POMPTON PLAINS, N.J. — Erickson Senior Living has named Kristen Compton as executive director of Cedar Crest, a seniors housing community in the North Jersey municipality of Pompton Plains. “Kristen has been serving as Cedar Crest’s associate executive director since 2017 and has proven herself to be a strong and dedicated leader,” says John Mann, Erickson Senior Living’s vice president of regional operations. Compton’s accomplishments at Cedar Crest include facilitating many of the community’s repositioning projects, driving operations and helping the community achieve both resident satisfaction and employee engagement. Before …
MINNEAPOLIS — The worker shortage situation in seniors housing has improved marginally in recent months, but remains a “crisis,” said Tana Gall, president of Seattle-based Merrill Gardens, an owner-operator with a portfolio of 72 communities across 20 states. The veteran executive urged the industry to leave no stone unturned in its quest to find new employees, but discouraged the practice of operators poaching employees from competitors. “What’s interesting to me, and a bit of a silver lining, is that during the pandemic I don’t think we felt that [workforce housing …
MINNEAPOLIS — People, trust and choice. James Balda, president and chief executive officer of Argentum, believes those three factors will play a crucial role in determining the overall success of the senior living industry going forward. “We must never forget that we are in the business of helping people, and specifically our job is to help people thrive. We do this by helping connect seniors to relationships and to create a sense of meaning and purpose. This is fundamentally why our communities are so effective. We don’t just focus on …
TOLEDO, Ohio — Welltower Inc. (NYSE: WELL) has expanded its strategic partnership with Oakmont Management Group, a West Coast operator of Class A seniors housing communities. Welltower agreed to purchase seven senior living communities, subject to customary closing conditions, which Oakmont will operate under a RIDEA contract. The seven properties are located in affluent markets in California and include four rental properties and three continuing care retirement communities (both entry fee and rental), including Fountaingrove Lodge, the nation’s first LGBTQ-focused CCRC. The portfolio has geographic overlap with Welltower’s current footprint, …
SELLERSVILLE, Pa. — Grace Inspired Ministries (GIM), along with development partner Leon N. Weiner & Associates Inc. (LNWA), has completed Sellersville Senior Residences, an affordable housing community in Sellersville, approximately 30 miles north of Philadelphia. The community’s 50 apartments are reserved for residents over age 55 meeting income requirements, with eight also reserved for those with behavioral health needs. The residences were built to the energy efficiency standards utilizing the Department of Energy Zero Energy Ready program. “Sellersville Senior Residences will bring much needed affordable and supportive housing to an …
BOCA RATON, Fla. — Kayne Anderson Real Estate, the real estate investment arm of private equite firm Kayne Anderson Capital Advisors, has closed its latest at an oversubscribed level of nearly $1.9 billion. The fund, Kayne Anderson Real Estate Debt IV (KARED IV), is run through the company’s debt platform KA Real Estate Debt. The fundraise, having received strong support from a diverse group of existing and new investors, surpassed its original target of $1.5 billion. KARED IV seeks to generate risk-adjusted returns in structured real estate finance, leveraging KA …
SHORT PUMP, Va. — Erickson Senior Living has named Todd DeLaney as Avery Point’s first executive director. DeLaney will oversee daily operations for the community, which will open its 94-acre campus in the Richmond suburb of Short Pump in fall 2022. DeLaney started his career with Erickson Senior Living 17 years ago and has held a variety of leadership positions at multiple Erickson Senior Living communities. Most recently, he served as executive director of Cedar Crest in Pompton Plains, N.J. Before this role, he served as executive director and associate …
RICHMOND, Va. — Ziegler has arranged $193.2 million in bond financing for Westminster Canterbury Richmond, a continuing care retirement community (CCRC) in Richmond. Opening in 1975 as one of the first CCRCs in Virginia, Westminster Canterbury Richmond has become one of the largest single-site campuses with 809 total units (487 independent living, 164 assisted living and 158 skilled nursing). In 2019, Westminster Canterbury Richmond announced the Vibrancy! Project, an expansion designed to enrich the community in all aspects. The project will be constructed in two major areas on the campus: …
CARROLLTON, Texas — KWA Construction has broken ground on Avenida Carrollton, an active adult community in the Dallas-Fort Worth suburb of Carrollton. Avenida Carrollton will offer a 155-unit apartment building as well as 48 duplex and triplex cottages. The apartment building will rise four stories and total 202,106 square feet. The cottages total 63,925 square feet. Developed by Avenida Partners, a California- and Tennessee-based national real estate development firm, Avenida Carrollton marks the company’s premier project in Texas and will serve as the flagship location of its expansion within the …
KANSAS — Monarch Advisors has arranged $6.1 million in financing for the acquisition of two seniors housing communities in Kansas. The buyer is a long-time owner-operator in Kansas senior care. The seller, price and location details were not disclosed. A regional bank provided the funds. The three-year, floating-rate loan is structured with no financial covenants and interest-only payments for the first 18 months, converting to a 25-year amortization schedule thereafter.