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, …
LAUDERHILL and HOLLYWOOD, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Lenox on the Lake in Lauderhill and Majestic in Hollywood. Lenox on the Lake offers 127 units and 133 beds on a 4.9-acre site. Majestic exclusively offers memory care, totaling 65 units and 115 beds on a 3.6-acre site. The seller was primarily a skilled nursing operator, and these were its last assisted living assets. The buyer was a regional owner-operator based in South Florida. Bradley Clousing and Daniel Geraghty of SLIB represented the seller …
KENTWOOD, Mich. — Blueprint Healthcare Real Estate Advisors has brokered the sale of Azpira Place of Breton, a seniors housing community in the Grand Rapids suburb of Kentwood. The community was built in 2001 and features 67 assisted living and 12 memory care units. The seller acquired the property as part of a larger portfolio expanding its platform across the Midwest. Shortly thereafter, a substantial interior renovation initiative was completed in 2019. Representing management’s only location in the state, the seller made the decision to exit the market. The buyer …
WASHINGTON, D.C. — U.S. seniors housing residents average more than a dozen chronic conditions, creating significant challenges for residents and driving healthcare costs, according to an analysis by NORC at the University of Chicago (NORC), funded by the National Investment Center for Seniors Housing & Care (NIC). The analysis indicates a significant opportunity for operators to integrate healthcare with housing to add more value for residents. This high prevalence of chronic conditions costs seniors housing residents $3,000 to $4,000 in out-of-pocket costs per year. It also drives annual healthcare spending …
NAPLES, Fla. — Experience Senior Living (ESL) has unveiled plans for The Gallery at Naples, a 169,327-square-foot community in the Gulf Coast city of Naples. Plans call for 125 assisted living apartments and 33 memory care suites in a four-story building. ESL plans to break ground in the fourth quarter of 2022. ESL notes that more than half of the population in the market over age 65. “We are very intentional about the locations we select for Experience Senior Living developments,” say Phill Barklow, president of ESL. “Naples is an …
WESTLAKE VILLAGE, Calif. — LTC Properties Inc. (NYSE: LTC), a Westlake Village-based REIT, has made a joint venture investment with PruittHealth Inc. for the purchase of three skilled nursing centers in North Florida. LTC will be the majority owner with a $62 million contribution to the joint venture. The assets were constructed between 2018 and 2021, have a combined 299 licensed beds primarily in private rooms, and are operated by PruittHealth. The centers will be operated under a 10-year master lease, with two five-year renewal options, with an affiliate of …