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AcquisitionsActive AdultNewsTexas

Green Courte Partners Acquires Chesapeake Bay Active Adult Community in Seabrook, Texas

by Jeff Shaw

SEABROOK, Texas — Green Courte Partners LLC, a private equity real estate investment firm, has acquired Chesapeake Bay, an active adult community with 348 apartments and cottages in Seabrook, just south of Houston. The acquisition was made through the buyer’s fifth investment fund, Green Courte Real Estate Partners V. The seller and price were not disclosed. The acquisition increases Green Courte’s national senior living portfolio to 19 communities containing approximately 3,100 units. The firm’s wholly owned operating platform, True Connection Communities, manages the properties. “The Houston market has demonstrated robust …

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Company NewsFinanceNews

The Pennant Group Increases Credit Facility to $250M

by Jeff Shaw

EAGLE, Idaho — The Pennant Group Inc. (NASDAQ: PNTG), the Eagle-based parent company of the Pennant group of affiliated home health, hospice and senior living companies, has increased its credit facility by $100 million to an aggregate of $250 million.  The borrowings are supported by a lending consortium arranged by Truist Securities. The new facility expires on July 31, 2029. “This amended facility further strengthens our balance sheet, and together with our strong operating cash flow, creates significant dry powder for future growth,” says Brent Guerisoli, Pennant’s CEO. In addition …

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CCRCDevelopmentFinanceNew YorkNews

Ziegler Arranges $25M Bridge Loan for River’s Edge CCRC in New York City

by Jeff Shaw

NEW YORK CITY — Ziegler has arranged a $25 million bridge financing for RiverSpring Living’s River’s Edge project, a continuing care retirement community (CCRC) development in New York City. RiverSpring Living owns and operates Hebrew Home at Riverdale, a long-term care community founded more than 105 years ago, located on a 32-acre campus overlooking the Hudson River in the Riverdale section of Bronx County. RiverSpring Living enlisted Chicago-based Integrated Development II as its development consultant for the River’s Edge project, and Ziegler as its exclusive financial advisor. The development will …

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AcquisitionsFinanceMassachusettsNewsSkilled Nursing

CFG Provides $17.3M Acquisition Financing for Three Skilled Nursing Facilities in Massachusetts

by Jeff Shaw

MASSACHUSETTS — Capital Funding Group (CFG) has provided a $17.3 million in bridge-to-HUD financing for the acquisition of three skilled nursing facilities in Massachusetts.  The facilities support 322 beds. The buyer, seller, price and names/locations of the properties were not disclosed.  Craig Casagrande and Catherine Mansel originated the transaction for CFG.

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Bellingham at West Chester
AcquisitionsMissouriNewsOperationsPennsylvaniaTexas

Life Care Services Takes Over Management of Three Longview Senior Housing Communities

by Jeff Shaw

ST. PETERS, Mo.; WEST CHESTER, Pa.; and FORT WORTH, Texas — Life Care Services, an LCS Company, has been selected as the management partner for three communities owned by affiliates of Longview Senior Housing.  The announcement expands the total number of Longview communities managed by Life Care Services to seven.    The properties include:

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The Legacy at Town Square, Amarillo, Texas
AcquisitionsAssisted LivingNew MexicoNewsOperationsTexas

Pegasus Takes Over Management of Eight LifeWell Legacy Communities in Texas, New Mexico

by Jeff Shaw

GRAPEVINE, Texas — Pegasus Senior Living will assume the management of eight communities in Texas and New Mexico. The Properties are currently operated by LifeWell Senior Living under its Legacy brand name.   The eight communities collectively total 652 units. All locations offer both assisted living and memory care.   With the addition of the eight LifeWell communities, Pegasus will operate 43 senior living communities, with 13 located in Texas and New Mexico. Further details were not disclosed.

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NewsPeople

Emerald Communities Hires Sandra Cook as Vice President of Marketing, Public Relations

by Jeff Shaw

REDMOND, Wash. — Emerald Communities, a Redmond-based nonprofit owner-operator serving Emerald Heights and Heron’s Key, has hired Sandra Cook as vice president of marketing and public relations. After 32 years of serving Emerald Communities, Kay Wallen, outgoing vice president of marketing and public relations, is stepping down to retire. Cook is assuming the role effective immediately. Cook will be responsible for the oversight, direction and operations of marketing and public relations for Emerald Communities, Heron’s Key and Emerald Heights. She will develop, implement and monitor marketing plans to meet sales …

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CCRCDevelopmentFinanceFloridaNews

Ziegler Arranges $150M Bond Financing for Shell Point Retirement Community in Fort Myers, Florida

by Jeff Shaw

FORT MYERS, Fla. — Ziegler has arranged $150 million in bond financing for Shell Point Retirement Community, a nonprofit, faith-based continuing care retirement community (CCRC) in Fort Myers. Shell Point currently consists of 1,334 independent living units, 356 assisted living units and 180 skilled nursing beds located in seven distinctive neighborhoods: The Island, Palm Acres, The Woodlands, Eagles Preserve, The Enclave, The Estuary and Waterside. The property features a wide array of home styles, resort amenities and services.  The community is located on 700 acres along the Caloosahatchee River. Shell …

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AcquisitionsNewsOhio

ESI Arranges Sale of Three-Property Portfolio in Western Ohio

by Jeff Shaw

OHIO — Evans Senior Investments (ESI) has arranged the sale of a three-property portfolio in Western Ohio. The transaction was executed on behalf of the Mariner Management Group Inc., an independent owner and operator seeking to exit the industry. The portfolio, which was built in stages between 1990 and 2013, consists of three communities with a total of 317 licensed skilled nursing beds and 209 seniors housing units.  At the onset of ESI’s marketing process, the average occupancy rate was stagnant at 65 percent, leading to financial challenges. Despite these …

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Mallard Point Senior Living in Cedar Falls, Iowa
AcquisitionsArkansasIllinoisIowaMissouriNews

Arrow Takes Over Management of Eight Communities in Midwest, Southeast

by Jeff Shaw

ST. CHARLES, Mo. — Arrow Senior Living, a St. Charles-based owner-operator, has taken over management of eight seniors housing communities across Illinois, Iowa, Missouri and Arkansas. Closed in June, CedarStone Senior Living and PrairieStone Senior Living, both located in Cedar Falls, Iowa, were developed by Nelson Construction and Development. CedarStone consists of 120 apartments, including 88 assisted living apartments and 32 memory care apartments. PraireStone consists of 111 apartments, with 79 assisted living apartments and 32 apartments dedicated to memory care. Arrow also began operating six independent living communities, in …

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