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BREAKING: NIC Appoints Raymond Braun as CEO, Brian Jurutka Stays as Advisor

by Jeff Shaw

ANNAPOLIS, Md. — In a surprise move, the National Investment Center for Seniors Housing & Care (NIC) has appointed Raymond Braun, a former board member and previous chair of NIC, as president and CEO. He replaces Brian Jurutka, who took the position in 2017 and will remain as a senior advisor to NIC. The reason for Jurutka relinquishing his post was not disclosed. Braun most recently served as dean of the Allen W. and Carol M. Schmidthorst College of Business at Bowling Green State University. “Brian guided NIC during a …

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CCRCDevelopmentNewsVirginia

Erickson Opens $500M Avery Point CCRC in Short Pump, Virginia

by Jeff Shaw

SHORT PUMP, Va. — Erickson Senior Living has opened the doors on Avery Point, a continuing care retirement community in Short Pump, a suburb of Richmond. The community is situated on a 94-acre campus and currently features 216 units of independent living. A second phase currently under construction will add 107 more independent living units. Upon full build-out, plans call for 1,160 independent living units in addition to an on-site continuing care neighborhood offering assisted living, memory care and skilled nursing services. The property is Erickson Senior Living’s third in …

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AcquisitionsFloridaNews

SLIB Negotiates Sale of Community in Dade City, Florida

by Jeff Shaw

DADE CITY, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a seniors housing community in Dade City, located between Tampa and Orlando. The property offers independent living, assisted living and memory care services. The name and number of units were not disclosed. The seller is a longstanding provider of seniors housing with a portfolio of over 30 communities. A regional operator that partnered with a private equity group focused on the seniors housing space acquired the property for an undisclosed price. Brad Clousing, Jeff Binder and …

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AcquisitionsAssisted LivingFinanceNewsWisconsin

VIUM Provides $6.2M Bridge Loan for Community in Northeast Wisconsin

by Jeff Shaw

WISCONSIN — VIUM Capital has funded a $6.2 million bridge loan for a 62-unit assisted living and memory care community in Northeast Wisconsin. The borrower used the funds to acquire the property and further build on its existing portfolio in Wisconsin. Further details were not disclosed.

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DevelopmentFinanceNewsTennessee

CBRE Arranges Construction Financing for 12-Story Crestmoor at Green Hills in Nashville

by Jeff Shaw

NASHVILLE, Tenn. — CBRE has arranged an undisclosed amount of financing for construction of The Crestmoor at Green Hills in Nashville. A joint venture between Bridgewood Property Co. and Harrison Street are developing the property, which is slated to rise 12 stories on a one-acre plot in the Green Hills neighborhood. The development will feature 117 independent living units, 45 assisted living units and 29 memory care units. Aron Will and Tim Root of CBRE National Senior Housing arranged the five-year construction loan through a regional bank. Bridgewood’s wholly owned …

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Active AdultColoradoFinanceNews

Ziegler, M&T Partner for $19.5M Refinancing of Carmel Oaks Active Adult Community in Lakewood, Colorado

by Jeff Shaw

LAKEWOOD, Colo. — Ziegler and M&T Realty Capital Corp. have acted as financial advisor in a $19.5 million Fannie Mae financing on behalf of Essex Communities. The transaction will refinance the existing debt on Carmel Oaks, an age-restricted independent living community in Lakewood. The 10-year, fixed-rate loan was structured at a 75 percent loan-to-value ratio with five years of interest-only payments followed by a 30-year amortization. The loan also carried a declining prepayment schedule, which will provide the borrower with additional flexibility in future years. In addition to refinancing the …

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AcquisitionsFloridaNews

Innovation Senior Living Acquires Two Savannah Court Communities in Florida

by Jeff Shaw

HAINES CITY and LAKE WALES, Fla. — Innovation Senior Living, a middle-market operator, has acquired two Savannah Court-branded communities in Florida. The properties include Savannah Court of Haines City in Haines City and Savannah Court of Lake Wales in Lake Wales. Both municipalities are located southwest of Orlando and east of Tampa. The buyer has changed the communities’ names to The Club at Haines City and The Club at Lake Wales. The seller and price were not disclosed. This represents Innovation’s third and fourth owned and operated communities. The company …

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AcquisitionsFinanceFloridaNewsSkilled Nursing

VIUM Funds $5.4M Acquisition Loan for 60-Bed Skilled Nursing Facility in Florida

by Jeff Shaw

FLORIDA — VIUM Capital has provided a $5.4 million acquisition loan for a 60-bed skilled nursing facility in Florida. Elevation Group was the borrower, and the total purchase price was $6.8 million. The seller, name of the property and location of the property were not disclosed.

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FeaturesNews

National Occupancy Rate Rebounds to 82.2 Percent After Fifth Consecutive Quarterly Increase, Says NIC

by Jeff Shaw

ANNAPOLIS, Md. — The national occupancy rate for private-pay seniors housing increased 100 basis points from 81.2 percent in the second quarter of 2022 to 82.2 percent in the third quarter, according to NIC MAP Vision. Occupancy is up 430 basis points from a pandemic low of 77.9 percent in the second quarter of 2021. NIC MAP Vision is a product of the National Investment Center for Seniors Housing & Care (NIC), an Annapolis-based nonprofit firm that tracks industry data gathered from 31 primary metropolitan markets. Private-pay seniors housing comprises …

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DevelopmentIndependent LivingNewsWashington

Anthology Plans 127-Unit Independent Living Community in Edmonds, Washington

by Jeff Shaw

EDMONDS, Wash. — Anthology Senior Living has unveiled plans for Anthology of Edmonds, a 127-unit seniors housing community in Edmonds, a northern suburb of Seattle. The community totals 162,872 square feet across six floors and is Anthology’s first community to exclusively offer independent living. This project marks the sixth senior housing development that Anthology has started in the past 12 months. Harrison Street is an investment partner on the project. According to a recent report by the U.S. Census Bureau, almost 15 percent of the Snohomish County population has already …

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