NEW YORK CITY — Greystone, a New York-based national real estate finance company that serves the seniors housing industry, has appointed Hafize Gaye Erkan as its chief executive officer (CEO). Erkan’s executive responsibilities will commence in September 2022. She will report to Steve Rosenberg, the former CEO who will continue to serve as the Executive Chairman of the Board. Erkan most recently served as co-CEO, president and board member at publicly traded First Republic Bank, where she helped deliver growth in wealth management, deposits and total assets. Prior to joining …
MIAMI — A joint venture between Miami-based Integra Investments and nonprofit Elderly Housing Development & Operations Corp. (EHDOC) has completed Mosaico, a $58 million affordable housing community in Miami. The 13-story property will span 271 apartments reserved for households with citizens aged 62 years and older. Located in Miami’s Allapattah neighborhood, Mosaico features 179 one-bedroom units and 92 studios and townhomes. CC Hodgson Architectural Group designed the project. Integra Investments and EHDOC worked alongside HUD, the Housing Finance Authority of Miami-Dade County, City of Miami and Miami-Dade Public Housing & …
ALGONQUIN, Ill. — McShane Construction Co. has completed construction of The Oaks at Algonquin, a 166-unit independent living, assisted living and memory care community in Algonquin, approximately 40 miles northwest of Chicago. Spectrum Retirement Communities is the developer of the three-story building. Vessel Architecture designed the property. Spectrum received local approval for the project in 2018, and construction began in 2020.
KNOXVILLE and POWELL, Tenn. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of two seniors housing communities, one in Knoxville and one in nearby Powell. The communities feature a combined 102 assisted living and memory care units. The seller is a private REIT that had partnered with a national operator. These two assets were outliers for the operator, which led to the sale. The buyer is a joint venture between a real estate/asset management firm and an operator that already had a footprint within Tennessee. The price was …
BETHESDA, Md. — Walker & Dunlop’s Seniors Housing Investment Sales team, based in Bethesda, has brokered the sale of 25 seniors housing communities in the Midwest and East Coast for $502 million. Calamar sold the assets, which are all active adult communities under the Connect55+ brand. The buyer was REIT giant Welltower (NYSE: WELL). Average monthly rents are $1,300 per month, and the average length of stay is over five years. The Walker & Dunlop team included Josh Jandris, Brett Gardner, Tony Cassie, Mark Myers, Gideon Orion, Jordyn Berger, Alex …
NEWTON, Mass. — AlerisLife Inc. (NASDAQ: ALR), a Newton-based operator, has appointed Jeff Leer as president and chief executive officer. Leer was already serving in both roles on an interim basis. He will also continue to serve as chief financial officer of ALR until a replacement is appointed. ALR also announced that the healthcare consulting arm of Alvarez & Marsal (A&M) concluded a comprehensive operational review and made recommendations to the board of directors. The recommendations made by A&M include cost reductions and a corporate reorganization that is designed to …
Inflation and interest rates are both going up at levels not seen for decades, if ever, in the United States. As a result, both topics have entered the general consciousness of the American public in a way rarely seen before, according to JP LoMonaco, president of Valuation & Information Group. “I haven’t said the words inflation or higher interest rates in more than 20 years, but they have definitely creeped into the American pop psyche. Chances are that you’re likely to start an elevator conversation with inflation more than weather …
ORLANDO, Fla. — Wendover Housing Partners and the government of Orange County, Florida, have opened Hawthorne Park, an affordable seniors housing community in the Pine Hills neighborhood of Orlando. Hawthorne Park replaces a portion of an underutilized shopping center. The 120-unit community is designed for residents 55 and older meeting income requirements. According to the National Low Income Housing Coalition (NLIHC) 2022 GAP report, the Orlando metro area only has 18 affordable and available homes per 100 extremely low-income renters. A recent study conducted at the request of the Orange …
PLANO, Texas — Forefront Living has broken ground on The Outlook at Windhaven, a seniors housing community in Plano. Architecture firm “three” designed the 18-acre project. Plans call for 30 independent living cottage homes, 153 independent living apartments, and a 56-unit building for assisted living and memory care in a 530,000-square-foot building. A timeline for completion was not released.
PORT ORANGE, Fla. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of a 54-unit memory care community in Port Orange, a coastal city in Central Florida. The seller was a private REIT looking to exit an operational outlier from a previous portfolio. The buyer is a growing regional owner-operator expanding its presence in Florida. The price was not disclosed. Bradley Clousing and Daniel Geraghty handled the transaction for SLIB.