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Spiezle Architectural Group Hires Julia Mueser as Director

by Jeff Shaw

HAMILTON, N.J. — Spiezle Architectural Group, a Hamilton-based firm that serves the seniors housing industry, has hired Julia Mueser as director of landscape architecture. Mueser will take the reins of Spiezle’s landscape architecture department, succeeding Jack Carman, who is retiring. Mueser has specialized in landscape architecture for over 25 years. She received her bachelor’s degree in landscape architecture from Pennsylvania State University. Mueser recently was the director of landscape architecture for a New Jersey-based engineering firm, where she also served as a professional planner.

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FeaturesNews

Updated NORC Study: 11M Seniors Won’t Be Able to Afford Seniors Housing in 10 Years

by Jeff Shaw

CHICAGO — By 2033, more than 11 million middle-income seniors age 75 and older may not be able to pay for assisted living and are also unlikely to qualify for Medicaid to pay for their long-term care needs. In an update to its “Forgotten Middle” study, researchers from NORC at the University of Chicago find that the middle-income cohort of seniors will grow by 7.5 million (89 percent) from 2018 to 2033. The study also found that seniors are becoming more racially and ethnically diverse, with people of color making …

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AcquisitionsActive AdultIndianaNews

CBRE Arranges Sale of 356-Unit Residences at Merrillville Lakes in Indiana

by Jeff Shaw

MERRILLVILLE, Ind. — CBRE’s Indianapolis/Louisville multifamily team, in partnership with CBRE National Senior Housing, has arranged the sale of Residences at Merrillville Lakes. Located in Merrillville, near the Illinois border south of Chicago, the active adult community features 356 units averaging 890 square feet. The seller was an entity controlled by the principals of two Chicago-based companies, Oculus Development and UIRC. The buyer and price were not disclosed. Steve LaMotte Jr., Dane Wilson, John Sweeny, Aron Will, Garrett Sacco and Scott Bray led the CBRE team.

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ArizonaAssisted LivingDevelopmentNews

Vista Living Completes 10,000 SF Community in Paradise Valley, Arizona

by Jeff Shaw

PARADISE VALLEY, Ariz. — Vista Living Senior Care Inc. has opened its newest assisted living home in Paradise Valley, a northeastern suburb of Phoenix. The 10,000-square-foot property is Vista’s fourth in the Phoenix metro. The number of units was not disclosed. “We believe that the Paradise Valley market is undersupplied,” says Vista Living CEO Brett Weisel.

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NewsPeople

American Healthcare REIT Appoints Former Welltower CFO Scott Estes to Board of Directors

by Jeff Shaw

IRVINE, Calif. — American Healthcare REIT Inc., a self-managed, publicly registered REIT based in Irvine, has appointed Scott Estes to the company’s board of directors. Estes will serve as one of the company’s independent directors and as a member of the audit committee. Following the appointment of Estes, the company’s board of directors will comprise 10 directors, seven of whom are independent. Estes served as chief financial officer of Welltower Inc., the largest owner of seniors housing in the country, from March 2006 to October 2017. His 14-year tenure with …

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FinanceFloridaNews

JLL Arranges $37.8M Financing for The Glades at ChampionsGate in Florida

by Jeff Shaw

CHAMPIONSGATE, Fla. — JLL Capital Markets has arranged $37.8 million in financing for The Glades at ChampionsGate, a luxury 223-unit senior living community in the Orlando suburb of ChampionsGate. JLL worked on behalf of the borrower, Fortress Investment Group, to secure the four-year, floating-rate, non-recourse loan through MidCap Financial Services. The Glades at ChampionsGate offers independent living, assisted living and memory care units. The property consists of one- and two-bedroom units ranging from 627 to 1,060 square feet. The property is located on 11.6 acres within the 1,500-acre master-planned community …

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Active AdultDevelopmentNewsTennessee

McShane Completes Album Indian Lake Active Adult Community in Hendersonville, Tennessee

by Jeff Shaw

HENDERSONVILLE, Tenn. — McShane Construction Co. has completed work on Album Indian Lake, located in the heart of the Indian Lake Village in Hendersonville. The community offers 138 units for adults 55 and older. The community is Avenida’s 12th and the second between McShane and Avenida. The property offers more than 6,000 square feet of interior amenity space within a detached clubhouse within the three-story building on a five-acre site. Poole & Poole Architecture provided architectural services for the development.

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DevelopmentMichiganNews

Resthaven Breaks Ground on The Farmstead in Holland, Michigan

by Jeff Shaw

HOLLAND, Mich. — Resthaven, a faith-based nonprofit owner-operator, has broken ground on The Farmstead by Resthaven in Holland, located by Lake Michigan west of Grand Rapids. The community will offer an undisclosed number of independent living and assisted living units on a 40-acre site near Van Raalte Park. The property accommodates a variety of residence styles, from single-family homes to duplexes to apartment buildings. Though all the standalone homes are reserved, there are still a small number of apartments available. The Farmstead has been in design and planning since early …

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FinanceNews

CIT Increases Financing for FOX Rehabilitation by $50M

by Jeff Shaw

NEW YORK CITY — CIT, a division of First Citizens Bank, through its healthcare finance business increased its existing credit facilities for FOX Rehabilitation by $50 million for a total financing of $172.3 million. The original financing was developed in connection with FOX’s acquisition by Blue Wolf Capital Partners in February 2019. Since then, FOX, a provider of in-home physical, occupational and speech therapy services to older adult patients throughout the U.S., has generated significant growth via increased clinician count and patient volume and has expanded into eight additional states. …

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Affordable HousingDevelopmentKentuckyNews

Woda Cooper, Housing Services Alliance Open $18.9M Sparrow Ridge Community in Hebron, Kentucky

by Jeff Shaw

HEBRON, Ky. — Woda Cooper Cos. and Housing Services Alliance have completed Sparrow Ridge, an affordable seniors housing community in Hebron, just across the Ohio River from Cincinnati. The 96 units are reserved for residents over age 55 who earn between 30 and 80 percent of the area median income (AMI). Development costs were estimated at $18.9 million. The affordable development was made possible in part by $1.5 million in Low-Income Housing Tax Credits (LIHTCs) allocated by Kentucky Housing Corporation (KHC). Affordable housing investor CREA LLC purchased the tax credits …

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