SCOTTSDALE, Ariz. — Cadence Living, a Scottsdale-based owner-operator, has hired Mark Krystopa as senior vice president of culinary services. Krystopa will have principal responsibility over the Encore Dining Program across the Cadence portfolio of communities. He has over 25 years of experience in hospitality and senior living dining services. Prior to joining Cadence, Krystopa spent three years as the vice president of food and beverage at Allegro Management Co., as well as eight years with Hyatt where he led culinary operations for two Hyatt hotel brands. Krystopa has a bachelor’s …
VANCOUVER, Wash. — CBRE has arranged $145.1 million in construction financing for The Springs at The Waterfront, a seniors housing development in Vancouver, just across the Columbia River from Portland, Ore. The borrower is a joint venture between private equity firm Harrison Street, seniors housing operator The Springs Living and healthcare real estate developer PMB. The project is located within Vancouver Waterfront, a 32-acre master-planned development that is slated to eventually include 75,000 square feet of office space, 45,000 square feet of retail space and over 900 residential units. The …
NEW YORK CITY — Lendlease has topped out Garden Towers, an affordable seniors housing community in the Bronx. Foxy Management is developing the property in partnership with HANAC Inc. and JLD Advisory LLC. The project includes two residential buildings — rising seven stories and eight stories — that together offer a total of 149 rental units for low-income adults age 62 or older. Lendlease, the construction manager for the project, broke ground on the development in August 2021 with an expected completion in 2023. “Garden Towers represents our third project …
NEW SMYRNA BEACH, Fla. — Dwight Mortgage Trust, the mortgage REIT affiliate of Dwight Capital, has provided a $27.3 million bridge acquisition loan for Beachside Center for Rehabilitation and Healthcare. The 239-bed skilled nursing facility is located in New Smyrna Beach, a coastal suburb of Orlando. The facility offers its residents short- and long-term care. The loan has a 30-month term. Its proceeds will be used towards capital expenditures and the acquisition. Josh Sturm originated this closing. The names of the buyer and seller were not disclosed.
PRAIRIE VILLAGE, Kan. — Tutera Senior Living & Health Care has completed the first phase of renovations at The Village at Mission, a senior living community in Prairie Village, a suburb of Kansas City. The full project costs are estimated at $6.5 million. Tutera acquired The Village at Mission property in June 2021. Phase I of the 73,000-square-foot remodel includes 26 resident apartments and first-floor common living spaces. The residences have been modernized with new lighting, fresh furnishings, cabinetry, flooring, paint and other upscale finishes. The common living space upgrades …
SAN CLEMENTE, Calif. — Greg Stapley has resigned as the executive chair of the CareTrust REIT (NYSE: CTRE) board of directors. Diana Laing was promoted from lead independent director to replace Stapley’s position with the San Clemente-based seniors housing REIT. CEO David Sedgwick was appointed as a director. Stapley’s resignation from the board follows his relinquishment of the chief executive role in January. As previously announced, Stapley and his wife have accepted a full-time international volunteer assignment for The Church of Jesus Christ of Latter-Day Saints.
DALLAS — Active adult housing, usually reserved for people over either age 55 or 62 and offering amenities but no aging services, targets a quickly growing demographic as 10,000 baby boomers reach retirement age every day. However, the biggest challenge to reaching that demographic might be teaching them what active adult housing is exactly. “A lot of people are challenged by thinking of housing as a binary choice — ‘I’m going to age in place or go to skilled nursing,” said Ryan Frederick, CEO of consulting firm SmartLiving 360. “Many …
FORT WORTH, Texas — Lloyd Jones, in partnership with with ST Real Estate Holding Inc., has acquired Trinity Courtyard, a 138-unit active adult community in Fort Worth. Trinity Courtyard is located on six acres near downtown Fort Worth, the second fastest- growing large city in the United States, giving residents access to a diverse array of entertainment, retail and outdoor recreation. The property will operate under Lloyd Jones’ proprietary Aviva brand as AVIVA Fort Worth. The seller and price were not disclosed.
NEWBURGH, N.Y. — Cushman & Wakefield has arranged the sale of Farrell Communities at Lakeside, a 102-unit active adult community in the Hudson Valley city of Newburgh. The community opened in 2020 and features 30 one-bedroom units and 72 two-bedroom units. Cushman & Wakefield’s Adam Spies, Brian Whitmer, Niko Nicolaou, Ryan Dowd and Peter Welch represented the owner, Farrell Communities, and procured the buyer, Castle Lanterra Properties. The price was not disclosed.
COLUMBUS, Ohio — VIUM Capital, a Columbus-based financial services company serving the seniors housing sector, closed $1.1 billion in financing across 26 transactions in the second quarter of 2022. Deals consisted of bridge and permanent debt, financing projects in 16 states from Florida to Washington. “Our second quarter was the most productive in our firm’s young history,” says partner Steve Kennedy, who co-founded the firm. “We closed a diverse set of healthcare and seniors housing projects through direct balance sheet loans, our debt fund, and permanent HUD-insured financing.” VIUM expanded its …