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Addressing Labor Shortage Issue Remains Top Priority for Executives at InterFace Conference

by Jeff Shaw

Ask senior living CEOs and operators to name their top issue and the answer is the same as it’s been for the last two years: the workforce. Despite a slight easing in the overall employment environment, along with some high-profile tech layoffs, the labor market is still tight. Top executives are laser focused on the task to recruit and retain good workers for a simple reason: They can’t run a highly service-oriented business without help. Seniors aren’t going to move into an understaffed community. “Employees are my number one priority,” …

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Active AdultDevelopmentNew JerseyNews

Coldwell Banker Opens Expansion at Paris Square Active Adult Community in Northvale, New Jersey

by Jeff Shaw

NORTHVALE, N.J. — Coldwell Banker has opened The Monroe and Madison Building at Paris Square, a 10-building, 111-unit active adult condominium community in Northvale, approximately 18 miles north of Manhattan. Anne Van Dyke from Coldwell Banker Realty’s Closter/Alpine Office and Coldwell Banker Realty New Homes announced the new building’s completion, and will also lead sales and marketing efforts. Prior to Coldwell Banker Realty New Homes’ involvement, Paris Square had undergone a 15-year construction process that had only resulted in the completion of half of its planned units. Years of no …

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AcquisitionsMassachusettsNewsSkilled Nursing

Blueprint Brokers Sale of 90-Bed Skilled Nursing Facility in Lowell, Massachusetts

by Jeff Shaw

LOWELL, Mass. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 90-bed skilled nursing facility in Lowell, a northern suburb of Boston. Located within relatively close proximity to Lowell General Hospital, which accounts for approximately 1,300 skilled nursing discharges annually, the facility had historically maintained stable census levels with a steady stream of referrals and admissions, according to Blueprint. The regional buyer plans to focus on operational efficiencies, including addressing staffing challenges, as well as investing into capital projects at the facility. The seller, price and name …

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AcquisitionsFinanceIndianaNewsSkilled Nursing

VIUM Arranges $136.8M Bridge Loan for Skilled Nursing Portfolio in Indiana

by Jeff Shaw

INDIANA — VIUM Capital has arranged $136.8 million in bridge financing for a portfolio of 17 skilled nursing facilities in Indiana. The first-mortgage loan was made to fund the acquisition of the properties, which total 1,470 beds. Most of the buildings are stabilized with a strong credit tenant and manager in place, according to VIUM. The borrower plans to refinance as many of the properties as possible with HUD loans. Further details were not disclosed.

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DevelopmentGeorgiaNews

Galerie Living Receives Approval for 500-Unit Corso Druid Hills Development at Emory University in Atlanta

by Jeff Shaw

ATLANTA — Locally based Galerie Living has received approval from DeKalb County commissioners for its redevelopment of a portion of Emory University’s Briarcliff campus in Atlanta. Galerie Living will develop and operate a 500-unit seniors housing community that will be known as Corso Druid Hills. The community will feature independent living options such as cottages and apartments in one- and two-bedroom layouts, as well as assisted living and memory care units. Emory University entered into the lease agreement with Galerie earlier this year. More details on the project are scheduled …

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Affordable HousingDevelopmentFloridaNews

CREI Holdings Plans 316-Unit Affordable Housing Expansion in Sweetwater, Florida

by Jeff Shaw

SWEETWATER, Fla. — CREI has received approval from the Sweetwater City Commission to construct Li’l Abner III, an affordable seniors housing expansion in Sweetwater, a suburb west of Miami. The project will rise next to its sister buildings, Li’l Abner I and II, and add 316 units to the complex. “CREI Holdings is committed to providing affordable and workforce housing for seniors who are being squeezed out of the Miami-Dade market by skyrocketing rents,” says Raul Rodriguez, managing member of CREI Holdings. “We decided to build Li’l Abner III after …

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NewsOperationsPeople

LCS Promotes GeLynna Shaw to Executive Vice President of Operations

by Jeff Shaw

DES MOINES, Iowa — LCS, the nation’s third-largest senior living operator, has promoted GeLynna Shaw to the role of executive vice president of operations/senior living management. Effective Jan. 1, she will be responsible for supporting Chris Bird, president and chief operating officer, in leading the company’s operating activities. Shaw’s 25-year senior living career includes experience in finance, mergers, acquisitions and operations for both continuing care retirement communities (CCRCs) and rental communities. She joined LCS in 2018 as the senior vice president of operations for the rental division and has been …

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AcquisitionsAffordable HousingNewsVirginia

Cushman & Wakefield Brokers $25.7M Sale of Guardian Place Affordable Community in Richmond

by Jeff Shaw

RICHMOND, Va. — Cushman & Wakefield has brokered the sale of Guardian Place, a 236-unit affordable seniors housing portfolio spanning two buildings located at 1620 N. Hamilton St. in Richmond. Fairfield Residential purchased the properties, known as Guardian Place I (121 units) and Guardian Place II (115 units), for $25.7 million. Jorge Rosa and T.J. Liberto of Cushman & Wakefield represented the seller, United Methodists Family Services, in the transaction.

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Affordable HousingDevelopmentNewsTexas

Palladium Completes 122-Unit Affordable Seniors Housing Project in Garland, Texas

by Jeff Shaw

GARLAND, Texas — Locally based developer Palladium USA has completed a 122-unit mixed-income seniors housing project in Garland, a northeastern suburb of Dallas. Designed by HEDK Architects, the development consists of 92 units reserved for renters age 62 and above who earn 60 percent or less of the area median income. The remaining 30 units will be rented at market rates.

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