanceNews

CFG Completes $2.7B in Financing in 2022

by Jeff Shaw

BALTIMORE — Capital Funding Group (CFG), a Baltimore-based lender, has released its year-end seniors housing financing numbers. The company provided more than $2.7 billion in financing across 112 deals. The loan portfolio included 24 HUD loans, in excess of $250 million, and 88 healthcare and multifamily bridge-to-HUD loans, in excess of $2.5 billion. “Although rising interest rates have created some uncertainty, we’re leaning in — and will continue to lean in — and getting creative in how we execute financing to help our clients grow,” says Erik Howard, CFG’s executive …

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NewsPeople

Goodwin Living Hires Chandra Kumar as Chief Operating Officer

by Jeff Shaw

ALEXANDRIA, Va. — Goodwin Living, a nonprofit, faith-based senior living and healthcare services organization based in Alexandria, has hired Chandra Kumar as chief operating officer. Kumar previously served as executive director and vice president for Erickson Senior Living. She succeeds Linda Lateana following her 35 years of service to Goodwin Living. Kumar most recently led all operations for Charlestown Senior Living, the flagship retirement community for Erickson Senior Living that supports 2,000 residents and more than 900 team members and is situated on 100 acres in Catonsville, Maryland. She has …

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Affordable HousingCaliforniaDevelopmentFinanceNews

Alameda Housing Authority Receives $20.6M for North Housing Affordable Community in California

by Jeff Shaw

ALAMEDA, Calif. — The Alameda Housing Authority (AHA) has received $20.6 million from the State of California Department of Housing and Community Development. The funds will support development of North Housing Senior Apartments, an affordable housing community in the island city, located just south of Oakland in San Francisco Bay. North Housing is the first phase of a long-planned community development project. Plans call for 40 studio apartments, 23 one-bedroom units and a two-bedroom residence for the onsite manager. The land, which AHA originally owned in the 1940s, was granted …

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