ST. LOUIS — Green Street Real Estate Ventures is joining forces with Danny Stricker on the launch of owner-operator Chapters Living. The company will focus on assisted living and memory care communities at the start, with plans to expand to the active adult sector in the future. “I am blessed to launch this dream in partnership with a great organization in Green Street,” says Strciker. “Serving older adults and their families is my passion and with the talented team at Green Street as support, we have the opportunity to scale …
OLMSTEAD, Ohio — Fortney & Weygandt Inc., an Olmstead-based company that specializes in general contracting services and multi-site rollout programs for restaurants, retailers, hotels, senior living facilities and commercial projects nationwide, has internally promoted two to new positions. John Krisanda will take on a new position in the company as director of rollout. Krisanda started with Fortney in 2014 and quickly gained confidence with the dealings and details of multi-site projects. Rollout concentrates heavily on scheduling, material procurement and coordination with operations and merchandising personnel. Chris Hagen will take on …
SALT LAKE CITY — KeyBank Real Estate Capital has arranged a $68.3 million permanent loan through Freddie Mac for The Woodbury Corp., Colmena Group and Western States Lodging. The loan refinances existing debt on Legacy Village of Sugar House, a seniors housing property in Salt Lake City. The 10-story Legacy Village of Sugar House features independent living, assisted living and memory care units. The property also offers retail space, parking and commercial space. Morgin Morris of KeyBank structured the 10-year, fixed-rate loan with an initial five years of interest-only payments. …
NORTHAMPTON, Mass. — Live Give Play and Spiritos Properties have announced plans for 79 King Street, an active adult community in Northampton, a suburb of Springfield. The property is located downtown on a walk/bike path and steps from Smith College. The 70-unit community is designed to achieve Passive House certification. The building rises five stories and totals 110,000 square feet. BKSK Architects is the designer. The developers plan to open the property in late 2024.
PENSACOLA, Fla. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Southern Oaks Care Center, a 210-bed skilled nursing facility in Pensacola. Southern Oaks had rebounded to pre-pandemic occupancy of 91 percent with over $4 million in annualized trailing EBITDAR, generating a 21 percent operating margin. An out-of-state partnership acquired the asset from an undisclosed seller for $42 million. The price equates to a 9.6 percent capitalization rate and $200,000 per bed.
SHELBY, Ohio — Fairfield Homes Inc. has announced plans for the rehabilitation of Park Village Apartments, an affordable seniors housing community in the Central Ohio city of Shelby. The apartment community consists of 80 one- and two-bedroom apartments. The renovations will result in highly efficient, well-appointed apartments that include universal design features, sustainable materials and environmentally sound products. The project will include updated interior finishes, full HVAC replacement, community amenities, walkways and landscaping. The property will become an Enterprise Green Certified Community. Fairfield Homes partnered with NDC Corporate Equity Fund, …
ORLANDO, Fla. — Orlando-based Sonata Senior Living has appointed Stephanie Braudrick as its new vice president of sales. Braudrick joins Sonata with expertise in sales management and revenue transformation. Over the course of her career, she has held sales leadership roles in all aspects of senior care, including national third-party referral providers, home health and hospice organizations. Before joining Sonata, Braudrick held multi-site leadership roles with top national providers Holiday Retirement, Elmcroft Senior Living and Emeritus Senior Living. She has also held leadership roles with technology companies A Place for …
WASHINGTON, D.C. — Greystar’s Jackie Rhone, a 35-year veteran of the multifamily industry, cut right to the chase when describing how the active adult niche differs from the traditional apartment sector in one big way for owners and operators. “This is the only time in my career that I’ve sold a lifestyle. I’m not selling four walls. They don’t care what your backsplash looks like. They want it to be nice, but that’s not what’s driving them,” said Rhone, referring to prospective residents of active adult communities. “What’s driving them …
CARMEL, Calif. — Ziegler has arranged $36 million in bond financing for California Congregational Retirement Homes. The transaction will refinance existing debt and fund capital improvements at Carmel Valley Manor. Located in the small beach city of Carmel, located south of the Bay Area, Carmel Valley Manor features 27 independent living cottages, 119 independent living apartments, 24 assisted living unts and 36 skilled nursing units on a 25-acre campus. The bonds were issued through the California Municipal Finance Authority and amortize over a 30-year period. “This successful round of financing …
SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NYSE: CTRE), a San Clemente-based investor, has funded a $24.9 million secured financing for a four-asset skilled nursing portfolio located in the Southeast. The portfolio includes approximately 700 skilled nursing beds. The loan is secured by the borrowers’ ownership interest in the real estate and carries a three-year maturity with two one-year extensions and an annual interest rate of 9 percent. The loan was funded with cash on hand. “This loan begins a new relationship with this new Southeast operator,” says Dave Sedgwick, …