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CaliforniaFinanceNews

CBRE Provides $16.2M Refinancing for 97-Unit The Oaks at Nipomo in California

by Jeff Shaw

NIPOMO, Calif. — CBRE National Senior Housing has provided a $16.2 million refinancing for The Oaks at Nipomo, approximately midway between Los Angeles and San Francisco. The borrower is Westmont Living, along with a group of individual investors. The Oaks at Nipomo sits on a 4.2-acre parcel and feature 97 units of independent living, assisted living and memory care. Westmont opened the community in 2017, and it was over 95 percent occupied at the time of the refinancing. Aron Will, Adam Mincberg, Andrew Behrens and Jesse Weber of CBRE arranged …

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CCRCFinanceNewsPeopleWashington

Emerald Communities Hires Diana Jamison as Chief Financial Officer

by Jeff Shaw

REDMOND, Wash. — Emerald Communities, a nonprofit owner-operator based in Redmond, Washington, has hired Diana Jamison as vice president and chief financial officer (VP-CFO). Jamison will be responsible for the overall strategic and operational aspects of finance, accounting and information technology. She will work closely with the president and CEO of Emerald Communities, senior management, the board of directors, residents and numerous community partners to ensure Emerald Communities and its senior living properties Heron’s Key and Emerald Heights all meet their financial and business goals. Prior to joining Emerald Communities, …

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Company NewsNewsPeople

Industry Veteran Bill Pettit Launches Consulting Firm/Investment Fund Black Dog Capital Advisors with Son Billy

by Jeff Shaw

SEATTLE — Bill Pettit, who served as president of RD Merrill Co. for more than 30 years, has launched a new seniors housing consulting and investment firm with his son, Billy. The new company, Seattle-based Black Dog Capital Advisors, will focus on strategic consulting with senior living operators and capital sources. “Our focus will be on consulting with capital sources that have impaired communities coming out of COVID or are struggling with operating performance in their investments,” says Bill Pettit. “I expect we will work with their asset management teams as …

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Affordable HousingDevelopmentIllinoisNews

Skender Completes 100-Unit Historic Redevelopment Project in Maywood, Illinois

by Jeff Shaw

MAYWOOD, Ill. — Skender has completed construction of Maywood Supportive Living, an adaptive reuse seniors housing project in the Chicago suburb of Maywood. The 133,000-square-foot assisted living facility for low-income seniors features 100 units. Developer Celadon Partners hired Skender as general contractor to transform the former Central Baptist Home, which has been on the State of Illinois National Register of Historic Places since 2017. Skender stripped the historic building down to its structure to add modern amenities while taking care to preserve and restore its natural architectural detail. Built in …

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AcquisitionsCaliforniaNews

Blueprint Negotiates Sale of Hollybrook Senior Living in Santa Ana, California

by Jeff Shaw

SANTA ANA, Calif. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Hollybrook Senior Living in the Orange County city of Santa Ana. The community was operating with below-market-rate rents despite upgrades in 2011. Blueprint marketed the community’s value to incoming investors by highlighting the historical performance and the potential operational upside for a local owner-operator with regional focus. Blueprint further illustrated the community’s financial improvements through continued physical plant refresh efforts and raising new resident rates to market. An owner-operator looking to exit its only seniors housing …

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Affordable HousingCaliforniaDevelopmentNews

Standard Communities Leads Public-Private Development of $55M Affordable Community in San Ramon, California

by Jeff Shaw

SAN RAMON, Calif. — Standard Communities has released plans to lead a public-private partnership in the ground-up development of Aspen Wood, a $55 million affordable seniors housing community in San Ramon, approximately 20 miles east of San Francisco Bay. Aspen Wood will provide 123 units of affordable housing for seniors with incomes between 30 and 60 percent of the area median income. Aspen Wood will be built on a currently vacant site of 1.4 acres. Amenities at the 130,000-square-foot community will include a community room, recreation deck/courtyard, fitness center, business …

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FinanceIowaNews

Cambridge Provides $22.3M HUD Refinancing for The Views at Marion in Iowa

by Jeff Shaw

MARION, Iowa — Cambridge Realty Capital Cos. has provided a $22.3 million HUD Lean loan to refinance The Views at Marion in the Cedar Rapids suburb of Marion. The Views at Marion is a continuum-of-care facility with 40 skilled nursing beds, 38 assisted living beds and 34 memory care beds. The fully amortized, 40-year loan was provided for the owner, an Iowa limited liability company, using the HUD Section 223(a)(7) funding program, which is used to refinance existing HUD loans. The underwriter was Cambridge Realty Capital Ltd. of Illinois, the …

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DevelopmentFeaturesFinanceNews

CBRE Research: Cost of New Development Has Increased 17.8% in Last Two Years

by Jeff Shaw

DALLAS — Seniors housing development costs have risen sharply over the past two years, with labor and land the primary drivers of higher expenditures, according to new research from CBRE. The average cost of a seniors housing development has increased by 17.8 percent since 2020 to $317,400 per unit, or $333 per square foot. Dallas-based CBRE derived data from the valuations of 142 seniors housing developments scheduled for delivery. The properties in the data set included independent living, assisted living and memory care communities. Average returns (stabilized net operating income …

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DevelopmentIndependent LivingNewsTexas

Braintree, Cadence McShane Break Ground on 163-Unit Aviva Terranova in Spring, Texas

by Jeff Shaw

SPRING, Texas — A joint venture between Braintree Properties and Cadence McShane has broken ground on Aviva Terranova Independent Senior Living Community in Spring, a suburb of Houston. Plans call for a 140,000-square-foot campus comprising four-story, wood-framed structures and 163 units. Additional features include a fitness center, pool, theater, library, Cyber Café and a parking garage with 215 parking spaces. The project is scheduled for completion in late 2023.

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NewsPeople

Watercrest Senior Living Group Promotes Stephanie L’Heureux to Director of Accounting

by Jeff Shaw

VERO BEACH, Fla. — Watercrest Senior Living Group, a Vero Beach-based operator, has promoted Stephanie L’Heureux to director of accounting, overseeing the financial systems of all Watercrest senior living communities and its associated brands. L’Heureux is one of the longest tenured Watercrest associates, having joined owners Marc Vorkapich, CEO, and Joan Williams, CFO, just one year after the organization’s inception in Summer 2012. From her start as an accountant to her promotion to senior accountant, she supported Watercrest Senior Living Group during its growth throughout the Southeast. L’Heureux’s experience includes …

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