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InterFace Panelists: Debt Markets Tightening as Transactions Slow

by Jeff Shaw

Macroeconomic conditions are slowing the pace of seniors housing transactions and squeezing the availability of capital. Inflation and rising interest rates are making deals more expensive to finance. Debt providers are tightening their underwriting terms, while equity investors sit on the sidelines worried about shrinking margins. Overall, the outlook for the upcoming year looks choppy, according to investors and lenders speaking at France Media’s sixth annual Interface Seniors Housing Midwest conference. But they’re still bullish on the long-term prospects of the seniors housing market, with demand set to pick up …

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DevelopmentNewsTexas

MedCore Partners, ACRON USA Start Phase II of Spring Cypress Senior Living in Cypress, Texas

by Jeff Shaw

CYPRESS, Texas — MedCore Partners and ACRON USA have started the second phase of construction at Spring Cypress Senior Living in Cypress, a northwest suburb of Houston. Phase I, co-developed with Houston-based The National Realty Group, opened in 2018 and offers 80 units of assisted living and memory care. Phase II represents the addition of 138 active adult and independent living residences to include apartments, cottages, and townhomes, plus a memory care expansion of 12 units. At completion, the community will contain 230 units of luxury senior living on the …

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AcquisitionsCompany NewsMinnesotaNews

Lifespark to Acquire Home Care Company Livio Health, Receives Investment Stake from Blue Cross and Blue Shield of Minnesota

by Jeff Shaw

ST. LOUIS PARK and EAGAN, Minn. ­— Lifespark, a senior health company based in St. Louis Park, has agreed to acquire Eagan-based Livio Health, a wholly owned subsidiary of Blue Cross and Blue Shield of Minnesota that provides in-home health services to people with chronic and complex illness. The purchase agreement will integrate all operational components of Livio Health, as well Livio Health employees, into the current systems and capabilities of Lifespark throughout the state. Concurrent with the announcement, Blue Cross has secured a minority owner stake in Lifespark through …

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AcquisitionsArizonaAssisted LivingNews

Blueprint Brokers $45M Sale of Assisted Living Community in Arizona

by Jeff Shaw

ARIZONA — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 150-unit “behavioral assisted living” community in Arizona. A regional developer, owner and operator sold the asset to a private equity firm for $45 million, or $271,000 per unit. The property was 70 percent occupied, approximately 90 percent of which was Medicaid resident census. The property was originally built in 1987 as a hotel, though was converted to an assisted living community in 2016 after undergoing a nearly $10 million renovation. The operator had established a unique relationship …

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ArizonaCCRCDevelopmentFinanceNews

Ziegler Arranges Bond Financing for La Posada CCRC Owner Near Tucson

by Jeff Shaw

ORO VALLEY, Ariz. — Ziegler has arranged bond financing for La Posada, a continuing care retirement community (CCRC) owner in metro Tucson. La Posada was incorporated in 1996 to acquire the CCRC known as La Posada at Park Centre in Green Valley, approximately 30 miles south of Tucson. Originally constructed in 1987, Park Centre has grown to include 490 independent living apartments, 34 freestanding Park Centre homes, 17 freestanding Pavilion homes and 135 assisted living apartments. La Posada at Pusch Ridge will be the second location for this emerging system …

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AcquisitionsNewsSkilled NursingSouth Carolina

Ensign Group Acquires 120-Bed Lila Doyle Post Acute in Seneca, South Carolina

by Jeff Shaw

SENECA, S.C. — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the operations of Lila Doyle Post Acute, a 120-bed skilled nursing facility located in Seneca, approximately midway between Atlanta and Charlotte. The real estate at Lila Doyle Post Acute is located on the campus of Prisma Health Oconee Memorial Hospital and was acquired by a subsidiary of Standard Bearer Healthcare REIT Inc., Ensign’s captive real estate company, pursuant to a 30-year ground lease with extension options. “This acquisition created a perfect opportunity for our continued growth in South Carolina,” …

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ColoradoMemory CareNewsOperationsPeople

Anthem Memory Care Appoints Lebana Prahl as Executive Director of Willowbrook Place in Littleton, Colorado

by Jeff Shaw

LITTLETON, Colo. — Anthem Memory Care has named Lebana Prahl as executive director of Willowbrook Place in the Denver suburb of Littleton. She will oversee all daily care, programming and operations. Prahl previously was executive director for HighPointe Assisted Living & Memory Care in Denver. She has also served as executive director for Highlands Assisted Living and Memory Care in Lakeland, Florida. Prahl graduated with a bachelor’s degree in music therapy from Colorado State University. She is a certified dementia practitioner and brings over 26 years of senior living experience …

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FinanceNews

CBRE Arranges $220M Refinancing for Brookdale Portfolio

by Jeff Shaw

DALLAS — CBRE National Senior Housing has arranged a refinancing of a seniors housing portfolio on behalf of Brookdale Senior Living Inc. The portfolio comprises 24 communities with 2,377 total units that include 720 independent living units, 1,205 assisted living units, 386 memory care units and 66 skilled nursing units located across 12 states. Aron Will and Matthew Kuronen of CBRE National Senior Housing arranged the financing. A syndication between Capital One National Association and Synovus Bank provided the three-year, $220 million, floating-rate loan. The debt carries a variable interest …

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Affordable HousingDevelopmentNew JerseyNews

Alpert Group Breaks Ground on 40-Unit Affordable Community in Teaneck, New Jersey

by Jeff Shaw

TEANECK, N.J. — The Alpert Group, along with its nonprofit partner Geriatric Services Inc., has broken ground on a 40-unit affordable housing community for seniors in Teaneck, just across the Hudson River from Manhattan and The Bronx. The community will rise five stories, and the mostly one-bedroom units are reserved for those over age 62 meeting income requirements. The project will replace a vacant municipal facility currently at the site. Rents will range from $336 per month to $1,451 per month, depending on the size of the unit and the …

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AcquisitionsNewsSkilled NursingWisconsin

Pennant Acquires Home Health Agency in Kenosha, Wisconsin

by Jeff Shaw

KENOSHA, Wis. — The Pennant Group Inc. (NASDAQ: PNTG), the parent company of the Pennant group of affiliated home health, hospice, home care and senior living companies, has acquired the assets of Kenosha Visiting Nurse Association Inc., which provides skilled home health, private duty and community health services in Kenosha. “We are pleased to expand our home health operations deeper into southern Wisconsin,” says Brent Guerisoli, CEO of Pennant. “KVNA will be a great partner to our senior living affiliates in the area as we further expand the continuum of …

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