WHITE MARSH, Md. — Monarch Communities, a White Marsh-based owner-operator, has added two to its management team. Kelley Arrington was appointed operations specialist overseeing regulatory compliance and quality assurance. Arrington previously was vice president of operations for Wickshire Senior Living based in Brentwood, Tennessee, where she was responsible for all operational aspects for 20 new communities. She brings over 27 years of senior living experience to this position. Debbie Reilly was named project manager. Reilly has worked as project manager working on renovations and development of new communities in various …
NORTH BERGEN, N.J. — Evans Senior Investments (ESI) successfully represented the sale of Hudson Hills Senior Living, a 212-unit continuing care retirement community (CCRC) in North Bergen, just across the Hudson River from Manhattan. Hudson Hills was originally constructed in 1897, with additional expansions in 1942, 1972, 1980 and 1990. The community features 59 independent living units, 81 assisted living units, 12 memory care units and 60 skilled nursing beds. ESI represented the seller, an independent owner-operator based in New Jersey. The buyer was an East Coast owner/operator expanding in …
SOMERSET, N.J. — Spiezle Architectural Group Inc. has completed an expansion project at the Parker at Somerset Senior Healthcare Center in Somerset, approximately 35 miles southwest of Manhattan. The project added 75,000 square feet to the 120-bed skilled nursing facility, and also included renovations to the existing building. “While construction was underway, we had to redirect and rethink how to address the impacts of the COVID pandemic,” says Steve Leone, principal at Spiezle, who led the design effort on the project. “That forced us to dive deeply into researching how …
DALLAS, Texas, and CLEVELAND, Ga. — 1031 Crowdfunding has acquired a 137-bed, 109-unit assisted living and memory care portfolio. The two properties, located in Dallas and Cleveland, were 95.6 percent occupied at the time of sale. Iris Senior Living and Over the Top Management will operate the two properties, known as Iris Memory Care and Laurel Lodge.
PENNSYLVANIA — Blueprint Healthcare Real Estate Advisors has negotiated the sale of six skilled nursing facilities in Western Pennsylvania. A public REIT sold the 453-bed portfolio to an operator as a value-add opportunity. Further details were not disclosed.
WEST DES MOINES, Iowa — Lifespace Communities, a West Des Moines-based operator, has hired Tim Gorman as general counsel. Gorman will provide overall leadership, vision and direction of the legal function including governance, regulatory, risk and liability, and transactional matters. Gorman, who is also a certified public accountant, has experience in providing legal and strategic advice for issues including mergers and acquisitions, employment, corporate, health law and governance. Most recently, he served as senior attorney for Ascension, providing general counsel support for its senior living division, Ascension Living. Prior to …
ANNAPOLIS, Md. — Private-pay seniors housing occupancy increased 90 basis points from 80.5 percent in the first quarter of 2022 to 81.4 percent in the second quarter of 2022. This is the fourth consecutive quarter of occupancy growth, and occupancy is up 340 basis points this quarter from a pandemic low of 78 percent in the second quarter of 2021. The pre-pandemic occupancy level was 87.4 percent. That’s according to new data from the National Investment Center for Seniors Housing & Care (NIC), an Annapolis-based nonprofit organization that tracks industry …
SAN JUAN CAPISTRANO, Calif. — The Ensign Group Inc. (NASDAQ: ENSG), an investor and operator based in San Juan Capistrano, has acquired nine skilled nursing facilities in the West across three separate transactions all announced on the same day. In the first transaction, Ensign acquired the operations of five skilled nursing facilities in Texas: The Eden of Las Colinas, a 118-bed skilled nursing facility in Irving, Texas; Pleasant Valley Healthcare and Rehabilitation Center, a 124-bed skilled nursing facility in Garland, Texas; Millbrook Healthcare and Rehabilitation Center, a 124-bed skilled nursing …
SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NYSE: CTRE), a seniors housing investor based in San Clemente, has extended a $75 million “C” piece financing as part of a larger multi-tranche senior secured term loan and has extended a $25 million mezzanine loan to a private equity skilled nursing real estate owner. The loans are in connection with the acquisition of an 18-property portfolio in the Mid-Atlantic. The portfolio includes approximately 2,000 skilled nursing beds. The “C” tranche of the senior secured term loan carries a five-year maturity and an …
ANOKA, Minn. — Senior Living Investment Brokerage (SLIB) has arranged the sale of River Oaks, an 84-unit independent living and assisted living community in Anoka, a northern suburb of Minneapolis. Built in 1988, the 90,000-square-foot is located on 1.7 acres. The seller is a real estate development company that focuses on multifamily and sought to divest River Oaks to concentrate on its core assets. The buyer is a large nonprofit headquartered in Minnesota. The buyer plans to refresh and rebrand the community over time. The price was not disclosed. Jeff …